Month: April 2023

Current Affairs – 4 January 2023

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MHA constitutes HPC Chaired by MoS Nityanand Rai to protect Ladakh’s Culture, Language & Employment The Ministry of Home Affairs (MHA) has constituted a 17-member High Powered Committee (HPC) to discuss measures for the protection of Ladakh’s unique culture, language and employment.

  • It will be chaired by Minister of State (MoS) Nityanand Rai, MHA.

Members:
Its members will include Ladakh Lieutenant Governor Radha Krishna Mathur, MP (Member of Parliament) Jamyang Tsering Namgyal, Chairmans of Leh and Kargil Hill councils, representatives of Apex Body Leh, Kargil Democratic Alliance and nominee officials of MHA.
Responsibilities of the committee:
i.To discuss the protections of Culture and Language considering the geographical location and strategic importance of Ladakh.
ii.To discuss the protections to land and employment for the people, inclusive development, employment generation, and measures related to empowerment of Ladakh Autonomous Hill Development Councils of Leh and Kargil.
Why is this protection required?
This development follows the months of protest in Ladakh over the protection of the rights of the Ladakhi people after the revocation of special status to Jammu and Kashmir (J&K) in August 2019 and the carving out of Ladakh as a separate Union Territory (UT).

  • After this, the civil society and political groups in Ladakh have been demanding inclusion under the 6th schedule of the Constitution.

About the 6th Schedule of the Constitution:
It protects tribal populations by providing autonomy to the communities through the creation of autonomous development councils which can frame laws on land, public health, and agriculture to protect land, employment and cultural identity of a particular state or UT.

  • As of now, 10 autonomous councils exist in Assam, Meghalaya, Tripura and Mizoram.

GoI Introduces National Geospatial Policy 2022 On 28th December 2022, the Ministry of Science and Technology (MoS&T) notified the ‘National Geospatial Policy, 2022’ for implementation with immediate effect. The policy was notified following the liberalising of the usage of geospatial data under the draft Geospatial Data Policy in February 2021.

  • The Government of India (GoI) has now defined a 13-year guideline for the growth of India’s geospatial data industry, including the creation of a national framework for using geospatial data to improve citizen services and other initiatives.

National Geospatial Policy 2022
i.The National Geospatial Policy, 2022 is a citizen-focused policy that aims to strengthen the geospatial sector to support national development, economic prosperity, and a growing information economy.
ii.The GoI proposes to establish an “Integrated Data and Information Framework” (IDIF) under which a “Geospatial Knowledge Infrastructure” (GKI) will be developed by 2030.
iii.The policy also calls for the establishment of a national apex body, the Geospatial Data Promotion and Development Committee (GDPDC).
About the Ministry of Science and Technology (MoS&T):
Minister of State (Independent Charge) – Dr. Jitendra Singh (Udhampur Constituency – Jammu and Kashmir)
Departments under MoS&T – Department of Biotechnology; Department of Science and Technology (DST) & Department of Scientific and Industrial Research (DSIR)

NCISM & CCRAS Launches ‘SMART’ Programme to Boost R&D in Ayurveda

On 2nd January 2023, The National Commission for Indian System of Medicine (NCISM) and the Central Council for Research in Ayurvedic Sciences (CCRAS) launched the SMART (Scope for Mainstreaming Ayurveda Research in Teaching Professionals) programme. 

The programme aims to identify, support and promote innovative scientific research in priority healthcare research areas like Osteoarthritis, Iron Deficiency Anaemia, Chronic Bronchitis, Dyslipidemia, Rheumatoid Arthritis, Obesity, Diabetes Mellitus, Psoriasis, Generalised Anxiety Disorder, Non-alcoholic fatty liver disease (NAFLD) through Ayurveda colleges and hospitals.

  • The program was launched by Vaidya Jayant Deopujari, Chairman, NCISM and Prof. Rabinarayan Acharya, Director General, CCRAS in the presence of Prof. B. S. Prasad, President of Board of Ayurveda, NCISM and other senior officials.
  • NCISM and CCRAS are the institutes under the Ministry of AYUSH for regulating medical education and conducting scientific research respectively.

KMRC: India’s First Underwater Metro Services to be Operational by December 2023

The Kolkata Metro Rail Corporation (KMRC) announced that the East-West Metro Corridor project, India’s first underwater metro service, in Kolkata will be completed by December 2023. The 16.6 km corridor will run through the Hooghly river, connecting Howrah and Kolkata Sealdah railway stations including the north-south line of the Kolkata Metro at Esplanade. This will reduce the travel time from 90 minutes to 40 minutes.

  • The 520-metre-long tunnel under the river Hooghly is a part of Kolkata’s East-West Metro Corridor. The metro trains will take just 45 seconds to cross the 520-metre tunnel.
  • The tunnel is built at the cost of Rs 120 crore per kilometre. The completion cost of the East-West Metro Corridor Project has been estimated at Rs. 8,575 crore.

SBI, HDFC & ICICI Banks in the RBIs 2022 list of D-SIBsOn January 2, 2023, the Reserve Bank of India (RBI) released the 2022 list of Domestic Systemically Important Banks (D-SIBs) based on the data from March 31, 2022. In this, State Bank of India (SBI), ICICI Bank, and HDFC Bank kept the status as D-SIBs, under the same bucketing structure as in the 2021 list of D-SIBs.

  • D-SIBs are interconnected entities, whose failure can impact the whole of the financial system and create instability. They are also known s ‘too-big-to fail’ banks.

Highlight:
i.SBI will be in the 3rd bucket with an Additional Common Equity Tier (CET)- 1 requirement as a percentage of Risk Weighted Assets (RWAs) of 0.60%.
ii.ICICI Bank, and HDFC Bank will be in the 1st  bucket with an Additional CET-1 requirement as a percentage of RWAs of 0.20%.
Table showing list of D-SIBs with Additional CET1 capital requirement:

Bucket

Banks

(as a percentage of RWAs)

  • It has to maintain an additional CET1 capital surcharge in India as applicable to it as a G-SIB, proportionate to its RWAs in India.

How D-SIBs are Selected and Assessed?

i.The D-SIBs will be selected by RBI based on the size of the bank as a percentage of GDP(Gross Domestic Product) i.e the banks having a size beyond 2% of GDP.
ii.The selected D-SIBs are assessed through the 4 indicators of Size, Interconnectedness, Lack of readily available substitutes or financial institution infrastructure, and
Complexity

HDFC Bank Partners with Microsoft as Part of its Digital Transformation JourneyHDFC Bank partnered with Microsoft for the next phase of its digital transformation journey and unlocked business value by transforming the application portfolio, modernising the data landscape and securing the enterprise with Microsoft Cloud.

  • HDFC Bank as a part of its Future Ready strategy is developing in-house IPs and also partnering with several companies including FinTechs’ to co-create technology IPs.

Yes Bank Partners with Microsoft to Transform Mobile Banking Experience
On 3rd January 2023 Yes Bank partnered with Microsoft to introduce the next generation mobile application (app) for providing personalised banking experience to its customers.
About Microsoft India:
President – Anant Maheshwari
India Country Manager – Ashutosh Gupta
Headquarters – New Delhi, Delhi
Establishment – 1990 (in India)

India Accelerator Partners with ICICI Bank & Infosys Finacle to Foster Start-Up EcosystemIndia Accelerator (IA), a seed-stage accelerator programme, has launched “i3 Launchpad,” which was developed in partnership with ICICI Bank and Infosys Finacle, which is part of EdgeVerve Systems, a wholly-owned product subsidiary of Infosys.
‘i3 Launchpad’ Program
“i3 Launchpad” is a programme that fosters and co-innovate with India’s start-up ecosystem.

  • Objective: To support a network of entrepreneurs on a quest to develop brands with global impact.
  • It is intended to assist start-ups in expediting their progress by utilising mentorship, resources, and opportunities from Infosys Finacle, ICICI Bank, and IA.

Key Points:
i.The i3 Launchpad programme accepts start-ups from all sectors of the economy.

  • It will admit two cohorts annually, with a target of 12 to 18 start-ups in each cohort.

ii.The first cohort will concentrate on the Fintech (Financial Technology), enterprise tech, Software as a Service (SaaS), PropTech (Property Technology), WealthTech (Wealth Technology), sustainability and GreenTech, and InsurTech (Insurance Technology) sectors.

  • A combination of both remote and in-person group learning sessions is available to founders.

iii.The collaboration among the IA, ICICI Bank, and Infosys Finacle will assist fintech start-ups to accelerate their growth and impact in an organised manner.
About India Accelerator (IA):
India Accelerator (IA) is India’s only mentorship-driven, Global Accelerator Network (GAN)-partnered programme that assists Startups in realising their full potential.
Founder & MD – Ashish Bhatia
Headquarters – Gurugram, Haryana
Founded – 2017

Niva Bupa Insurance inks Corporate Agency Pact with Sundaram Finance

Niva Bupa Health Insurance Company Limited (formerly Max Bupa Health Insurance Company), a standalone health insurer, has signed a Corporate Agency Agreement with Sundaram Finance Limited, a diversified financial services group.

  • According to the agreement, Sundaram Finance will provide a limited selection of Niva Bupa’s indemnity plans to an increasing range of its current and former clients.
  • As part of this agreement, Sundaram Finance will reach out to clients using its network of more than 640 locations across India.

Bandhan Bank launches ‘Jahaan Bandhan, Wahaan Trust’ campaign featuring Sourav Ganguly

On 3rd January 2023, Bandhan Bank launched its integrated marketing campaign ‘Jahaan Bandhan, Wahaan Trust’ featuring the Bank’s brand ambassador, cricketing legend, Sourav Ganguly.
The ‘Jahaan Bandhan, Wahaan Trust’ campaign was conceived by Leo Burnett Orchard, who was brought in as Bandhan Bank’s creative agency in August 2022.

  • The campaign emphasises the ‘trust’ that the brand has been able to earn in a span of seven years as a Bank and over the last two decades in the various avatars prior to the Bank.
  • The campaign uses the analogy of Ganguly’s career, who became the bank’s customer soon after the bank was launched 7 years ago.

Note: According to the company, this is the 1st time Bandhan Bank has appointed a pan-India brand ambassador.

India’s external debt at $610 billion in Q2 FY23; declines by $2.3 billionAs per the figures from the Ministry of Finance, India’s external debt stood at USD 610.5 billion in Q2 FY23 (July-September 2022) showing a decrease of USD 2.3 billion from Q1 FY23 (April to June 2022).

  • The external debt to GDP (Gross Domestic Product) ratio stood at 19.2% at the end of Q2FY23 as compared to 19.3% at end of Q1FY23.

Key Points:
i.Valuation gains were USD 10.6 billion.
ii.Excluding the valuation effect, the increase in external debt would have been USD 8.3 billion instead of a decrease of USD 2.3 billion at end Q2FY22 over end Q1FY22.
iii.At end Q2FY22, long-term debt (with original maturity of above one year) was placed at USD 478.7 billion, a decline of USD 8 billion over Q1FY22.
iv.The share of short-term debt (with an original maturity of up to one year) in total external debt increased to 21.6% at Q2FY22 from 20.6% in Q1FY23.
v.The United States (US) dollar denominated debt remained the largest component of India’s external debt, with a share of 55.5% at end of Q2FY22, followed by the Indian rupee (30.2%), Special Drawing Rights (SDR) (6.1%), yen (4.9%), and the euro (2.6%).

Granules India Partners with Greenko ZeroC for Green Molecule Solutions

Granules India Limited has entered a strategic partnership with Greenko Group, backed by GIC Holdings Pte Ltd, Abu Dhabi Investment Authority and Japan’s ORIX Corporation to collaborate for first-of-its-kind green molecule solutions. Both shall develop and promote built-in green pharmaceutical zones (GPZ) with a primary collaboration in Kakinada, Andhra Pradesh, mentioned in a regulatory submission from Granules.

  • Under the partnership, Greenko ZeroC will provide carbon free power and allow green hydrogen with varied chemical derivatives. Granules would utilise carbon free power and green hydrogen derivatives to provide worth added merchandise resembling DCDA, PAP, Paracetamol, Metformin, different APIs and intermediates.

BCCI Releases Names of India’s Best Players of 2022 in all 3 FormatsOn 31st December 2022, the Board of Control for Cricket in India (BCCI) released the names of the players who were the best performers of  Team India across all 3 formats – One Day Internationals (ODIs), T20 and Test in 2022.
Team India’s Best Performers 2022:

Canara Bank MD & CEO L V Prabhakar Retires On 31st December 2022, Lingam Venkata Prabhakar, the Managing Director (MD) and Chief Executive Officer (CEO) of Canara Bank retired from his services, on attaining the age of superannuation.
About L V Prabhakar:
i. L. V. Prabhakar has over 34 years of extensive banking experience spanning a variety of fields.
ii. Before joining Canara Bank, he served as the Executive Director of Punjab National Bank (PNB) and was in charge of several verticals live Credit, Treasury and Human Resources of PNB.
iii. He also served as the Chairman of Canara Robeco Asset Management Co. Ltd, Canara HSBC OBC Insurance Company Ltd & Canfin Homes Ltd and the Chairman of the IBA Standing Committee on Payment Systems & Banking Technology.
iv. He is a member (Vice-President) of Governing Council of the Indian Institute of Banking & Finance (IIBF) & National Institute of Bank Management (NIBM).
v. By launching projects like the Stressed Assets Management Vertical and the Digitization of Trade Finance, he also played a crucial role in strengthening systems and processes.
vi. Also, he has held positions on the boards of PNB Housing Finance Limited, PNB Metlife India Insurance, and Everest Bank Ltd. of Nepal.
About Canara Bank:
Non-Executive Chairman- Vijay Srirangan
Headquarters- Bengaluru, Karnataka
Establishment- 1906
Tagline- Together we can

BharatPe CEO Suhail Sameer Steps Down & CFO Nalin Negi appointed interim CEOSuhail Sameer, the Chief Executive Officer (CEO) of BharatPe, a Fintech startup, has announced has resigned from the CEO position and will transition into strategic adviser with effect from 7th January 2023.

  • Nalin Negi, Chief Financial Officer (CFO) of BharatPe, is set to take over as the interim CEO of BharatPe.

BharatPe also revealed that the company has employed an “executive search firm” to help with succession planning and to help identify a new CEO.
About Suhail Sameer:
i. Suhail Sameer,  who was previously CEO of the FMCG business at RP-Sanjiv Goenka Group, joined BharatPe in August 2020 as President.

  • He has been overseeing BharatPe’s operations ever since Co-Founder Ashneer Grover was ousted.  In August 2021, Sameer was formally made the CEO of BharatPe.

ii. Suhail Sameer was the Founding Managing Director of CESC Ventures, where he built out the modern Ayurveda and Healthy snack brands.
iii. He was also an Associate Partner at McKinsey & Company where he led the Clean-tech practice for Asia.

  • He is an active investor in clean-label food and personal care and financial inclusion.

About Nalin Negi:
i. Nalin Negi joined BharatPe in August 2022 as the Chief Financial Officer (CFO).
ii. He brings to the table over 28 years of experience and business acumen. He has spent the last 15 years in banking and financial services, with stints at GE Capital Corporate Finance and SBI Cards and Payment Services Limited.
About BharatPe:
Chairman- Rajnish Kumar
Headquarters- New Delhi, Delhi
Establishment- 2018

BSE appoints Sundararaman Ramamurthy as MD and CEO

industry expert Sundararaman Ramamurthy has been appointed as the Managing Director (MD) and Chief Executive Officer (CEO) of BSE Limited(formerly Bombay Stock Exchange) with effect from 4th January 2023, for a period of 5 years.

The post has been vacant since July 2021 after the MD & CEO of BSE Ashishkumar Chauhan left the post to join the National Stock Exchange of India Limited (NSE) as MD & CEO.

  • In November 2022, BSE got consent from the Securities and Exchange Board of India (SEBI) to appoint Sundararaman Ramamurthy as MD and CEO of BSE.
  • Sundararaman Ramamurthy has worked with NSE for around 2 decades and he has also worked at the Industrial Development Bank of India (IDBI).

CJI DY Chandrachud launches E-SCR Project for Digital Version of Judgments Reported in SCThe Chief Justice of India (CJI) Dhananjaya Yashwant (DY) Chandrachud launched the Electronic Supreme Court Reports (E-SCR) project to provide free access to about 34,000 judgements of SC to lawyers, law students and the common public.

  • This project is an initiative to provide the digital version of the SC’s judgments in the manner as they are reported in the official law report i.e. SCRs.
  • The project has been launched as a tribute to the nation in the New Year.

Developers:
A search engine comprising elastic search techniques in the database of e-SCR was developed by the SC along with the National Informatics Centre (NIC), Pune (Maharashtra).
Key Points:
i.The verdicts of SC will be available on the SC website, its mobile app and on the judgement portal of the National Judicial Data Grid (NJDG).
ii.As of now, the judgements delivered till January 1, 2023, were made available.
iii.Under this project, all judgements will be placed online within 24 hours.
iv.Neutral citations will also be introduced. A committee comprising three judges viz. Justice Rajiv Shakdher of the Delhi High Court, Justice Raja Vijayaraghavan of the Kerala High Court and Justice Suraj Govindraj of the Karnataka High Court – have been constituted to work on the process of neutral citations.

  • Delhi and Kerala High Courts were already using the neutral citation.
  • Note – Under neutral citation, a unique number will be uploaded for every judgment to ease the search for orders and judgments.

v.This project is a step forward towards the objective of digitization of the Indian Judiciary and bringing in a positive change for the benefit of all the stakeholders of justice.

Gaganyaan: India’s 1st Atmanirbhar human space flight to be launched by 2024

On 1st January 2023, Dr Jitendra Singh, Union Minister for Science and Technology, announced that the Indian Space Research Organisation (ISRO) is ready to launch India’s 1st Atmamirbhar human flight “Gaganyaan” by the year 2024.

  • There will be two preliminary launches in 2024. The 1st will be unmanned, and in the 2nd launch, the robot will be there as a human replica. On the third launch, humans will be sent into space.
  • If the 2 tests are a complete success, it is reported that humans will travel for the 3rd time.

World Boxing Council to Create Transgender Category

The World Boxing Council (WBC), one of the four governing bodies for Boxing, will introduce a transgender category from 2023 to ensure safety and inclusion. .

  • Previously, WBC banned trans-identified males from competing against women. Woman-to-man or man-to-woman transgender change will not be allowed to fight a different gender by birth.
  • A ‘at birth rule’ will be used, which means a transgender boxer who is registered as male at birth will be allowed to fight others who have also been registered as male at birth and same for female boxers too.
  • The WBC will not sanction a new championship or title belt but will create an event for the transgender fighters to take part in the boxing sport.

Siddheshwar Swamiji seer of Sri Jnanayogashrama in Karnataka Passed away 

On 2nd January 2023, noted spiritual leader Siddeshwar Swami, the seer of Sri Jnanayogashrama in Vijayapura, Karnataka, who was known for his scholarly discourses and powerful oratory, passed away in Karnataka at the age of 81.

  • Siddeshwar Swami hailing from Bijjaragi in Vijayapura, Karnataka,  spent over 67 years as a monk.
  • Siddeshwar Swami is often referred to as the “Walking God of North Karnataka”. He was also fondly known as Buddiji.
  • He was a Lingayat priest and saint at Sri Jnana Yogashram in Vijayapura, Karnataka.

Shashi Tharoor’s Latest Book “Ambedkar: A Life” Launched 

Renowned Author Shashi Tharoor, Member of Parliament (MP – the Lok Sabha – Thiruvananthapuram, Kerala), has launched his latest book “Ambedkar: A Life”, a biography of Babasaheb Bhimrao Ramji Ambedkar at the Kitaab Kolkata Event, which was organised by the Prabha Khaitan Foundation (PKF) at the ITC Sonar presented by Shree Cement.

  • The book is published by Aleph Book Company, and promoted by Rupa Publications India.
  • Shashi Tharoor won the Sahitya Akademi Award 2019 for “An Era of Darkness: The Britsh Empire in India”.
  • He is also a recipient of several awards that include a Commonwealth Writers Prize and the Pravasi Bharatiya Samman, India’s highest honour for overseas nationals.

Defence Minister Rajnath Singh Inaugurates Siyom Bridge in Arunachal Pradesh; Dedicates 28 BRO Infrastructure Projects Worth Rs. 724 CroreOn January 3, 2023, Union Minister Rajnath Singh, Ministry of Defense (MoD), dedicated to the nation 28 infrastructure projects of the Border Roads Organization (BRO) worth Rs. 724 crores in seven bordering States/Union Territories (UTs), during an event held at the Siyom Bridge along the Along-Yinkiong Road in Arunachal Pradesh.

  • The Siyom Bridge, which is crucial from a strategic perspective, was physically inaugurated during the event, while the other projects were virtually dedicated to the nation.

The 28 Infrastructure Projects of BRO
i.The projects include 22 bridges, including the Siyom Bridge, three roads, and three other projects in seven bordering States/UTs in the Northern and North-Eastern region.

  • These projects are distributed as follows: Eight in Ladakh, Five in Arunachal Pradesh, Four in Jammu and Kashmir, Three each in Sikkim, Punjab & Uttarakhand, and Two in Rajasthan.

ii.Three telemedicine nodes—two in Ladakh and one in Mizoram—were also virtually inaugurated by the Defence Minister.
About the Border Roads Organization (BRO):
Director General Border Roads (DGBR) – Lieutenant (Lt.) General Rajeev Chaudhary
Established – 1960
Headquarters – New Delhi, Delhi

  • Of these, six UAE based companies and the UP government have inked MoUs totaling Rs. 18,590 crore, which will result in the creation of almost 20,000 new job opportunities.


i.Renewable Energy (RE) Sector: Astha Green Energy Venture and Shree Siddharth Infratech & Services will each invest Rs. 4,480 and Rs. 8,000 crore in the RE sector, creating 2,560 and 4,800 jobs, respectively.
ii.Logistics Park Sector: Sharaf Group and Hindustan Port have decided to invest Rs. 1,300 and Rs. 210 crore, respectively, in UP, creating 1,500 and 1,000 jobs.
iii.The Lulu Group would invest Rs. 4,500 crores in the retail and food processing sectors, resulting in the creation of 10,000 employment opportunities.
iv.Sobha Realty has agreed to invest Rs 100 crore in education and corporate social responsibility (CSR), providing employment for 250 people.
Key Points:
i.Eight teams from the UP government visited 16 countries in advance of the UPGIS 2023, and received investment bids totaling more than Rs 7.12 lakh crore.
ii.The United States of America (USA) and the United Kingdom (UK) have offered the majority of investment bids totaling Rs. 4 lakh crore.
Note: On January 5, 2023, domestic road shows will begin in nine of India’s largest cities under the leadership of UP Chief Minister (CM) Yogi Adityanath.
About the United Arab Emirates (UAE):
President – Sheikh Mohamed bin Zayed Al Nahyan
Capital – Abu Dhabi city
Currency – Arab Emirati Dirham (AED) [called Dirhams]

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Current Affairs – 3 January 2023

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MoF Increases Interest Rates On a Number of Small Savings Schemes for Q4 FY23 Beginning January 1, 2023The Department of Economic Affairs (DEA), a department of the Ministry of Finance (MoF), has raised the interest rate on a number of small savings schemes for the fourth quarter (Q4) of the current fiscal year 2022–23 (FY23), which runs from January 1, 2023 – March 31, 2023.
Various Small Savings Schemes with Increased Interest Rates
i.The rates on the various instruments have increased by 20 to 110 basis points (bps), and they now range from 4.0 % to 7.6 %.
ii.All post office time deposits, the Kisan Vikas Patra (KVP), the Senior Citizen Savings Scheme, the Monthly Income Savings Scheme, the National Savings Certificate, and others now have higher interest rates.

  • Meanwhile, the interest rates on the Public Provident Fund (PPF), Sukanya Samriddhi Account, and Savings Deposit have remained unchanged.

iii.The Shyamala Gopinath Committee provided the formula to calculate the interest rates for the small savings scheme.
About the Ministry of Finance (MoF):
Union Minister – Nirmala Sitharaman (RajyaSabha- Karnataka)
Ministers of State (MoS) – Pankaj Chaudhary; Dr. Bhagwat Kishanrao Karad

MoU Signed for Commercial Production of Indigenously-Developed ‘Lumpi-ProVac’ Vaccine

A Memorandum of Understanding (MoU) for the production of goat pox vaccine and ‘Lumpi-ProVac’ vaccine has been signed in Nagpur, Maharashtra in the presence of Union Minister of Fisheries, Animal Husbandry and Dairying  Parshottam Rupala, Maharashtra Chief Minister(CM) Eknath Shinde and Deputy CM Devendra Phadnavis.

  • This will play a major role in the efforts of the government to control and eradicate the Lumpy Skin Disease. The Lumpy Skin Disease has been reported in India from 2019 while the first case was reported in Odisha.
  • National Centre for Veterinary Type Culture, Indian Council of Agricultural Research (ICAR) -National Research Centre on Equines (ICAR-NRCE), Hisar (Haryana), in collaboration with ICAR-Indian Veterinary Research Institute (IVRI), Izatnagar (UP) developed a homologous live-attenuated LSD vaccine, named Lumpi-ProVac against lumpy skin disease (LSD) in animals.

GoI Introduces New Integrated Food Security Scheme for 2023The Government of India (GoI) has introduced a new Integrated Food Security Scheme beginning January 1, 2023, to supply free food grains to more than 81.35 crore beneficiaries under the National Food Security Act (NFSA).

  • According to the Ministry of Consumer Affairs and Food and Public Distribution (MoCA, F&PD), the scheme will also ensure effective and uniform enforcement of the NFSA.

New Integrated Food Security Scheme
i.The new integrated scheme will subsume two present food subsidy schemes run by the Department of Food and Public Distribution (DFPD), MoCA and F&PD. They are:

  • Food Subsidy to Food Corporation of India (FCI) for NFSA
  • Food Subsidy for Decentralized Procurement States, which deals with procuring, allocating, and delivering free food grains to the states under the NFSA

ii.Free foodgrains will ensure uniform implementation of portability under ‘One Nation, One Ration Card’ (ONORC) across India, thereby strengthening this choice-based platform.
About the Group of Twenty (G20):
The G20 is the leading forum for economic cooperation on a global scale.
G20 Members: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom (UK), the United States (US) and the European Union (EU).

MoRD launches Prajjwala Challenge inviting Ideas, Solutions & Actions to Transform Rural EconomyThe Ministry of Rural Development (MoRD)’s flagship poverty alleviation program Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM) has launched the ‘Prajjwala Challenge’ – Unlock the Rural Economic Opportunity’ with an aim to invite ideas, solutions, and actions that can Transform Rural Economy.

  • On 29th December 2022, Shailesh Kumar Singh, Secretary of MoRD, launched the Prajjwala Challenge in New Delhi, Delhi.

Charanjit Singh, Additional Secretary (RL), senior officers of the Ministry, key State Mission Directors of State Rural Livelihoods Missions, Start-ups, incubators and NGO representatives.
Prajjwala Challenge:
Prajjwala Challenge is a first-of-its-kind nationwide initiative to provide thoughtful minds with a platform to present new, innovative and scalable pathways for rural economic transformation in India.
i. Applications are open from 29th December 2022 to 31st January 2023.
ii. The Mission will acknowledge the shortlisted ideas and offer them incubation support and mentorship from a team of subject matter experts.

  • The top 5 ideas will be rewarded with Rs. 2 Lakh each. The winners will be announced on 8th March 2023.

Board Contours for the Idea- Categories:

  • Focus on Women and Marginalized sections of the community,
  • Localised Models,
  • Sustainability,
  • Cost Effective solutions,
  • Multi-sectoral ideas and solutions etc.

Click here to visit the Prajjwala Challenge website
Key Points:
i. The Mission is looking for ideas and solutions around Innovative Technology Solutions, Inclusive Growth, Value Chain Interventions, Enhanced Women Entrepreneurship, Cost-effective Solutions, Sustainability, place-based employment, localised models etc.

  • More than 87 million women have been recruited into Self-Help Groups and associated federations as a result of the mission so far.

ii. According to MoRD, it is one of the platforms where ideas are invited from individuals, Social Enterprises, start-ups, the Private Sector, Community Based Organizations, Incubation centres and Investors having the potential to transform the rural economy.
iii. To reach a greater number of candidates, the office of the Principal Scientific Advisor will also promote the Prajjwala Challenge in the Manthan portal and the BIMTECH-Atal Innovation Mission Portal.
DAY-NRLM:
i. DAY-NRLM is one of the flagships of poverty alleviation programs of the MoRD.
ii. It aims at creating efficient and effective institutional platforms for the rural poor, enabling them to increase household income through sustainable livelihood enhancements and improve access to financial services.

Croatia Joins Schengen Zone & Switches to EuroOn January 1, 2023, Croatia, the youngest member of the European Union (EU), adopted the ‘Euro’ currency, and it became a part of Europe’s border-free Schengen zone.

  • Croatia, a Balkan country, is now the 20th member of the Eurozone and the 27th country to join the passport-free Schengen zone.

Croatia is a former Yugoslav republic that fought an independence war in the 1990s and joined the EU in 2013.
Schengen Area  

Schengen Area signifies a zone where 27 European countries  including four which are not members of the European Union (EU), abolished their internal borders, for the free and unrestricted movement of people.

  • This largest free-travel zone in the world was first established in 1985 as an intergovernmental effort including five EU nations—France, Germany, Belgium, the Netherlands, and Luxembourg.
  • The European countries that are not part of the Schengen zone are Albania, Andora, Armenia, Azerbaijan, Belarus,  Bosnia & Herzegovina, Bulgaria, Cyprus, Georgia, Ireland, Kosovo, North Macedonia, Moldova, Monaco, Montenegro, Romania, Russia, San Marino, Serbia, Turkey, Ukraine, The United Kingdom and Vatican City.

ii.In terms of Schengen, this is the eighth expansion and the first in 11 years.
Euro Area: The Eurozone
i.The European Union (EU) member states that have adopted the “Euro” as their national currency collectively refer to themselves as the “Euro Area” or “Eurozone.”

  • With Croatia, 20 EU Member States and 347 million EU citizens will share the EU’s common currency.

ii.The euro will progressively replace the ‘Kuna’ as the official currency of Croatia starting on January 1, 2023.

  • The new Croatian euro coin will have inventor Nikola Tesla on one side, as well as a map of the country and the national checkerboard design.

iii.In accordance with a track record of stable exchange rates, the kuna will be exchanged at a rate of 1 euro for 7.53450 of Croatian kuna.

  • The two currencies will be used alongside each other for a two-week period (14 days).

iv.After Lithuania entered the eurozone in 2015, this is the eurozone’s first expansion in almost eight years.
Key Points:
i.Croatia will maintain strict border controls along its eastern border with non-EU neighbours Federation of Bosnia and Herzegovina (FBiH), Montenegro, and Serbia.
ii.The most challenging problem in safeguarding the EU’s 1,350-kilometer (840 miles)-long external land border remains combating illegal migration.
About Republic of Croatia:
President – Zoran Milanović
Capital – Zagreb
Currency – Euro (EUR)

CAD widens to 4.4% of GDP in Q2FY23, Banks’ net NPA ratio at 10-yr low: RBI ReportAccording to the Reserve Bank of India (RBI)’s 26th issue of of the Financial Stability Report (FSR) on December 29 2022 ,India’s Current Account Deficit (CAD) widened to 4.4 per cent of GDP in Q2:2022-23 from 2.2 per cent of GDP in the previous Q2:2022-23 and 1.2 per cent in 2021-22.
ii.In absolute terms, CAD was $36.40 billion in Q2FY23 which is highest in more than a decade.
iii.India’s foreign exchange reserves on BoP basis recorded a deficit of $30.4 billion compared to a $31.2 billion surplus in the Q2FY22.
iv.The RBI also released the 26th Financial Stability Report (FSR) which states the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on risks to financial stability and the resilience of the financial system.
v.The Gross Non-Performing Asset (GNPA) ratio of scheduled commercial banks (SCBs) fell to a seven-year low of 5% and Net Non-Performing Assets (NNPA) have dropped to ten-year low of 1.3% in September 2022.
About Reserve Bank of India (RBI):
Governor– Shaktikanta Das
Deputy Governors– Mahesh Kumar Jain, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar
Headquarters– Mumbai, Maharashtra
Establishment– 1st April 1935

Indian Bank Unveils QR Bill-Based Payment System for CESC-Mysuru

On 1st January 2023, Indian Bank unveiled the QR (Quick Response) code bill payment system for Chamundeshwari Electricity Supply Corporation Limited (CESC) making it the first power distribution company to offer such an initiative to customers in Mysuru, Karnataka.

  • It was launched by Karnataka Minister of Energy V Sunil Kumar in the presence of senior government officials including CESC managing director Jayavibhava Swamy.
  • This dynamic QR code that is linked to the unified payments interface (UPI) on printed electricity bills, will help customers in making their payments without visiting any online portal or physically going to any payment centre.

Tripura signs Rs 2,275cr agreement with ADB to improve Power Distribution NetworkThe Tripura government has signed an agreement with Asian Development Bank (ADB) worth Rs 2,275 crore to strengthen and improve power distribution efficiency in Tripura.

  • Under this, ADB will support the state government’s efforts to strengthen its power sector by replacing inefficient power plants and strengthening the distribution system. The project will be implemented in the next three years.
  • Of the Rs 2,275 crore fund, the central government will repay Rs 1,820 crore while the state will provide Rs 455 crore.

Signatories:
It was signed by Brijesh Pandey, power secretary of Tripura, and Nilaya Mitesh, the officer in charge of ADB’s India Resident Mission.
Key Points:
i.The state government will undertake massive renovation of two power projects – Rukhia in Sepahijala district and Gumati Hydro project in Gomati district.
ii.There will be a lot of work in the transmission sector to improve the existing system.
iii.Currently, Tripura generates 84 MW (Mega Watt) power out of the state’s per day demand of 450/460 MW.

  • It receives around 500 MW power from OTPC (ONGC Tripura Power Company Limited), NEEPCO (North Eastern Electric Power Corporation Limited) and other central PSUs (Public Sector Undertakings).

iv.Apart from the ADB funding, an additional amount of Rs 800 crore will be spent to improve the power distribution of the state.
About Tripura:
Governor– Satyadeo Narain Arya
Chief Minister– Manik Saha
Wildlife Sanctuary (WLS)– Sepahijala WLS, Trishna WLS, Gomati WLS

IIT-Madras & DRDO Partners to Introduce DIA-RCoE for Advanced Defence Technology Research

Indian Institute of Technology (IIT)-Madras has created a ‘centre of excellence’ named ‘DRDO Industry Academia-Ramanujan Centre of Excellence’ (DIA-RCoE) at a campus unit set up by the Defence Research and Development Organisation (DRDO) to develop advanced technologies for national defence and security. The interdisciplinary research group will bring in faculty and researchers from multiple departments for translational research.

  • This centre will undertake basic and applied research in areas including electronics and computational systems; naval systems and naval technologies; advanced combat vehicle technologies; high-power CW laser sources; and next-generation communication and networking technologies.

Luiz Inácio Lula da Silva sworn in as 39th President of Brazil On 1st January 2023, Luiz Inacio Lula da Silva, the veteran left-wing politician, known widely as Lula, was sworn in for the 3rd term as the President of the Republic of Brazil during the inauguration ceremony held at the National Congress, in Brasilia, Brazil.

  • He was sworn in as the 39th president of Brazil by winning the 2022 Brazilian general election against far-right leader Jair Bolsonaro(incumbent President of Brazil (from 2019 to 2022).
  • Luiz Inacio Lula da Silva won  50.9% of the vote while Jair Bolsonaro won only 49.1%.

Geraldo Alckmin was sworn in as Brazil’s Vice President during the event.

  • The session began with a tribute to soccer star Pele, who passed away on 29th December 2022.

About Luiz Inacio Lula da Silva:
i. Luiz Inácio Lula da Silva was born in 1945 in Caetés, Pernambuco, Brazil.
ii. He was in the labour movement when he worked at Villares Metals S.A. Later, he was elected in 1975, and re-elected in 1978, as president of the Steel Workers’ Union of São Bernardo do Campo and Diadema.

  • He helped build a labour union movement into the important Workers’ Party.
  • In 1988, his party won easily in So Paulo (Brazil) and other big cities.

iii. Although he was a strong candidate for president in 1989, 1994, and 1998 and advocated for measures to support Brazil’s working class, he lost to more conservative contenders each time.
iv. He was first elected as the President in 2002 and was inaugurated as President on 1st January 2003. He was again re-elected as President in 2006 for a 2nd term which ended in 2011.
v. He governed Brazil for 2 consecutive terms between 2003 and 2010. He won his 1st term in 2002 and 2nd term in 2006.
About Brazil:
President- Luiz Inácio Lula da Silva
Capital- Brasília
Currency- Brazilian Real

Ajay Kumar Srivastava Becomes New MD & CEO of Indian Overseas BankAjay Kumar Srivastava has been appointed as Managing Director (MD) and Chief Executive Officer (CEO) of Indian Overseas Bank (IOB), a public sector bank (PSB), for a period of 3 years with effect from the date of assumption of office on or after 1st January 2023.

  • Prior to this appointment, Ajay Kumar Srivastava was serving as the Executive Director of IOB.
  • He was appointed following the superannuation of Partha Pratim Sengupta, MD & CEO of IOB, on 31st December 2022.

Note: Srivastava was appointed MD and CEO of IOB by the Government of India (GoI) on September 20, 2022, with effect from January 1, 2023.
About Ajay Kumar Srivastava:
i.Srivastava began his banking career in 1991 as a Probationary Officer (PO) at Allahabad Bank.

  • Additionally, he served as a Director on the board of the Regional Rural Bank (RRB) in Allahabad Bank.

ii.He spent around 27 years at Allahabad Bank before being appointed as Executive Director of IOB in October 2017.
iii.He played a major role in bringing IOB out of loss in March 2020 and out of Prompt Corrective Action (PCA) in September 2021.

  • In addition, he was the only Executive Director in IOB for around 14 months in 2020-2021.

iv.In 2020, he was appointed as the Director on the Board of the India Infrastructure Finance Company Limited (IIFCL) for a 2-year term.

Additional info:
The government of India has appointed Sanjay Vinayak Mudaliyar, Chief General Manager at Bank of Baroda(BoB) as Executive Director in IOB for a period of 3 years with effect from the date of assumption of office on or after 1st January 2023.

About Indian Overseas Bank (IOB):
MD & CEO – Ajay Kumar Srivastava
Establishment –  1937
Headquarters – Chennai, Tamil Nadu
Tagline – Good People to Grow With

Election Commission appoints Maithili Thakur as Bihar’s State Icon

On 2nd January 2023, Maithili Thakur, a Folk Singer, was appointed as the State Icon for Bihar by the Election Commission(EC).

  • Maithili Thakur, an Indian classical and folk music-trained musician was recently chosen for the Ustad Bismillah Khan Yuva Puraskar of the Sangeet Natak Akademi (Akademi Award) for her contribution to the folk music of Bihar for 2021.
  • According to EC, Maithili Thakur will create awareness among the voters for their participation in the electoral process.

FIDE World Rapid and Blitz Championships 2022: Koneru Humpy wins India’s first Silver Medal at World Blitz ChampionshipsIndian Grandmaster (GM) Koneru Humpy, a former world rapid champion, has won a Silver medal in the Women’s World Blitz Championship at the FIDE(Fédération Internationale des Échecs) World Rapid and Blitz Championship 2022 held in Almaty, Kazakhstan from 25th to 30th December 2022.

  • Koneru Humpy has won India’s 1st ever Silver medal in the World Blitz Chess Championships defeating Zhongyi Tan of China.

She finished with an outstanding 12.5 points, just 0.5 points behind Bibisara Assaubayeva of Kazakhstan, who won the gold medal.

  • Koneru Humpy is the 2nd Indian to win a medal at World Blitz, after Viswanathan Anand.

Note:
GM Magnus Carlsen of Norway won the World Blitz Chess Championship 2022 in the Open Blitz category.

  • He previously won the World Rapid chess championship and currently holds all 3 world championship titles – Classical, Rapid and Blitz.

Final Standings: (Blitz)

About Koneru Humpy:
i. Koneru Humpy was born in Vijayawada, Andhra Pradesh is known for her playing style and winning the World Rapid Chess Championship in 2020.
ii. She is one of the best chess players ever, with a Classical Elo rating of 2586 and a current world ranking of 204.
iii. She made her debut in a Chess tournament in 1993 and become a district Champion, at the age of 6.
iv. After winning the national chess championship in the under-8 division in 1995, she won all of the under-10, 12 and 15 competitions in 1996.
v. She won nearly all of the chess youth championship titles by taking home 2 further titles in the under-15 and junior divisions in 2000 and 2001.
vi. In 2007, she became the only 2nd player to cross the Elo rating of 2600 after Judit Polgar of Hungary.

Koustav Chatterjee Becomes India’s 78th GM in MPL 59th National Senior Chess ChampionshipOn 31st December 2022, Kolkata-based chess player Koustav Chatterjee (19-year) became India’s 78th Grandmaster (GM) in MPL 59th National Senior Chess. He is also the 10th GM from Kolkata and West Bengal (WB).

  • The 59TH MPL Senior National Chess Championship 2022 was held at K.D Jadhav Indoor Sports Hall, IG Stadium, New Delhi organised by the Delhi Chess Association Under the aegis of All India Chess Federation (AICF).

Highlights:
i.Koustav Chatterjee earned his first GM norm in October 2021 at a Sheikh Russel GM 2021 in Bangladesh and got his second GM norm at the Asian Continental Chess Championship 2022 held in New Delhi, Delhi from 25th October 2022 to 4th November 2022.

  • In August 2022, for the first time he crossed 2500 in the FIDE (Fédération Internationale des Échecs/International Chess Federation) rating list.

ii.Koustav is now joint-lead with GM Abhijeet Gupta at the National Senior Chess Championship with a score of 8/10 after 10 rounds.
Note – Hari Madhavan N B (19 years old) from Tamil Nadu (TN) becomes the 1st International Master of India in 2023.

Former Tata Sons Director Padma Shri Awardee R.K. Krishna Kumar Passed AwayOn 1st January 2023, Tata group veteran and Former Director of Tata Sons, Padma Shri Awardee Rayaroth Kuttambally Krishna Kumar passed away in Mumbai, Maharashtra at the age of 84.

  • He was a close confidant of Ratan Tata, well-known for his role in several Tata Group acquisitions, including the acquisition of Tetley in 2000.

About R.K. Krishna Kumar:
i. R.K. Krishna Kumar, fondly known as KK, was born in 1938 in Thalassery (formerly Tellicherry), Kerala.
ii. He started his career with  Tata Administrative Services in 1963. He began working for Tata Global Beverages (formerly known as Tata Finlay) in 1965 and later rose through the ranks to become the Vice President of South India Plantations in 1982.
iii. In 1988, he was promoted to the joint managing director of the company.
iv. In 1997, he was appointed as the head of the division of Indian Hotels Company (IHCL), which owns the Taj Group of hotels.
v. He had served in multiple positions in the Tata group, including heading its hospitality arm Indian Hotels.
vi. He was involved in the Tata group’s charitable trusts, which own a 66% interest in Tata Sons and was a close associate of Ratan Tata, Chairman Emeritus of Tata Sons.
vii. In 2009, he joined Sri Ratan Tata Trust as a trustee and was on the board of Tata Sons till his retirement in 2013.

  • He served as a trustee of Sir Dorabji Tata Trust and Sir Ratan Tata Trust.

Award:
In 2009, R.K. Krishnakumar received the Padma Shri award, India’s 4th highest civilian honour, for his contributions to Indian Trade and Industry.

Grammy-winning American singer Anita Pointer Passed Away

On 31st December 2022, Anita Marie Pointer, a Grammy-winning American singer-songwriter, passed away at the age of 74. She was best known as a founding member of the vocal group the Pointer Sisters.

  • Anita Pointer was born on 23rd January 1948 in Oakland, California, United States (US).
  • “The Pointer Sisters” won 3 Grammys (1985 – Best Pop Performance By A Duo Or Group With Vocal and Best Vocal Arrangement For Two Or More Voices & 1975 – Best Country Vocal Performance By A Duo Or Group )
  • The Pointer Sisters was the 1st African American group to perform on the Grand Ole Opry program and the 1st contemporary act to perform at the San Francisco Opera House.

Former IAS officer Kaki Madhava Rao has authored a new book titled “Breaking Barriers: the Story of a Dalit Chief Secretary” which addresses the details about the dynamics of civil services at the ground level and also fills the gap in the knowledge about micro policies and governance. The book is published by Emesco Books Private Limited.

  • K Madhava Rao is a 1962 batch Indian Administrative Service (IAS) officer, who retired as Chief Secretary of Andhra Pradesh (AP). He was born in Pedamaddali village of Krishna district, AP in 1939.
  • He also served in the Reserve Bank of India(RBI) as a Director and as a member of a sub-committee, the Board for Financial Supervision.

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Current Affairs – 1 & 2 January 2023

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PM Modi virtually Inaugurates Rs 7,600 crore worth Railway projects in West Bengal

Narendra Modi, Prime Minister (PM) of India, virtually inaugurated a railway project worth Rs 7600 crore in West Bengal. He dedicated 4 railway projects to the nation including Boinchi – Shaktigarh 3rd Line, Dankuni – Chandanpur 4th Line Project, Nimtita – New Farakka Double Line and Ambari Falakata – New Maynaguri – Gumanihat Doubling Project.

  • He also flagged off the 7th Vande Bharat Express from Howrah to New Jalpaiguri station and inaugurated the Joka-Taratala-stretch of the Purple Line of Kolkata Metro.
  • He also laid the foundation stone for the redevelopment of the New Jalpaiguri Railway Station.

About West Bengal:
Chief Minister– Mamata Banerjee
Governor– Dr. C.V. Ananda Bose
National Parks– Singalila National Park; Neora Valley National Park
Tiger Reserve– Buxa Tiger Reserve; Sundarban Tiger Reserve

Artpark-IISc Join Hands with Google to Launch AI-Powered Project Vaani

  ARTPARK (Artificial Intelligence (AI) & Robotics Technology Park), a not-for-profit organisation backed by the Indian Institute of Science (IISc), Bangalore has collaborated with Google. to launch ‘Project Vaani’, a pan-India inclusive language data initiative for open-sourcing datasets at ‘Google for India 2022’ event held in New Delhi.

  • This will amplify Government of India (GoI)’s Digital India efforts by including more diverse regional and local languages.

About Project Vaani:
i.Project Vaani aims to compile comprehensive datasets of transcribed text and spoken language from each district in India and are open-sourced via Vaani’s website.
ii.In future, they can also be accessed through other platforms like “Bhashini” of Ministry of Electronics and Information Technology (MeitY) for advancing research and innovation.
iii.Vaani joins the Bhāshā AI umbrella of Artpark and IISc’s Synthesizing Speech in Indian Languages (SYSPIN) and Recognizing Speech in Indian Languages (RESPIN) programmes, which encompass 9 languages (Hindi, Bengali, Marathi, Telugu, Bhojpuri, Kannada, Magadhi, Chhattisgarhi, and Maithili).
About ARTPARK (Artificial Intelligence (AI) & Robotics Technology Park):
Chairman Hub Governing Board – Govindan Rangarajan
Headquarters – IISc, Bengaluru, Karnataka
About Google:
Chief Executive Officer (CEO) – Sundar Pichai
Headquarters – California, United States of America (USA)

Govt Approves PADMA as Self Regulatory body for the publisher 

The government of India(GoI) has approved the Print and Digital Media Association (PADMA) as a self-regulatory body for publishers of news and current affairs across India.
PADMA, an organisation with 47 digital news publishers, will look at grievances related to digital media news content on its platform.

  • The Ministry of Information and Broadcasting (I&B) intimated the approval through an official order on 2nd December 2022.
  • The organisation will be headed by former High Court(HC) Judge Mool Chand Garg and have a part-time member of Prasar Bharati Ashok Kumar Tandon and journalist Manoj Kumar Mishra as members.
  • PADMA shall perform functions laid down in sub-rules (4) and (5) of rule 12 for the purpose of redressing grievances related to the code of ethics under the rules.
  • It will also ensure that the member publishers have agreed to adhere to the provisions of the rules, including furnishing the requisite information under rule 18.

UNSC adopts first-ever resolution on Myanmar, demanding end to violence and release of political prisoners

The United Nations Security Council(UNSC) adopted its first resolution on Myanmar in 74 years  to demand an end to violence and urge the military junta to release all political prisoners, including former leader Aung San Suu Kyi.

  • Myanmar has been in crisis since the army seized Suu Kyi’s elected government on Feb. 1, 2021, detaining her and other officials.
  • In the 15-member UNSC council for the Myanmar crisis, China, Russia and India denied the vote.  The remaining 12 members voted in favor.
  • The resolution urges the junta to release detained prisoners, including Suu Kyi and former Myanmar president Win Myint.

TB Research Funding Trends 2005-2021:  Funding for TB R&D Hits a Billion Dollars Worldwide in 2021

According to the Tuberculosis(TB) Research Funding Trends 2005-2021 released by  Treatment Action Group (TAG) and the Stop TB Partnership, for the first time in history, funding of TB Research and Development (R&D) hits a billion dollars worldwide in 2021.

  • The Stop TB Partnership is a Geneva(Switzerland) based United Nations(UN)-a hosted entity that aims to end the disease by 2030.
  • The report highlights that despite reaching the USD 1 billion mark, funding for TB R&D is a mere fraction of what’s needed to achieve the UN’s sustainable development goal of ending TB as a pandemic by 2030.

Punjab & Sind Bank Partners with SBI Card to Launch Co-branded Credit Card

Punjab & Sind Bank (PSB), a public sector bank, has partnered with SBI Card to launch co-brand credit cards for the bank’s customers. This marks the entry of PSB into ‘credit cards’ as a new product segment under the bank’s portfolio.

  • Under the partnership, three card variants have been launched including, PSB SBI Card ELITE, PSB SBI Card PRIME, and PSB SimplySAVE SBI Card.

Key highlights:
i.The card was launched to cater for the spending needs of the customers of PSB with exclusive privileges.
ii.SBI Card ELITE and PSB SBI Card PRIME have been designed to offer lifestyle privileges and best in class experience to premium and mass premium customers, respectively.

  • PSB SBI Card ELITE will be offered at a joining fee of Rs. 4,999 plus taxes while PSB SBI Card PRIME will be offered at Rs. 2,999 plus taxes.

iii.PSB SimplySAVE SBI Card offers rewarding experience to value conscious customers through accelerated rewards and benefits on their spending. The card is offered at Rs. 499 plus taxes.
iv.Both PSB SBI Card ELITE and PSB SBI Card PRIME will be available on VISA platform and PSB SimplySAVE SBI Card on RuPay platform.

ADB Grants USD 100 million to SFL for Vehicle Loans to Women Entrepreneurs

Asian Development Bank (ADB) has sanctioned USD 100 million (about Rs 830 crore) External Commercial Borrowing (ECB), a five-year loan, under the lender’s social finance framework to Shriram Finance Limited (SFL), a part of Shriram Group to provide vehicle loans to women entrepreneurs.

  • The credit will be issued towards the purchase of new and used vehicles throughout India.

Key highlights:
i.The loan can be used for vehicle finance for commercial purposes for BS VI compliant vehicles and electric vehicles, especially for women entrepreneurs in under-developed states

  • This shall empower and promote the social and economic status of the underserved communities.

ii.Besides the ADB loan, Shriram Finance has also raised USD 250 million from US Development Finance Corporation and USD 475 million through a 144A Bond from the international market in 2022.
About Shriram Finance Limited (SFL):
In November 2022, Shriram Group’s entities – Shriram Transport Finance Company Limited, Shriram City Union Finance Limited and  Capital Limited merged to form  Shriram Finance Limited (SFL).
Chairman – Jugal Kishore Mohapatra
Headquarters – Mumbai, Maharashtra

IDBI Bank signs agreement to transfer schemes of IDBI Mutual Fund to LIC MF

The IDBI Bank has signed a Scheme Transfer Agreement (STA) with LIC Mutual Fund(MF) for the transfer of Schemes of IDBI Mutual Funds(MF) to LIC MF to comply with regulations 7B of Securities and Exchange Board of India (SEBI) Mutual fund Regulations.
Background:
LIC took over IDBI Bank, the sponsor of IDBI Mutual Fund, in January 2019.
LIC already has its own asset management company(AMC), LIC MF under SEBI Rules.

  • SEBI Rules restrict a single promoter to owning more than 10% stake in 2 asset management companies(AMCs) therefore, IDBI Bank-promoted IDBI MF had to be either sold or merged with LIC MF.
  • Since IDBI Bank, the parent of IDBI MF, is majority owned by LIC, the transfer is necessary.

Key Points: 
i.Following this proposed scheme acquisition transaction the like-to-like schemes will be merged and the unique schemes of IDBI MF will continue on a stand-alone basis with the acquiring entity.
ii.The merger is expected to be completed in this quarter.
About IDBI Bank Limited:
Managing Director & Chief Executive Officer (CEO)– Rakesh Sharma
Established in 1964
Headquarters– Mumbai, Maharashtra

Tata AIA Life introduces Emerging Opportunities Fund with Ulips

Tata AIA Life Insurance has established the Emerging Opportunity Fund with ULIP (unit-linked insurance plans), which is able to invest in mid-cap companies and rising market leaders with the potential to provide significant future growth.
The applications for ULIP plans with New Fund Offering (NFO) window was open till 31 December 2022.

  • Tata AIA’s ULIP offerings like Fortune Pro, Wealth Pro, Fortune Maxima, and Wealth Maxima can be used to invest in the Fund.
  • Additionally, the Fund will be attached to Tata AIA’s Param Rakshak Solutions.
  • Up to 30% of the fund’s total assets may be allocated to equity and equity-related investments that are not in the mid-cap range.

Note: The Emerging Opportunities Fund is to strengthen the client’s portfolio and potentially generate long-term wealth.

Bank of Baroda Wins EAG Laureate Award on Financial Security

Bank of Baroda, the second largest public sector bank in India after State Bank of India (SBI), won EAG Laureate award in the International Olympiad of Financial Security held at Sochi, Russia on 10 October 2022.

  • India is one of the nine members of the Eurasian group on combating money laundering and terrorism (EAG), a regional organisation similar to the  Financial Action Task Force (FATF).The EAG was established in 2004 and is currently an associate member of the FATF.
  • The Financial Action Task Force (FATF) is the global anti- money laundering and anti- terrorist financing body.

Note – The initiative of EAG was first announced by the Russian Federation at the Plenary Meeting of the FATF in October 2003. 

IDBI Bank re-appoints Suresh Khatanhar as Deputy MD for a Year On 28th December 2022, the Board of Directors of IDBI Bank Limited re-appointed Suresh Kishinchand Khatanhar as the Deputy Managing Director (DMD) of IDBI Bank for 1 year with effect from 15th January 2023, according to the Reserve Bank of India (RBI)’s approval.
About Suresh Kishinchand Khatanhar:
i. Suresh Khatanhar started his banking career with Dena Bank and handled all HR-related work at the centralised HR department of the bank.
ii. Suresh Khatanhar joined IDBI Bank in 1997 from Dena Bank.

  • He joined IDBI Bank as a senior relationship manager. He served the organization in various capacities including as Chief General Manager (CGM) & head-internal audit, Chief Risk Officer and Chief Compliance Office.

iii. On 15th January 2020, the IDBI Bank Board appointed Suresh Khatanhar as DMD for a 3-year term.
iv. He has 37 years of experience in commercial banking, 25 of which he spent with IDBI Bank, where he was in charge of many different facets of commercial banking.
v. As a DMD, currently, he oversees Retail Banking, Priority Sector Lending, Structured Retail Advances, Credit cards, Third Party Distribution, Treasury, Centralised Operations, CMS & GBG, Corporate Communication, Retail Recovery, Audit, Legal and Compliance.
About IDBI Bank Limited:
IDBI Bank, one of the major state-owned banks in India, has more than 1,890 branches and 3,300 ATMs worldwide.
MD & Chief Executive Officer (CEO)- Rakesh Sharma
Headquarters- Mumbai, Maharashtra
Establishment- 1st July 1964

Indian Army Appoints Lt Gen Arvind Walia as its New Engineer-in-Chief

Lieutenant (Lt) General (Gen) Arvind Walia, a 1986 batch officer and an alumnus of the Indian Military Academy, Dehradun has been appointed as the next Engineer-in-Chief of the Indian Army. He succeeds Lt Gen Harpal Singh who is superannuating on 31st December 2022.

  • Earlier,  Lt Gen Arvind Walia has commanded an independent squadron in the desert sector, a regiment in Jammu and Kashmir (J&K), an Engineer Brigade along the western front and has also commanded the MEG & Centre in Bengaluru, Karnataka.
  • He was an instructor at the College of Defence Management in Secunderabad and the National Defence College in Delhi.
  • He has also held several other positions including Brigade Major of a Mountain Brigade, Director in Engineer-in-Chief’s Branch at the Integrated Headquarters of Ministry of Defence (MoD) (Army), Brig Q in a Strike Corps and Chief Engineer of a Command.

Adani group acquires 27.26% equity stake held by NDTV founders Roys for over Rs 600 crore Prannoy Roy and Radhika Roy, founders of the news broadcaster, sold 27.26% of their equity in New Delhi Television (NDTV) to Adani-controlled Radhika Roy Prannoy Roy (RRPR) Holding Private Limited at Rs 342.65 (USD 4.1426) per share.

  • Based on the price acquired by Adani Group, the Roys would have received Rs 602.30 crore from the sale of 1.75 crore shares.

Note: On December 23, Prannoy Roy and Radhika Roy announced the sale of 27.26% out of their remaining 32.26% shareholding in the NDTV to the Adani Group.
Key Points:
i. The transfer of shares was done by way of inter-se transfer under the Securities and Exchange Board of India (SEBI) (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
ii. Vishvapradhan Commercial Private Limited, an indirect subsidiary of the corporation, owns an 8.27% equity share in NDTV, whereas RRPR (prior to the present acquisition) held a 29.18% equity share in NDTV.

  • After this acquisition, RRPR will own 56.45% of the company.

iii. On 30th December 2022, the transaction was finalised through the NSE’s (National Stock Exchange of India Ltd) block deal window, and the settlement is subject to exchange procedures and formalities.
iv. Adani Group indirectly acquired RRPR Holding Pvt Ltd in August 2022, which led to an open offer to buy a further 26% of NDTV.
About the New Delhi Television (NDTV):
Executive Co-Chairpersons- Dr Prannoy Roy & Radhika Roy
Headquarters- New Delhi, Delhi
Establishment- 1988
About the Adani Group:
Chairman- Gautam Adani
Managing Director (MD)- Rajesh Adani
Headquarters- Ahmedabad, Gujarat
Establishment- 1988

Pritzker-Winning Japanese Architect Arata Isozaki Passed AwayArata Isozaki, a Pritzker-Winning Japanese Architect, passed away at the age of 91 in Okinawa Island (Japanese Island). He was called a ‘post-modern giant’, who blended the culture and history of the East and the West in his designs.
About Arata Isozaki:
i. Arata Isozaki was born in Ōita, Island of Kyushu, Japan in 1931. He is known for his style that combines postmodernism and metabolism with technology.
ii. He started his career as an architect with an apprenticeship under the guidance of the 1987 Pritzker Prize Laureate Kenzo Tange.
iii. After the Allied occupation, in 1963, when Japan had reclaimed its independence, Arata Isozaki founded Arata Isozaki & Associates.
iv. His career started at a small scale, with numerous structures in his hometown and Fukuoka (Japan), swiftly spreading to Gunma, Osaka, and Tokyo in Japan.
v. His Significant works– the Ōita Prefectural Library (1962-1966 Ōita), Expo ’70 Festival Plaza (1966-1970 Osaka), the Museum of Modern Art, Gunma (1971-1974), and Kitakyushu Municipal Museum of Art, Fukuoka (1972-1974).
vi. He emerged as an international leader in architecture in the 1980s, with his 1st overseas commission, the Museum of Contemporary Art, Los Angeles (1981-1986 California, United States of America (USA)).
vii. With his 1st overseas commission, the Museum of Contemporary Art, Los Angeles (1981-1986 California, United States of America (USA)), he became a recognised figure in architecture in the 1980s.

  • His other notable international works included over 100 completed projects.

viii. In reaction to the fast rate of urbanisation, Arata Isozaki created City in the Air (1962 Tokyo, Japan), a futuristic design for Shinjuku that featured elevated tiers of structures, housing, and transportation suspended above the ageing city below.
Awards and Recognition:
i. In 1979, Arata Isozaki was appointed to the 1st Pritzker Prize Jury and continued on as a member for 5 additional years.
ii. In 1986, he received the Royal Gold Medal for architecture.
iii. He was an honorary member of the Royal Academy of Arts (1994), the American Academy of Arts and Letters (1998), and a member of the Japan Arts Academy (2017).
iv. In 2019, Arata Isozaki won the Pritzker Architecture Prize, internationally the highest honour in the field.

Prime Minister Narendra Modi’s Mother Heeraben Passes Away

On 30th December 2022 Prime Minister (PM) Narendra Modi’s mother Heeraben passed away at the age of 100 in Ahmedabad, Gujarat. Mamata Banerjee, Pakistan’s PM Shehbaz Sharif, All India Majlis-E-Ittehadul Muslimeen (AIMIM) Chief Asaduddin Owaisi and others expressed condolences over the demise of PM Modi’s mother Heeraben.

Historian Simon Sebag Montefiore discusses his new book “The World” with Author Manu S. Pillai

Simon Sebag Montefiore, a British historian, discussed his recent book “The World: A Family History” in an interview with an Indian historian Manu S. Pillai. In the book, Simon Sebag Montefiore explores how people and families have played a role in the convergences and divergences in world history.

  • In an interview with historian Manu S. Pillai, he discusses why it is his most difficult yet most satisfying project.
  • The two-part book was originally published on 27th October 2022, published by Hachette India.

The Cabinet of Assam headed by Himanta Biswa Sarma, Chief Minister (CM) of Assam approved the proposal for the grant of industrial status to the tourism sector in Assam.
With industry status, restaurants, cafeterias, health clubs, spas and wellness centres among others are eligible for incentives under the industrial policy. This will encourage and boost private investment in the above areas of the tourism sector

  • With industry status, fresh investments in tourism infrastructures will contribute to rapid employment generation, public-private partnership and infrastructure development.
  • This aims for sustainable and environmentally friendly investment besides capital formation and the creation of gainful employment.

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 Pollution

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Pollution is one of the most pressing environmental issues of our time. It’s taking a heavy toll on our planet, causing health problems and long-term damage to our ecosystems. But it’s not all doom and gloom—there are steps we can take to reduce our pollution footprint and make the world a better place.

Pollution can be caused by things like burning of fossil fuels, deforestation, agricultural activities and unsustainable production processes – all of which have a direct impact on air and water quality. These causes of pollution are due to the use of unsustainable energy sources and unsustainable agricultural practices. A major source of air pollution is the burning of fossil fuels, which causes an increase in carbon dioxide and other greenhouse gases that contribute to global warming. Deforestation causes soil erosion and loss of vegetation leading to decreased air quality as well as loss of habitat for wildlife. Agricultural activities such as fertilizers and pesticides can get into soil and water sources, resulting in contamination. Unsustainable production processes can lead to industrial runoff that contain chemicals that can be hazardous to human health.

Mitigation measures for pollution include reducing the use of fossil fuels, planting trees, promoting sustainable agricultural practices and transitioning away from unsustainable production processes. For example, switching to renewable energy sources like solar and wind power can help reduce emissions from fossil fuel burning. Planting trees not only has a direct effect on air quality, but also helps restore habitats for animals that would have been lost due to deforestation. Sustainable agricultural practices such as no-till farming reduce soil erosion and decrease the release of pollutants into water sources. Finally, transitioning away from unsustainable production processes towards ones that employ modern technology can reduce industrial runoff and emissions leading to improved air and water quality.

The consequences of these activities include an increase in greenhouse gases and the depletion of essential resources like oxygen and water, leading to health risks such as respiratory diseases, skin problems and even cancer in some cases. Additionally, pollution has been linked to increased heart disease, depression and other mental health issues Also, pollution has been linked to climate change and desertification, as well as the destruction of ecosystems and biodiversity. It causes air, water and land pollution and causes a significant decline in the quality of life. To reduce pollution and its negative effects, governments and citizens need to take proactive steps such as conserving natural resources, decreasing emissions associated with transport and energy production, investing in clean energy sources, and promoting sustainable consumption.

Taking action to mitigate pollution is an important step in protecting the environment and preserving natural resources. Pollution causes can be broadly grouped into two categories- natural causes and human causes. Natural causes of pollution include the release of volcanic gases, dust storms and forest fires, while human causes of pollution include the burning of fossil fuels, unsustainable agricultural practices and disposal of industrial waste. In order to reduce pollution causes, effective mitigation measures must be implemented such as reducing the use of fossil fuels and investing in renewable energy sources, implementing sustainable farming techniques and properly disposing industrial waste. Additionally, individuals can also play their part by reducing their carbon footprint in everyday activities and advocating for sustainable development policies.

We can start by reducing our individual carbon footprint, such as limiting the use of motor vehicles, choosing renewable energy sources instead of non-renewable fuels, and reducing water consumption. In order to limit causes of pollution, we must also reduce waste, recycle and reuse whenever possible, and avoid activities that promote air, water or land pollution. Further, government intervention is essential to help ensure that large-scale contributors to pollution are held accountable. This can include laws that impose stricter monitoring and reporting requirements on corporations, as well as policies that provide incentives for decreasing emissions or switching over to renewable energy sources. Finally, citizens can support causes that focus on pollution mitigation by volunteering with local organizations or by signing petitions in favor of stronger regulation in their area. Through these efforts, we can play an active role in creating a safe and healthy environment for future generations.

We should also support initiatives that create cleaner production processes for industries and educate people on the importance of taking action against pollution. Causes of pollution can be attributed to a range of human activities, from burning fossil fuels to overuse of pesticides. We must focus on preventing pollution at the source and reducing our dependence on fossil fuels; this could be as simple as switching out old light bulbs for energy-efficient LED ones. To cut down on air pollution, try walking or biking instead of taking the car, or consider mass transit options. Additionally, we should look into reusing and recycling materials whenever possible, such as bringing our own reusable bags to the store. Taking these steps can make a huge difference in reducing our collective carbon footprint and creating a healthier environment for all.

Finally, we should encourage governments to implement stricter laws and regulations that make it mandatory for industry owners to adhere to sustainable practices and ensure effective waste management systems are in place. Also, causes of pollution need to be addressed if we want to truly tackle this growing problem. Industry owners must understand the importance of adhering to sustainable practices and effective waste management systems, and governments must enforce strict laws and regulations that ensure these practices become the norm. This will be vital in protecting our environment from further damage.

Conclusion

We are all connected and depend on one another for the health of our planet. It’s up to us to make sure that we do our part in reducing the pollution that is threatening our planet and future generations. By understanding the impact of pollution and taking action, we can all make a difference. We challenge you to take a look at your own lifestyle and habits and make a commitment to being more conscious of the environment and doing what you can to reduce your pollution footprint each and every day.

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Current Affairs – 1 April 2023

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MoD signs contracts worth Rs 19,600cr to acquire NG-OPVs & NGMVs for IN; Rs 9,100cr contracts for improved AWS & 12 WLR Swathi for IAi.On March 30, 2023, the Ministry of Defence (MoD) signed contracts with Indian shipyards for acquisition of 11 Next Generation Offshore Patrol Vessels (NG-OPVs) and 6 Next Generation Missile Vessels (NGMVs) at an overall cost of approx. Rs 19,600 crore for Indian Navy (IN) to boost ‘Aatmanirbharta’ in defence.
ii.The contract for NG-OPVs was signed with Goa Shipyard Limited (GSL) and Garden Reach Shipbuilders and Engineers (GRSE), Kolkata (West Bengal), at a total cost of Rs 9,781 crore. It was signed under Buy {Indian-IDDM (Indigenously Designed, Developed and Manufactured)} category.
iii.MoD signed contracts for procurement of improved Akash Weapon System (AWS) and 12 Weapon Locating Radars, WLR Swathi (Plains) for Indian Army (IA) at an overall cost of over Rs 9,100 crore.
About Ministry of Defence (MoD):
Union Minister– Rajnath Singh (Constituency- Lucknow, Uttar Pradesh)
Minister of State– Ajay Bhatt (Constituency- Nainital-Udhamsingh Nagar, Uttarakhand)

Himachal Pradesh’s Kangra tea gets European GI Tag

On 29th March 2023, Himachal Pradesh’s Kangra Tea got a European Union(EU) Geographical Indication Tag (GI Tag). This will offer an opportunity for the Kangra tea to enter the European Market.
About Kangra Tea: 
i.Kangra tea is a type of tea that is grown in the Himachal Pradesh region of India. Since 1999, the cultivation and development of the kangra tea have been improved in the Kangra region(‘Valley of Gods’) of Himachal Pradesh.
ii.Kangra tea is grown 900-1,400 meters above sea level with the annual rainfall being 270-350 centimeter (cm), on the slopes of the Dhauladhar mountain range in the Western Himalayas.
iii.The demand of Kangra tea has been increasing and it is being exported to Kabul and Central Asia via Peshawar.

  • The Kangra tea received the Indian GI tag in 2005.

About GI Tag: 
i.Geographical indications (GIs) are Intellectual Property (IP) Rights(IPR) is primarily an agricultural, natural or manufactured product (handicraft and industrial goods) originating from a definite geographical territory.

  • European GI tag protects agricultural products and foodstuffs; spirit drinks; wines; and aromatised wines.

ii.The GI Tag provides assurance of quality and distinctiveness, which is essentially attributable to the place of its origin.
iii.Once a product gets a GI tag, any person or company cannot sell a similar item under that name.
iv.This tag is valid for a period of 10 years following which it can be renewed.

Home Minister Amit Shah inaugurates Development Works in UK & Sardar Vallabhbhai Patel Memorial in Bidar, Karnatakai.On March 30, 2023, the Union Minister Amit Shah, Ministry of Home Affairs (MHA) was on a visit to Uttarakhand (UK) to inaugurate development works viz. Computerization of UK’s Multipurpose Primary Agricultural Credit Cooperative Societies (MPACS), Joint cooperative farming, Jan Suvidha Kendras and Janaushadhi Kendras in Haridwar, UK.
ii.On March 26, 2023, Home Minister Amit Shah unveiled the statues of Lord Basaveshwara ji and Nadaprabhu Kempegowda ji at the State Assembly premises in Bengaluru, Karnataka.
iii.He also inaugurated Gorata Martyr Memorial and Sardar Vallabhbhai Patel Memorial and also unfurled the 103 feet high tricolor at Gorata ground in Bidar, Karnataka
About Ministry of Home Affairs (MHA):
Union Minister – Amit Shah (Gandhi Nagar Constituency, Gujarat)
Minister of State (MoS) – Nityanand Rai (Ujiarpur, Bihar); Ajay Kumar Mishra (Kheri, Uttar Pradesh); Nisith Pramanik (Coochbehar, West Bengal)

Lok Sabha amends Competition Act 2002; CCI to penalise Tech MNCs for Global Revenue

On 29th March 2023, Lok Sabha, the lower house of Parliament, approved the amendments of the Competition Act, 2002, that seek to cover global deals by digital multinational companies (MNCs) under local laws.

  • The  Competition (Amendment) Bill, 2022 was after Finance Minister Nirmala Sitharaman moved as many as 13 official amendments to the Bill.

Following the amendment, the Competition Commission of India (CCI) will now have the power to impose penalties on MNCs for violations based on their international revenue.

  • The Competition (Amendment) Bill, 2022 aims to regulate transactions made by international digital companies, provided that the entities involved have a strong business presence in India.
  • The amendments also provide for the settlement of minor violations.

Other Details of the Bill:
i. The amendments propose introducing a deal value threshold as a condition to regulate mergers and combinations.

  • According to the bill, entities are expected to seek approval from the Competition Commission if the deal value exceeds Rs 2000 crore and if both companies (acquiring and the target) have substantial business operations in India.

ii. Control in the target company is an important consideration that affects CCI’s clearance.
iii. ‘Material influence’ has now been defined by the government as the basis for control in the most recent amendment to the Competition Act.
iv. A settlement mechanism is now being implemented under the Act to decrease litigation and allow easier dispute resolution.
v. According to the Competition Act, companies engaging in anti-competitive practices might face monetary penalties from the Competition Commission.
vii. The bill aims to reduce various procedural timelines for merger approval to facilitate quicker merger approval.
About the Competition Commission of India (CCI):
Acting Chairperson- Sangeeta Verma
Headquarters- New Delhi, Delhi
Establishment- 14th October 2003 (Operational from 2009)

EU Removes Pakistan From List of High-Risk Third-Country JurisdictionsThe European Commission of the European Union(EU) has removed Pakistan from its list of High-Risk Third-Country Jurisdictions, this move is expected to improve the conditions of business activities in Pakistan.

  • Following the deletion, Pakistan will no longer be subjected to enhanced EU scrutiny which includes credit and financial institutions, auditors, external accountants, tax advisers, notaries and independent legal professionals, among others.

Background: 
i.In December 2022, the European Commission updated its list of High-Risk Third-Country Jurisdictions presenting strategic deficiencies in their anti-money laundering/countering the financing of terrorism (AML/CFT) regimes.

  • Following the update, Democratic Republic of the Congo, Gibraltar, Mozambique, Tanzania and the United Arab Emirates, were added to the list while Pakistan along with Nicaragua and Zimbabwe were delisted.

ii.The updated list accounted the information from the Financial Action Task Force (FATF) and the changes over 2022 in the FATF list of “Jurisdictions under Increased Monitoring”.
Note: FATF removed pakistan along with Nicaragua in October 2022 following the  implementation of their respective action plans agreed with the FATF.
Key Points:
i.The Ministry of Commerce, Government of Pakistan annoucned that Pakistan was added to the list of High-Risk Third-Country in 2018 which resulted in creating a regulatory burden affecting the Pakistan based companies that are doing business with the members of EU(27 countries).
ii.The delisting of Pakistan will ease the cost and time of legal and financial transactions by Pakistan entities and indivuals in EU.
High-Risk Third-Country: 
i.According to the EU, The high risk third countries list includes countries that do not have a robust enough regulatory and legal system to prevent financial crimes and terrorism.
ii.Countries added on the list are subjected to enhanced scrutiny and additional measures that increase the cost of doing business.
About European Union:
The European Union is an international economic and political alliance of 27 member countries.
The EU was formed by the Treaty Of Maastricht, which took effect on November 1, 1993.

  • 19 member countries uses euro as their official currency.

Headquarters – Brussels,Belgium

SEBI Board Meeting (March 2023): Significant Takeaways from 16 Major DecisionsThe Securities and Exchange Board of India (SEBI) took a number of decisions at its board meeting on March 29, 2023, with the goal of protecting investors’ interests and bolstering the market infrastructure to handle disruptions.
The 16 Major Decisions and Their Implications include:
i. Balanced Framework for ESG Disclosures, Ratings and Investing
ii. Establishing a regulatory framework for Environmental, Social and Governance (ESG) Rating Providers in Securities Market by introducing a new chapter in the SEBI (Credit Rating Agencies) Regulations, 1999.
iii. ASBA -like facility for trading in Secondary Market: Option to investors
iv. Upstreaming of clients’ funds by Stock Brokers (SBs) / Clearing Members (CMs) to Clearing Corporations (CCs) to mitigate credit risk on intermediaries
v. Amendments to Stock Brokers Regulations to institute a formal mechanism for prevention and detection of fraud or market abuse by stock brokers.
vi. Introduction of Regulatory Framework for Index Providers
About the Securities and Exchange Board of India (SEBI):
Chairperson– Madhabi Puri Buch
Headquarters– Mumbai, Maharashtra
Establishment– 1992

Aditya Birla Health Insurance enters into bancassurance partnership with UCO BankAditya Birla Health Insurance Co Ltd (ABHICL), the health insurance joint venture of Aditya Birla Capital Ltd. (ABCL) inked a bancassurance partnership with UCO Bank, for the distribution of its health insurance products.

  • This partnership will enable ABHICL to utilize UCO Bank’s widely distributed network of 3,164 branches and reach out to more than 40 million customers of the bank across India.

Key Points:
i.With this association, UCO Bank’s customers and employees will have access to ABHICL’s comprehensive suite of health-first insurance solutions like incentivized wellness benefits of up to 100% Health Returns and chronic management program, Day-1 cover for asthma, high blood pressure, high cholesterol, diabetes; wellness coaching on nutrition and fitness and counselling on mental health.
ii.With the UCO Bank partnership, ABHICL now has 17 bancassurance partners with over 80,000 direct selling agents, across India.
About UCO Bank:
MD & CEO– Soma Sankara Prasad
Headquarters– Kolkata, West Bengal
Tagline– Honours your Trust

Ambit Finvest, SKALEUP join hands for Digital Lending Platform for MSMEs Ambit Finvest has partnered with SKALEUP, the digital technology services arm of Bajaj Finserv Direct, to develop a D2C (direct-to-customer) instant loan application to give business loans to MSME (Micro, Small & Medium Enterprises) business owners through a completely paperless and automated digital onboarding process.

  • The platform will oversee a wide variety of processes and services offered by Ambit Finvest, along with multiple products. It will be capable of handling complex workflows that involve sales, underwriting, and operations.

Key Points:
i.SKALEUP’s Creditech solution is a low-code/no-code digital platform that enables data-driven decisions.
ii.Ambit Finvest is the NBFC (Non-Banking Financial Company) of the Ambit Group and has served over 50,000 MSME business owners and disbursed more than Rs 3,500 crore in loans.

  • In January 2023, Ambit Finvest acquired the MSME business of SME Corner (a digital lender operating under the trade name Digikredit Finance and registered with the Reserve Bank of India (RBI) as an NBFC).

iii.Bajaj Finserv Direct is a subsidiary of Bajaj Finserv.
About Ambit Finvest:
CEO– Sanjay Agarwal
Headquarters– Mumbai, Maharashtra
Tagline– Pragati Ke Partner

AMNS Luxembourg Holding signs USD 5 billion loan agreement with consortium of Japanese banksAMNS Luxembourg Holding S.A., the parent company of ArcelorMittal Nippon Steel India Limited (“AM/NS India”), has entered into a USD 5 billion “JBIC co-financing loan” agreement with a consortium of Japanese banks.

  • The banks that make up the Japanese banking consortium are: The Japan Bank for International Cooperation (“JBIC”), MUFG Bank, Ltd., Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank Limited, Mizuho Bank Ltd., and Mizuho Bank Europe N.V.

‘AM/NS India’ is the 60/40 steelmaking joint venture in India operated by Nippon Steel Corporation (“Nippon Steel”) and ArcelorMittal (“AM”).
Key Points:
i.The proceeds from the JBIC co-financing loan will be utilized to finance a portion of the funds for AM/NS India’s new construction and expansion of upstream, hot rolling, and other facilities.

  • It will help AM/NS India increase its annual steelmaking capacity at its Hazira plant from 9 million tonnes to 15 million tonnes.

ii.Upon receiving environmental clearances, the expansion project, which began in October 2022, will generate more than 60,000 employment.
iii.“AM/NS India” is currently the fifth-largest producer of crude steel in India.

  • With these measures to increase its capacity, Nippon Steel intends to meet the rising demand in the Indian market and maintain its market position.

About Nippon Steel Corporation (“Nippon Steel”):
President – Eiji Hashimoto
Headquarters – Tokyo, Japan

Godrej Capital & SBI signs MoU to offer Banking Products & Services

Godrej Capital Limited, the financial services arm of the Godrej Group, and State Bank of India (SBI) have signed a Memorandum of Understanding (MoU) to strengthen their partnership, where the bank would provide various financial products and offerings.

  • Godrej Capital and SBI will work together to increase the affordability and accessibility of financial products, unlocking opportunities for financial inclusion.

SBI aims to capitalise on synergies that will empower its customers and accelerate the growth of its economy.

  • SBI will also focus on delivering financial solutions to the Godrej group.

The partnership leverages the advantages of both groups by facilitating a range of financial services provided by the bank such as banking products, credit cards, wealth management and insurance products as preferred partners.

Axis Bank partners with Shriram Housing Finance for Co-Lending

On 30th March 2023, Axis Bank, the third largest private sector bank in India, and Shriram Housing Finance Limited (SHFL) announced a partnership under the co-lending model through the Yubi Co.Lend platform.

  • Through this partnership, the lenders will each provide secured home loans and MSME (Micro, Small and Medium Enterprise) loans to borrowers in the middle and low-income segments based in rural and semi-urban areas.
  • The collaboration will make use of the technological platform, Yubi to efficiently process loans according to the co-lending guidelines.

MoC&I Released FTP 2023: India aims for increase exports to USD 2 trillion by 2023On 31st March 2023, The Ministry of Commerce and Industry(MoC&I), Government of India(GoI), released the Foreign Trade Policy (FTP) 2023  which aims to increase India’s exports to USD 2 trillion by 2030 by shifting from incentives to remission and entitlement based regime.

  • Union Minister Piyush Goyal, (MoC&I) released the FTP 2023 during an event held in New Delhi, Delhi.
  • The FTP 2023 is set to become effective from 1st April 2023. 

Abut FTP 2023:
Unlike the usual 5 year-FTP, the FTP 2023 does not have an end date and it will be updated as and when needed.

  • The previous FTP came into force on 1st April 2015 and was later extended in the wake of COVID-19 pandemic and the subsequent disruption in economic activities.
  • The last extension was given in September 2022 till 31st March 2023.

About Ministry of Commerce and Industry(MoC&I):
Union Minister– Piyush Goyal(Rajya Sabha- Maharashtra)
Minister of State(MoS)- Som Parkash (Constituency- Hoshiarpur, Punjab) and Anupriya Patel(Constituency- Mirzapur, Uttar Pradesh)

Aaliya Mir becomes First J&K Woman to Receive Wildlife Conservation AwardAaliya Mir, a wildlife conservationist working for India-based charity Wildlife SOS, has been honoured with the Wildlife Conservation Award for 2023 by the administration of the Union Territory (UT) Jammu and Kashmir (J&K), for her conservation efforts in the region.

  • She becomes the first Woman from J&K to receive the Wildlife Conservation Award.
  • The Award carries a cash prize of Rs 25000 and a Momento.

She received the award from Manoj Sinha, Lieutenant Governor of J&K, on the International Day of Forests (21st March 2023) event held by the Department of Forest, Ecology and Environment of the J&K government.

  • She was recognised for her efforts spanning diverse aspects of wildlife conservation, which include the rescue and release of wild animals, treatment of injured animals, human-wildlife conflict mitigation and managing 2 bear rescue centres in Kashmir.

About Aaliya Mir:
i. Aaliya Mir has been associated with Wildlife SOS since 2002. She started as a volunteer and then began undertaking diverse projects in J&K.
ii. She is the Programme Head and Education Officer at Wildlife SOS and Kashmir’s 1st female wildlife rescuer.
iii. She is primarily recognised for her work with snakes despite having rescued Asiatic black bears, Himalayan brown bears, birds, leopards, and other species.
iv. In 2021, Wildlife SOS launched a wildlife rescue helpline under the leadership of Aaliya Mir.
About Wildlife SOS:
Wildlife SOS is a non-profit organisation based in India that focuses on rescuing and rehabilitating wildlife. It was founded in 1995.
Chief Executive Officer (CEO) & Co-founder- Kartick Satyanarayan
Headquarters- New Delhi, Delhi

UAE President names Sheikh Khaled as Crown Prince of Abu Dhabi

On 29th March 2023, Sheikh Mohammed bin Zayed Al Nahyan (Known by his initials MBZ), President of the United Arab Emirates (UAE) and the ruler of Abu Dhabi, appointed his eldest son Sheikh Khaled bin Mohamed bin Zayed Al Nahyan as Crown Prince of Abu Dhabi (UAE),
Other Appointments: 
i. President Sheikh Mohammed also appointed his brother Sheikh Mansour bin Zayed Al Nahyan as Vice President of the UAE.
ii. MBZ named his other brothers Sheikh Tahnoun bin Zayed Al Nahyan and Hazza bin Zayed Al Nahyan as deputy rulers of Abu Dhabi.
About Sheikh Khaled bin Mohamed bin Zayed Al Nahyan:
i. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan was born on 8th January 1982.
ii. He is a member of the Abu Dhabi Executive Council and Chairman of both the Abu Dhabi Executive Committee and the Abu Dhabi Executive Office.
iii. In 2016, Sheikh Khaled was appointed Head of National Security and in 2017, he was named Deputy National Security Adviser.
iv. He is a member of Abu Dhabi’s Supreme Council for Financial and Economic Affairs, and a member of the board of directors of Abu Dhabi National Oil Company (ADNOC).
v. Additionally, he serves as the head of several boards, including the Advanced Technology Research Council (ATRC), the UAE Genomics Council, and the Executive Committee of the board of directors of ADNOC.
About the United Arab Emirates (UAE):
President- Sheikh Mohammed bin Zayed Al Nahyan
Prime Minister- Sheikh Mohammed bin Rashid Al Maktoum
Capital- Abu Dhabi
Currency- United Arab Emirates Dirham

Tata Power re-appoints Praveer Sinha as CEO & MD for Four Years

Tata Power Company Limited (TATA Power), one of India’s oldest and largest integrated power utilities, re-appointed Praveer Sinha as its Chief Executive Officer (CEO) and Managing Director (MD) for 4 years with effect from 1st May 2023.

His current tenure as the CEO and MD of Tata Power will conclude on 30th April 2023.

  • On March 30, 2023, the Board of Tata Power approved the reappointment based on the proposal of the Nomination and Compensation Committee.
  • He is the chairman of the CII Western Region Council and co-chairs the CII National Committee on Power.
  • is a visiting research associate at the Massachusetts Institute of Technology (MIT), Boston, USA.

Rajib K Mishra takes over as Chairman and Managing Director of PTC India

On 29th March 2023, Dr Rajib K Mishra,  a power market veteran with diverse experience in the sector, has taken over as Chairman and Managing Director (CMD) of PTC India Limited, the leading provider of power trading solutions in India, with an immediate effect.

  • Dr Rajib K Mishra joined PTC Board on 24th February 2015 as Director (Marketing and Business Development).
  • Prior to PTC India Limited, he was in charge of Operations, Business Development, Retail & Advisory Services while serving as Executive Director of PTC Inc. from October 2011.
  • He has professional experience spanning 30 years with PowerGrid, NTPC, and PTC India.

Scientists of ICAR Discovers New Moray Eel Species- Gymnothorax TamilnaduensisThe Indian Council of Agriculture Research (ICAR) scientists have discovered a Moray Eel fish of the Genus Gymnothorax collected from the trawl bycatch landings at Mudasalodai fish landing centre, off Cuddalore coast, Tamil Nadu, southeast coast of India.
It has been named after Tamil Nadu “Gymnothorax Tamilnaduensis” with a common name of “Tamil Nadu brown moray eel”.
Discovery Publication:
i. The discovery has been published in the latest issue of the international peer-reviewed journal “Zoosystematics and Evolution” on 23rd March 2023.
ii. The new species was discovered by researcher P. Kodeswaran, scientist G. Kantharajan, Principal scientist T.T. Ajith Kumar, Indian Council of Agricultural Research-National Bureau of Fish Genetic Resources (NBFGR), Anil Mohapatra of Estuarine Biology Regional Centre, Zoological Survey of India and Uttam Kumar Sarkar of NBFGR.
iii. The name of the fish species is registered in the Zoobank, the online registration system for the international commission on Zoological Nomenclature (ICZN).
About the Species:
i. The holotype of this new species has also been deposited at the National Fish Museum and repository of ICAR-NBFGR, Lucknow.
ii. This is the first record of the Gymnothorax genus ever found on the south-eastern coast of India, the Bay of Bengal, and was discovered during an exploration survey conducted along the coastal waters of Cuddalore.
iii. So far, Indian waters have been home to 28 different species of Gymnothorax.

  • The discovery brings the overall number of Gymnothorax species to 29.

iv. Four specimens were captured in nets about 80 to 100 feet underwater
v. Gymnothorax Tamilnaduensis is between 10 and 20 inches long and belongs to a class of enigmatic water creatures that are frequently discovered in crevices and holes.

  • It is now the 4th known species of short brown unpatterned moray eels.

Moray eels:
i. Moray eels or Muraenidae are a family of eels found in all tropical and subtropical seas, they live in shallow water among reefs and rocks.
ii. It can be found in both freshwater habitats and saltwater habitats.
iii. They are known for 2 types of jaws: one is regular (oral) jaws with big teeth and the second jaw is called the pharyngeal jaw (which drags prey inside the eel’s stomach).

International Transgender Day of Visibility 2023 – March 31International Transgender Day of Visibility is annually observed across the globe on March 31 to celebrate the achievements and contributions of transgender and gender-diverse people (TGD) around the world.
International Transgender Day of Visibility 2023 was observed on 31st March 2023.
Aim:
The day aims to raise awareness of the work that still needs to be done to eliminate discrimination and other barriers to inclusion within all aspects of society.
Flag:
i. Transgender flag is a tricolour pride flag with five horizontal stripes in light pink, light blue, and white.

  • The colour of the Transgender flag was proposed in 1999.

ii. It was designed by American trans woman Monica Helms to represent the transgender community, organizations, and individuals.
Background:
i. International Transgender Day of Visibility was founded by Rachel Crandall, the United States of America (USA)-based transgender activist in 2009.
Rachel Crandall is a psychotherapist and the executive director of Transgender Michigan, an organisation based in the US.
ii. The 1st ever International Transgender Day of Visibility was observed on 31st March 2009.

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