PM Modi Inaugurations on 23 & 24 September 2023Prime Minister Narendra Modi Had made notable made significant inaugurations during September 23 & 24 2023. i.Prime Minister Narendra Modi Inaugurated Kashi Sansad Sanskritik Mahotsav 2023 at Rudraksh International Cooperation and Convention Centre in Varanasi, Uttar Pradesh. ii.Prime Minister flagged Off Nine Vande Bharat Express Trains on September 24, 2023, via Video Conferencing to Enhance Connectivity and Passenger Experience.
The newly introduced Orange Vande Bharat Express in Kerala, inspired by the saffron color of the national flag, will operate on the Kasaragod-Thiruvananthapuram route via Alappuzha.
iii.Prime Minister Narendra Modi laid the foundation stone of an international cricket stadium in Varanasi. iv.On September 23, 2023, Prime Minister Narendra Modi inaugurates International Lawyers’ Conference 2023 at Vigyan Bhavan in New Delhi.
VeeranganaDurgavati Tiger Reserve: MP’s 7thTiger Reserve unveiled in MPThe State Government of Madhya Pradesh (MP) has unveiled its 7th Tiger Reserve namely ‘Veerangana Durgavati Tiger Reserve’ which is spread over an area of 2,339 square kilometres across Sagar, Damoh and Narsinghpurdistricts of MP. Parts of it falls under the Narmada and Yamuna River basins.
The unveiling comes after the approval from the National Tiger Conservation Authority (NTCA).
The declaration of this Tiger Reserve is in accordance with the provisions of clause (ii) of sub-section (iv) of section 38V of the Wildlife (Protection) Act, 1972 (53 of 1972).
Key Points: i.It will encompass areas within the Nauradehi Wildlife Sanctuary and Veerangana Durgavati Wildlife Sanctuary. ii.About 1,414 square kilometres in the tiger reserve has been included in the core area and 925.12 square kilometres in the buffer zone. iii.It comprises two core areas.
Core Area-1 spans an expansive 1390.036 square kilometers.
Core Area-2 encompasses 23.97 square kilometers.
iv.A green corridor will be developed to connect Panna Tiger Reserve (PTR) to Durgavati for tiger movement. v.Singorgarh Fort lies within the reserve. vi.Designated areas in Veerangana Durgavati Tiger Reserve are recognized by the Union Ministry of Environment, Forest, and Climate Change (MoEF&CC) to safeguard wildlife conservation. Features: Vegetation– Dry deciduous type Flora– Teak, Saja, Dhaora, Ber, Amla, etc. Fauna– Tiger, leopard, wolf, jackal, Indian fox, striped hyena, Nilgai, Chinkara, Chital, Sambhar, Black Buck, Barking deer, Common Langur Rhesus Macaque etc. Notes: i.As per the report ‘Status of Tigers: Co-predators & Prey in India-2022’, released by the National Tiger Conservation Authority and Wildlife Institute of India in July this year, MP (785) has the highest number of tigers in India, followed by Karnataka (563) and Uttarakhand (560). ii.Other six Tiger Reserves in MP are Kanha, Bandhavgarh, Satpura, Pench, Panna and Sanjay-Dubri. About NTCA The National Tiger Conservation Authority (NTCA) is a statutory body under the Ministry of Environment, Forests and Climate Change constituted under provisions of the Wildlife (Protection) Act, 1972, as amended in 2006, for strengthening tiger conservation. About Madhya Pradesh (MP): Governor– Mangubhai Chhaganbhai Patel Chief Minister– Shivraj Singh Chouhan Wildlife Sanctuaries– Panpatha Wildlife Sanctuary, Phen Wildlife Sanctuary
Tata Motors delivers India’s first Hydrogen Fuel Cell Powered Buses to IOCLOn September 25, 2023, Tata Motors delivered first-of-its-kind two Hydrogen Fuel Cell Electric Vehicle (FCEV) buses to Indian Oil Corporation Ltd. (IOCL). These were flagged off by Union Minister Hardeep Singh Puri, Ministry of Petroleum & Natural Gas (MoPNG); Minister of State (MoS) RameswarTeli, MoPNG; ShrikantMadhavVaidya, Chairman, IOCL; among others.
The Indian Oil Corporation Ltd. is a Maharatna Central Public Sector Enterprises.
Key Points: i.In June 2021, Tata Motors won a tender from IOCL to supply 15 FCEV buses for testing hydrogen-based Proton Exchange Membrane (PEM) fuel-cell technology in India. ii.These 12-meter buses, designed for easy boarding and seating 35 passengers, were developed at Tata Motors’ R&D (Research & development) center in Pune, Maharashtra. iii.This bus features 350-bar hydrogen storage system, 70 Kw fuel cell stack, electronic braking system & stability control for higher safety, intelligent transport system, new-generation telematics for efficient, user-friendly vehicle maintenance, etc. iv.The buses underwent rigorous road testing and validation before delivery. v.The buses are equipped with four cylinders each with a capacity of 30 kilograms that can run the buses for 350 kilometers. Note: Tata Motors launched its 3rd vehicle scrapping facility in Surat, Gujarat, on September 23, 2023. The facility, operated by partner Shree Ambica Auto, has an annual capacity to disassemble 15,000 end-of-life vehicles safely and sustainably, including vehicles of all brands.
Other two similar facilities are in Jaipur, Rajasthan; and Bhubaneshwar, Odisha.
Indian Navy & IIScBengaluru Signed MoU for Technical Collaboration & Joint Research A Memorandum of Understanding(MoU) was signed between the Indian Navy (IN) and the Indian Institute of Science (IISc), Bengaluru, Karnataka, to promote academic cooperation in the varied field on Engineering, improve scientific understanding of defense-related technologies, and create new technologies.
The MoU was signed by Rear Admiral K Srinivas, Assistant Chief of Materiel (Dockyard & Refit) on behalf of the IN and Captain Shridhar Warrier (Retd), Registrar IISc and Prof B Gurumoorthy, Director of Foundation for Science Innovation and Development (FSID) Bengaluru. FSID is promoted by IISc
CO2 Based AC: IN collaborates with IISc to undertake development indigenously designed & developed future-ready Transcritical carbon dioxide (CO2) based Air Conditioner (AC) plant working on natural refrigerant.
By inculcating this technology, the use of halon synthetic refrigerants can be reduced and phased out in near future.
This MoU paves a path to develop such technologies in the near future
EFW 2023 Annual Report: List Topped By Singapore & India Ranks 87According to the Economic Freedom of the World(EFW) 2023 Annual Reportreleased by Canadian think tank Fraser Institute, Singapore is the world’s freest economy in the world with the rating of 8.56. India Ranked 87 in the index.
Hong Kong and Switzerland stand as the second and the third freest economy with the rating of 8.55 and 8.47 respectively.
Hong Kong retained the top position since the start of the EFW Index in 1970. For the first time, Hong Kong has slipped from its number one position to second place.
EFW 2023 Annual Report is based on data from 2021, the most recent year with comparable statistics across 165 jurisdictions.
New Delhi(Delhi) based independent Think-Tank ‘Centre for Civil Society’ is one among the Co-publishers of the index.
5 Areas: The index measures the degree of economic freedom present in five major areas:
Size of Government
Legal System and Property Rights
Sound Money
Freedom to Trade Internationally
Regulation
Within these five major areas, there are a total of 45 components and subcomponents in the index. India’s rating in five areas is as follows: Size of Government – 7.64, Legal System and Property Rights – 5.29, Sound Money – 7.99, Freedom to Trade Internationally – 6.19 and Regulation – 5.98. A comparison: India ranked high among BRICS countries. Brazil secured 90th rank, Russia secured 104th rank, China stands at 111 whereas South Africa ranks at 94. Additional Info: The reason for Hong Kong’s decline in the ranking is i.The main reason is introduction of new regulatory barriers to entry, an increase in the cost of doing business, and limitations on employing foreign labour affected the economic freedom score. ii.The imposition of a national security law in 2020 restricted political and civil freedom connection.
RBI Approves SahebraoDeshmukh Co-op Bank Merger with Cosmos Co-op Bank; Penalizes SBI, Indian Bank, Punjab & Sind Banki.RBI in exercise of its power conferred under Sub-Section (4) of Section 44A read with Section 56 of the Banking Regulation (BR) Act, 1949 sanctioned the Scheme of amalgamation of The SahebraoDeshmukh Co-operative Bank Ltd., Mumbai, Maharashtra with The Cosmos Co-operative Bank Limited, Pune, Maharashtra. ii.RBI imposed a monetary Penalty on the State Bank of India (SBI), Indian Bank, an Punjab & Sind Bank in exercise of it powers conferred under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the BR Act. iii.RBI also imposed a penalty of Rs 8.80 Lakh onFedbank Financial Services Limited, a Non-Banking Financial Company (NBFC) in Mumbai, for non-compliance with certain provisions of the Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016. iv.RBI has cancelled the licence of The Kapol Co-operative Bank Limited, Mumbai, Maharashtra amid inadequate capital and earning prospects. About Reserve Bank of India (RBI): Governor – Shaktikanta Das Deputy Governors – Swaminathan Janakiraman, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar Establishment – 1st April 1935 Headquarters – Mumbai, Maharashtra
ONGC Signed Agreement with HPCL for Sale of Oil from Mumbai Offshore Oil and Natural Gas Corporation Limited (ONGC), the largest crude oil and natural gas Company in India, signed an agreement to supply crude oil from Mumbai (Maharashtra) offshore fields to Hindustan Petroleum Corporation Ltd (HPCL). This agreement covers the sale of approximately 4.5 million tonnes of crude oil per annum to HPCL’s Mumbai refinery.
ONGC and HPCL are the Maharatna Central Public Sector Undertakings (CPSUs) under the Ministry of Ministry of Petroleum and Natural Gas(MoPNG). HPCL is a subsidiary of ONGC
Note: ONGC produces 13-14 million tonnes of crude oil per year from its resources in the Arabian Sea, off the coast of Mumbai. This is ONGC’s 2nd term agreement sealed for the sale of Mumbai Offshore crude oil post-marketing freedom. Previsouly, in August 2023, ONGC signed a similar agreement with Bharat Petroleum Corporation Ltd (BPCL) to supply 4 million tonnes per annum of crude oil, with an optional 0.5 million tonnes. About Oil and Natural Gas Corporation (ONGC): Chairman & CEO– Arun Kumar Singh Headquarters– New Delhi, Delhi Established in– 14th August 1956
Agri Scientist Swati Nayak Becomes 3rd Indian to be Honoured with Norman E. Borlaug AwardIndian Scientist Swati Nayak has been named the 2023 recipient of the Norman E. Borlaug Award for ‘Field Research and Application’.She became the third Indian and first odia (Odisha) scientist to receive this award in Field Research and Application. The award was announced in Climate Week New York City which held from 17-24 September 2023.
She received the recognition for her innovative approach of engaging farmers in demand-driven rice seed systems, from testing and deployment to access and adoption of climate-resilient and nutritious rice varieties.
Note: The other two Indians who received this award is Aditi Mukherji (2012) and Mahalingam Govindaraj (2022). About Swati Nayak: i.Swati Nayak is a Scientist and the South Asia Lead for Seed System and Product Management at the International Rice Research Institute (IRRI), New Delhi, Delhi.
Nayak joined IRRI in 2013 as a specialist in Agriculture Research & Development (Gender, climate change)
ii.She is fondly called BihanaDidi (seed lady) in Odisha. iii.She also serves as the Global Lead for Rice and Co-lead for Cereal Seed Systems under the key initiative SeedEqual of Consortium of International Agricultural Research Centers (CGIAR), a global research partnership of centers conducting research on agriculture food systems. Achievements: i.Nayak developed high demanded drought-tolerant rice variety called ShahabhagiDhan. ii.She is also one of the key scientists working in the international seed policy agreement called Seeds Without Borders, which speeds the dissemination of modern rice varieties across South and Southeast Asia. iii.Nayak anchored MahilaKisanSashaktikaranPariyojna (MKSP), an initiative under National rural Livelihood Mission(NRLM).
This was the first ever such dedicated initiative approved by Indian Cabinet for women farmers.
iv.She disseminated more than 20 promising climate-resilient and bio-fortified rice varieties. About Norman E. Borlaug Award: i.The Norman E. Borlaug Award for Field Research and Application, endowed by the Rockefeller Foundation ii.The award is presented annually by the World Food Prize Foundation to an individual under the age of 40 who has made a significant contribution to improving global food security and nutrition. iii.The recipient will receive USD 10,000 and an award diploma. Additional Info: Swati Nayak is set to formally receive the award during the Borlaug Dialogue scheduled to take place on 24 October 2023 in Des Moines, Iowa in United States of America(USA).
ICICI Lombard General Insurance Appoints Sanjeev Mantri as MD & CEOICICI Lombard General Insurance Limited appointed Sanjeev Mantri as the Managing director (MD) and Chief Executive Officer (CEO) of the company following the resignation of BhargavDasgupta from the post.
Sanjeev Mantri is currently serving as the Executive Director of ICICI Lombard General Insurance (since 2015).
Details of the Appointment: i.Sanjeev Mantri will take on the position of MD and CEO from 1st December 2023 or the date of approval from the Insurance Regulatory and Development Authority of India (IRDAI), whichever is later, for a period of five consecutive years or his date of retirement, whichever is earlier, subject to the approval of IRDAI and the members of the company.
However, till 30th November 2023, Bhargav Dasgupta will continue to be the MD&CEO.
About Sanjeev Mantri: i.Mantri is a cost and chartered accountant; He began his career with Bennett Coleman and Co., followed by key leadership positions at BNP Paribas. ii.He was in charge of the retail division of ICICI Lombard and is responsible for the distribution of products across agency, bancassurance, direct, and alternate channels.
He also heads the strategy, products, analytics, pricing, marketing, and corporate communication segments in the company.
iii.Prior to ICICI Lombard, he handled Rural and Inclusive Banking portfolio at ICICI Bank. About ICICI Lombard General Insurance Limited: Managing Director & Chief Executive Officer(CEO) – Bhargav Dasgupta Headquarters – Mumbai, Maharashtra Established in – 2001
LSAM 9 (Yard 77): Indian Navy’s 3rd MCA Barge launched at Visakhapatnam Commodore G Ravi, Warship Production Superintendent (Visakhapatnam, Andhra Pradesh) lanched Yard 77 (LSAM 9), the 3rd Missile Cum Ammunition (MCA) Bargeof the Indian Navy, at the at Guttenadeevi, East Godavari, Andhra Pradesh, the launch site of M/s SECON Engineering Projects Pvt Ltd.
The Barge featuring major and auxiliary equipment/systems sourced from indigenous manufacturers is in line with the Make in India initiative of the Ministry of Defence.
The barge is constructed under the classification rules of the Indian Register of Shipping (IRS), with a service life of 30 years.
The contract for the construction and delivery of 08 X MCA Barges was concluded with M/s SECON Engineering Projects Pvt Ltd, Visakhapatnam, a Micro, Small, and Medium Enterprises (MSME) shipyard, aligning with the GoI’s “Aatmanirbhar Bharat” (Self-reliant India) initiatives.
The availability of MCA Barges is set to significantly enhance the operational commitments of the Indian Navy (IN), making the transportation, embarkation, and disembarkation of articles and ammunition for IN Ships more efficient.
The MSME shipyard had already delivered the first Barge of the series LSAM 7 (Yard 75) on 18th July 2023 and the 2nd Barge, Yard 76 (LSAM 8) on 18th August 2023.
Japanese Grand Prix: Max Verstappen Wins 13th F1 Grand Prix in 2023Belgian-Dutch driver Max Verstappen of Red Bull won the Formula 1 (F1) Japanese Grand Prix 2023 held in Suzuka International Racing Course from 22nd – 24th September 2023.
McLaren driver Lando Norris of the United Kingdom(UK) finished second while Australian racing driver Oscar Piastri of McLaren won third place.
This marks Max Verstappen’s 13th victory in 16 races of the 2023 season.
This also marks Max Verstappen’s 48th career win and Red Bull’s 15th of the season.
Note: This victory marks Verstappen’s second consecutive Japanese Grand Prix title, including his title in 2022. Winners of Japanese Grand Prix 2023:
This marks Red Bull’s second consecutive Constructors title and also their sixth title since they entered the sport in 2005.
Red Bull won the constructors’ title in 2010,2011,2012,2013,2022 & 2023.
The constructors’ title was awarded to the team based on the points earned by the finishing position of each of their two drivers at each Grand Prix.
F1 Driver standing: i.Max Verstappen leads F1 Driver standing points, and he could win his third consecutive driver’s title(world championship) if he wins the 2023 Qatar Grand Prix which is set to be held in October 2023. ii.As of now, Verstappen has 400 points in driver standing while Mexican driver Sergio Perez of Red Bull is in 2nd place with 223 points and British driver Lewis Hamilton of Mercedes is at 3rd place with 190 points. About Japanese Grand Prix 2023: i.The first edition of the Japanese Grand Prix was held in 1987.
Circuit Length – 5.807km
Number of Laps – 53
Race Distance – 307.471 km
ii.Sponsorship – Lenovo About Federation Internationale de l’Automobile (FIA) The F1 Grand Prix races are organised by Federation Internationale de l’Automobile (FIA). President – Mohammed Ben Sulayem Headquarters – Paris, France Established – 1904
National Award Winner, Veteran Malayalam Filmmaker KG George Passed AwayVeteran Malayalam film director and National Award winner KulakkattilGeevarghese (KG) George passed away at the age of 77 near Kakkanad in Kochi, Kerala. He was born on 26 May 1946 in Pathanamthitta, Kerala. About KG George: i.KG George started his film career as an assistant to Ramu Kariat in the early 1970s. ii.He debuted as a director with the film ‘Swapnadanam’ (1975) starring Rani Chandra.
He won the National film award for best feature film in Malayalam for his debut movie ‘Swapnadanam’ in 1976.
The film also won 2 Kerala State Film Awards for Best Film and for Best Screenplay.
iii.His prominent directorial works include ‘Ulkkadal’ (1979); ‘Onappudava’ (1978); ‘Panchavadi Palam’ (1984); ‘Adaminte Vaariyellu’ (1984); among others. v.The last film he directed was Elavamkodu Desam, a period drama in 1998. Awards: i.He has won a total of 9 Kerala State Film Awards for his film Swapnadanam(1975); Rappadikalude Gatha (1978) Yavanika (1982); Adaminte Variyellu(1983); and Irakal(1985). ii.He was honoured with the JC Daniel Award for 2015 in recognition of his lifelong contributions to Malayalam cinema.
JC Daniel Award is the highest award for contribution to Malayalam Cinema.
Other careers: i.KG George was selected as a jury member for the National Film Awards in 2000 and he also chaired the jury of the Kerala State Film Awards in 2003. ii.He also held the position of chairman of the Kerala State Film Development Corporation (KSFDC) for five years. iii.He was the founder and chairman of the Malayalam Cine Technicians Association (MACTA) and continued to be an executive member.
UOW Australia& NSE Academy Unveils New Book on Corporate Finance The University of Wollongong (UOW), Australia in collaboration with the NSE Academy Limited launched the global edition of the book Introduction to Corporate Finance (sixth edition) at the NSE India(National Stock Exchange of India Ltd) headquarters in Mumbai, Maharashtra.
The book is authored by first year lecturers at UOW campuses (in Hong Kong and Dubai).
The book covers the principles of valuing and trading of shares in UAE, India, Malaysia, Hong Kong and Australia; The book hels in understanding the complexities and nuances of the corporate finance landscape.
The book was launched by NSE Managing Director and Chief Executive Officer (CEO) Ashishkumar Chauhan, UOW Vice-Chancellor and President Professor Patricia M. Davidson, and UOW’s Global Brand Ambassador Adam Gilchrist.
Note: On 18th September 2023, UOW Australia unveiled its UOW India identity at the Gujarat International Finance Tec-City (GIFT City), Gandhinagar and became one of the 1st foreign universities to have an International Branch Campus (IBC), a teaching base in India. This will award Australian degrees to Indian students.
International Day for the Total Elimination of Nuclear Weapons 2023- September 26The United Nations (UN) International Day for the Total Elimination of Nuclear Weapons is annually observed across the globe on 26 September to enhance public awareness about the threat posed to humanity by nuclear weapons and the necessity for their total elimination.
This day provides an opportunity to educate the public about the real benefits of eliminating such weapons, and the social and economic costs of perpetuating them.
Background: i.On 26 September 2013, the United Nations General Assembly (UNGA) adopted a resolution A/RES/68/32 and declared 26 September of every year as the International Day for the Total Elimination of Nuclear Weapons.
The resolution was the follow-up to the UNGA’s first-ever high-level meeting on nuclear disarmament in 2013.
ii.The first-ever International Day for the Total Elimination of Nuclear Weapons was observed on 26 September 2014.
World Contraception Day 2023 – September 26 World Contraception Day celebrated annually observed across the globe on September 26th to raise awareness about contraception and to enable people to make informed choices about their sexual and reproductive health.
26th September 2023 marks the observance of 17th World Contraception Day.
The theme of World Contraception Day 2023 is “The Power of Options” Background: i.World Contraception Day was established by the 10 International Family Planning Organizationsto highlight the importance of contraception as a conscious choice in family planning. ii.The first-ever World Contraception Day was observed on 26 September 2007.
World Environmental Health Day 2023- September 26World Environmental Health Day is annually observed across the globe on 26 September to raise awareness about the importance of environmental health and to promote action to protect human health from environmental hazards.
The day is dedicated to raising awareness about the critical role the environment plays in our well-being.
The 2023 theme of World Environmental Health Day is, “Global Environmental Public Health: Standing up to protect everyone’s Health each and every day“.
The theme highlights that Environmental health is a critical component of public health, encompassing both natural and human-induced factors that shape our well-being.
India’s First Lighthouse Festival Held in Goa to promote Lighthouses as Tourist DestinationsThe First edition of ‘Bharatiya Prakash Sthamb Utsav’ or ‘Indian Lighthouse Festival’, the 3 day long event to promote Lighthouses as Tourist Destinations was held in Goa from 23rd to 25th September 2023.
The festival was inaugurated by Union Minister Sarbananda Sonowal, Ministry of Ports, Shipping & Waterways (MoPSW) at Fort Aguada in Panjim, Goa on 23rd September 2023.
This festival was celebrated across all the lighthouses in India to promote historic spots i.e. Lighthouses as tourist destinations.
It also highlights the invaluable role of lighthouses in the coastal regions.
Key Points: i.MoPSW will utilize this festival to promote Public Private Partnerships (PPP) for transforming India’s historic lighthouses into world-class tourist destinations, and showcase their rich maritime heritage globally.
The Central Government has selected 75 Lighthouses for the same.
This transformation will be done under the campaign ‘Lighthouse Heritage Tourism’.
ii.During the event, a session titled ‘Vanguards of Our Shores: Lighthouses as Testaments of India’s Past and Present’ was held, organized by Bharat Pravah, an initiative of Institute for Governance, Policies and Politics. It was hosted by known historian and archaeologist Professor Vasant Shinde, ii.Investment opportunities across 75 Lighthouses were highlighted along with cultural exhibitions, session highlighting maritime history and culture, classical performances, light and sound shows, among others. iii.The Central Government replaced the Lighthouse Act, 1927 with the Marine Aids to Navigation Act, 2021, establishing a framework for aid to navigation in India.
This new law introduced the concept of Heritage Lighthouses, allowing the government to designate aids to navigation as heritage sites for educational, cultural, and tourism purposes.
Note: India has at least 203 lighthouses spread across its 7,517 km coastline. Participants: Pramod Sawant, Chief Minister (CM) of Goa; Shripad Naik, Union Minister of State(MoS) for Ports, Shipping & Waterways and Tourism along with other senior officials from both state and central governments participated in the event. About Goa: Governor– P. S. Sreedharan Pillai Chief Minister– Pramod Sawant Airports– Marmagao Port, Manohar International Airport
India Creates History, Achieves 75% ODF Plus Villages under Swachh Bharat Mission – GrameenIndia has achieved the major milestone under the Swachh Bharat Mission (Grameen) Phase II with 75% villages achieving Open Defecation Free (ODF) Plus status under Phase II of the Mission.
Total of 4.43 lakh villages have declared themselves ODF Plus, which is a significant step towards achieving the Swachh Bharat Mission – Grameen (SBM-G) phase II goals by 2024-25.
i.100% ODF Plus Model villagesAmong States/ UTs – Andaman & Nicobar Islands, Dadra Nagar Haveli & Daman Diu, Jammu & Kashmir and Sikkim. About Swachh Bharat Mission (Grameen) Launched In –2014 Released By – Ministry of Jal Shakti Aim – To accelerate the efforts to achieve universal sanitation coverage and to put focus on sanitation.
Iran-India Joint Chamber of Commerce & FIEO Signed MoU to Boost Trade, Investment On September 22, 2023, Iran-India Joint Chamber of Commerce signed a Memorandum of Understanding (MoU) with New Delhi(Delhi) based Federation of Indian Export Organization (FIEO) to develop cooperation in the fields of trade, investment, quality standards and technology transfer.
The MoU was signed by MahdiRangrona, Vice President of the Iran-India Joint Chamber of Commerce; and Ajay Shai, Director General(DG) and Chief Executive Officer (CEO) of FIEO.
About Iran: Capital– Tehran Currency– Iranian Rial President– Ebrahim Raisi
INS Sahyadri Participates in 1st India-Indonesia-Australia Trilateral Maritime Exercise From September 21-22, 2023, the first trilateral Maritime Partnership Exercise was held between the Indian Navy (IN), Royal Australian Navy (RAN) and Indonesian Navy where India was represented by warship Indian Naval Ship (INS) Sahyadri which is mission deployed in Indo-Pacific.
INS Sahyadri is an indigenously built warship of the Indian Navy which was mission deployed in the Indo-Pacific region.
The trilateral Maritime exercise allowed the nations to enhance their partnership and capabilities for a stable Indo-Pacific region through complex tactical exercises, cross-deck visits, and helicopter training to improve interoperability. About INS Sahyadri: INS Sahyadri is the third ship of the indigenously designed and built Project-17 class multirole stealth frigates. It was built at Mazagon Dock Ltd, Mumbai, Maharashtra and is commanded by Capt RajanKapoor.
SIDBI signs pact with DLAI to Boost Fintech SectorOn September 23, 2023, a Memorandum of Understanding (MoU) has been inked between the Small Industries Development Bank of India (SIDBI) and the Digital Lenders Association of India (DLAI) to boost India’s fintech sector by utilizing each other’s expertise.
The MoU was signed during UnConvlave2023 event organized by DLAI in Goa.
Signatories: JatinderHandoo, Chief Executive Officer (CEO), DLAI; and SivasubramanianRamann, Chairman and Managing Director (CMD), SIDBI What is in the MoU? i.The MoU focuses on creating standard protocols for digital lending partnerships, including Bank- Lending Service Providers (LSPs) alliances and co-lending arrangements. ii.SIDBI will offer resource support to eligible DLAI member NBFCs (Non-Banking Financial Company) and explore Assignment and Securitisation transactions. iii.The agreement will explore partnerships for various direct credit schemes, such as “Prayaas,” GST Sahay, Express loan, and green financing. iv.There will also be development of policies to protect consumer interest. Key Points: i.During the event, DLAI’s latest version of the industry Code of Conduct (CoC) was also launched by Sivasubramanian Ramann, CMD, SIDBI. ii.This CoC aligns with Reserve Bank of India’s (RBI) Digital Lending Guidelines, emphasizing responsible lending, transparency, fair debt collection, data privacy, security, and regulatory compliance. iii.Established in 2016, DLAI is a premier national-level association of digital lending institutions in India.
SEBI Board Approves Various Proposals; Discusses Tech Trends In Securities MarketThe Securities and Exchange Board of India (SEBI) discussed various trends in the securities market, and on SEBI approach to proactively plan for the same during its 202nd Board Meeting held on September 21, 2023 in Mumbai, Maharashtra. SEBI also approved the following proposals: 1.Flexibility in the framework for Large Corporates (LCs) for meeting incremental financing needs through issuance of debt securities SEBI approved the proposal to provide flexibility in the framework for large corporations (LCs) to meet financing needs from the debt market through measures to the existing LC framework The measures are: i.Raise the monetary threshold for defining LCs
As per the current rules, LCs are those that need to have an outstanding long term borrowing of at least Rs 100 crore, a credit rating of ‘AA and above’, and a target to finance themselves with long term borrowings (above one year).
ii.Eliminate penalties for LCs unable to meet a set percentage of incremental borrowing from the debt market iii.Introduce a system of incentives and balanced disincentives iv.Keeping the three-year contiguous block requirement for compliance v.Removing the need for large corporations to file identification and compliance statements vi.Manadates LCs to meet one-fourth of their financing needs from the debt market. 2.SEBI extends timeline for compliance with enhanced qualification and experience requirements for Investment Advisers SEBI Board extended the compliance deadline for enhanced qualification and experience requirements for investment advisers to September 2025 from September 2023 and applied these requirements to individuals, principal officers, and associated persons with investment advisers. 3.Streamline the Framework for credit of unclaimed amounts of investors in listed entities other than companies, REITS and InvITs to IPEF i.SEBI Board has approved amendments to make it easier for investors in debt to access unclaimed amounts in debt-listed entities (excluding companies), Real-Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs).
In this regard amendments will be made in Investor Protection and Education Fund (IPEF) Regulations, Listing Obligations and Disclosure Requirements (LODR) Regulations, InvIT Regulations and REIT Regulations
ii.With this,Investors can directly approach the respective listed entities, REITs, and InvITs to claim their unclaimed amounts, ensuring a smoother claim process. iii.Regulatory guidelines will be put in place for the segregation and efficient utilization of unclaimed amounts in the IPEF as per the board’s directives.
FinMin Retains 6.5% GDP Growth Estimate for FY24 The Monthy Economic Review – August 2023 released by the Department of Economic Affairs under the Ministry of Finance, has retained its estimate for India’s real Gross Domestic Product (GDP) growth for the Financial Year 2023-24 (FY24) at 6.5%.
The risks to the growth outlook were offset by the bright spots in corporate profitability, private sector capital formation, bank credit growth, and activity in the construction sector.
The report also said that the steady decline in the urban unemployment rate has contributed to keeping private consumption strong in the economy.
High domestic demand for consumption and investment hiked the GDP growth rate in the first quarter(Q1) of FY 24 (April-June 2023).
High-Frequency Indicators(HFIs) suggest that the second quarter(Q2) of FY24 (July-September 2023) is shaping up well.
BiswanathGhat in Assam Selected as Best Tourism Village of India 2023 Assam Chief Minister(CM) Himanta Biswa Sarma announced that the Union Ministry of Tourism(MoT) has selected BiswanathGhat(also known as Gupta Kashi) of Sonitpur district of Assam as the Best Tourism Village of India 2023.
MoT has also selected Kiriteshwari village in the Murshidabad district of West Bengal as the Best Tourism Village of India.
The villages were selected from amongst 791 applications from 31 States and Union Territories(UTs).
i.Biswanath Ghat is known for cultural amalgamation and spiritual and religious sites like Gangmou Than and Nagsankar temple. ii.Kiriteshwari, located near Bhagirathi River, houses the Kiriteshwari temple, one of India’s 51 Shaktipeethas. The Best Tourism Villages Competition seeks to honor a village that best exemplifies a rural tourism destination.
It showcases the renowned cultural and natural assets, and preserves & promotes community-based values, goods, and lifestyles of the villages in India.
ADB Appoints BhargavDasgupta as Vice-President for Market Solutions On September 22, 2023, the Asian Development Bank (ADB) has appointedBhargavDasguptaas Vice-President (Market Solutions) for a period of 3 years.
Prior to this appointment, He was serving as the Managing Director (MD) & Chief Executive Officer (CEO) of ICICI Lombard General Insurance Co. Ltd since 2009.
He has resigned from the post of MD & CEO of ICICI Lombard. His tenure as MD & CEO was set to end in April 2024.
Roles and Responsibilities: As the Vice President (Market Solution) of ADB, he will be responsible for management of the operations of ADB’s Private Sector Operations Department and Office of Markets Development and Public–Private Partnerships. About BhargavDasgupta:
ii.He also set up ICICI Bank’s International Banking Group and built its presence in 15 countries within 4 years.
This International Banking business strategy became a case study at Harvard Business School in Massachusetts, United States (US)
iv.Prior to the appointment as MD & CEO of ICICI Lombard, he was the Executive Director of ICICI Prudential Life Insurance during October 2006 to May 2009. v.He is currently the Chair of FICCI’s (Federation of Indian Chambers of Commerce & Industry ) Insurance & Pension Committee. About Asian Development Bank (ADB): President– Masatsugu Asakawa Headquarters– Mandaluyong, Metro Manila, Philippines. Established in 1966 Members– 68 member countries(49 are from Asia and Pacific)
Tata Electronics Chairman BanmaliAgrawala Appointed as New Chairman of Tata Advanced SystemsBanmali Agrawala has been appointed as the New Chairman of Tata Advanced Systems Limited (TASL), the aerospace and defense solutions division and wholly owned subsidiary of TATA Sons, the holding company of TATA Group.
Prior to the appointment, he was serving as the Senior Advisor at Tata Sons and Chairman of Tata Electronics Private Limited (TEPL).
He succeds Vijay Singh who has retired from the post. He was serving as the Chairman of TASL since 2018 and he is also serving as the Vice-Chairman of TATA Trust.
Note: Tata Sons is the holding company of Tata Group. About BanmaliAgrawala: i.Banmali Agrawala started his career with the Wartsila Group, a Finnish manufacturing and services company and worked there for 20 years, both in India and in Finland.
He became the Managing Director (MD) of Wartsila India Ltd, the Global head of the BioPower Industries and a member of the Global Power Plant Management Board.
ii.He has also served as the President and Chief Executive Officer (CEO) of General Electric (GE), South Asia.
Prior to GE, he served as the Executive Director (Business Development & Strategy) and a member of the Board at Tata Power.
iii.He assumed the role of President of Infrastructure, Defence & Aerospace at Tata Sons Private Limited in October 2017, markinghis 2nd tenure with the Tata Sons. iv.He is a member of the Board of Directors of the United States of America (US)-India Business Council (USIBC) and Pratham Education Foundation. Chairman in Tata Group: In the Tata Group, he is the Chairman of companies like Tata Projects, Tata Housing Development Company, Tata Realty and Infrastructure Ltd., Air Asia (India) Ltd. and is on the Board of Tata Power and TASL. Positions in CII: He is an active member of the Confederation of Indian Industries (CII), and held several positions within CII such as Chairman of the Western Regional Council, and currently is also a Member of CII’s National Council. Note: TASL is planning to build defence systems and equipment under its ‘Make in India‘ scheme with technological help from foreign defence equipment makers. About Tata Advanced Systems Limited (TASL): Chairman– Banmali Agrawala CEO & Managing Director– Sukaran Singh Headquarters– Hyderabad, Telangana Established in– 2007
Archaeologists Found World’s Oldest Wood Structure in Zambia, Dating Back 476,000 YearsA group of archaeologists has discovered the evidence of world’s oldest wooden structure, “a pair of interlocking logs connected by a notch” that date to 476,000 years ago at an archaeological site of Kalambo Falls, Africa’s 2nd-highest waterfall on the Kalombo River in Zambia.
The findings of this structure were published in the journal ‘Nature’ on 20 September 2023.
Note:
Kalambo Falls on the Kalambo River is a 235-metre single-drop waterfall on the border of Zambia with the Rukwa Region of Tanzania at the edge of Lake Tanganyika.
This falls was inscribed into the United Nations Educational, Scientific and Cultural Organization’s (UNESCO) World Heritage site in 2009.
Highlights of the Discovery:
The remains of the ancient complex wood structure pre-date ‘Homo sapiens’ (humans) by over 100,000 years suggesting that early hominins were experts at woodworking.
This discovery challenges the standard view that Stone Age humans were wanderers.
About the Wooden Artifact: i.The artifact includes 2 preserved interlocking logs joined transversely by an intentionally cut notch. The upper log had been shaped, and tool marks were found on both logs. ii.These logs were deliberately shaped and joined together to form a structure, probably the foundation of a platform or part of a dwelling.
This revelation originates from the Kalambo Falls area, where ancient Stone Age humans had a consistent water source and an abundance of forest-based food.
iii.According to the scientists, this is a first of its kind finding in the African or Eurasian Paleolithic and may represent the earliest use of wood in construction. Research technique: i.The research team employed a luminescence dating technique to determine the age of the world’s oldest wooden structure. ii.This technique involved measuring the natural radioactivity in minerals in the fine sediment that encased the wood to figure out when it was last exposed to sunlight. Other findings: At Kalambo, the scientists also recovered 4 wood tools from 390,000 to 324,000 years ago, including a wedge, digging stick, cut log, and notched branch. Research Team: i.This research is part of the Deep Roots of Humanity project, led by Archaeologist Professor Larry Barham from the University of Liverpool, the United Kingdom (UK), and Geoff Duller, professor of Geography at the University of Aberystwyth, UK. ii.This project explores how human technology developed during the Stone Age and is funded by the UK’s Arts and Humanities Research Council. About Zambia: Capital– Lusaka President– Hakainde Hichilema Currency– Zambian Kwacha/Ngwee
Israel Unveils MBT ‘5th Generation’, ‘Lightning’ Version of Merkava TankThe Defense Ministry and Israel Defense Forces(IDF) unveiled its new 5th generation main battle tank (MBT), the Merkava Mark 5, also known as “Barak,” which translates to “lightning” in Hebrew. The Merkava 5 is the refined version of the Merkava IV.
The tank underwent five years of development.
The Barak tank was developed jointly by the Defense Ministry’s Armored Vehicles Directorate and the IDF’s Ground Forces and Armored Corps.
The first models of the tank were delivered to the 52nd Armored Battalion of the 401st Brigade.
Features: The tank is described as a “leap forward” in terms of its technological capabilities and is equipped with a number of advanced features, including:
A new Iron Vision helmet for the tank commander, which provides a 360-degree view of the surrounding area equipped with artificial intelligence and augmented reality overlays that can highlight enemy targets and other important information.
A new fire control system that is more accurate and faster than previous systems.
A new active protection system that can detect and intercept incoming anti-tank missiles.
Improved armor and mobility.
These advanced systems were created by multiple Israeli defense companies, including Elbit Systems Limited, Rafael Advanced Defense Systems Limited, and the Israel Aerospace Industries’ subsidiary, Elta system Limited along with other firms. Capabilities: i.The Barak tanks are equipped with “a wide infrastructure of reliable sensors” to detect targets and intelligence information can be shared between the tank and other parts of the military, which will be “a real revolution on the battlefield. ii.The tanks also feature the advanced Windbreaker missile defense system, developed by Rafael, which is currently used on older Merkava tank models and Namer armored personnel carriers. iii.It also has a radar detection system ‘Trophy outside Israel’, for identifying incoming missiles and taking subsequence action. About Israel: Prime Minister – Benjamin Netanyahu Capital – Jerusalem Currency – New Israeli Shekel
Pterygotrigla intermedica: ZSI Discovered New Species of Deep Water Marine Fish of West Bengal CoastThe scientists of Zoological Survey of India (ZSI) have identified a new species of vibrant orange deep-water marine fish namely ‘Pterygotriglaintermedica‘ from Digha Mohana in West Bengal. The details of the new species are published in the international marine science Journal Thalassas on September 20, 2023.
The new species, commonly known as gurnards or sea-robins, belongs to the family Triglidaeand Indo-Pacific subgenus Otohime of the genus Pterygotrigla.
It’s is the fourth Pterygotrigla species found in India, among a total of 178 Triglidae species worldwide.
Features: Notable features of the new species include a long opercular spine and a very short cleithral spine; lateral-line, gill rakers on upper limb and 12–13 on lower limb of first gill arch and a large black blotch between the 4th and 6th spines of the first dorsal fin. Key Points: i.The team of scientists was led by Anil Mohapatra of the Estuarine Biology Regional Centre (EBRC) at ZSI, along with Sanmitra Roy and Subhrendu Sekhar Mishra. ii.The discovery was made in 2018 when a local fisher caught the species as a bycatch.
24 specimens were collected during a study of by-catch components along India’s east coast.
Out of the 24 specimens, 23 are preserved at ZSI’s EBRC in Gopalpur, Odisha with one specimen in the Marine Fish Section in Kolkata for further study.
About Zoological Survey of India (ZSI) ZSI is a statutory advisory body under the Ministry of Environment, Forests and Climate Change (MoEFCC). Director– Dr. Dhriti Banerjee Headquarters– Kolkata, West Bengal Establishment– 1916
Marco Bezzecchi Wins Inaugural MotoGP Grand Prix of India 2023Italy’s Marco Bezzecchi of Mooney VR46 Racing team won the IndianOil Grand Prix of India (MotoGP Bharat 2023) held at the Buddh International Circuit(BIC), Greater Noida, Uttar Pradesh.
Jorge Martin(Spain) of Prima Pramac Racing and Fabio Quartararo ((France) of Monster Energy Yamaha MotoGP finished second and third place respectively.
The inaugural edition of the MotoGP India Grand Prix was held from 22nd to 24th September 2023.
Winners of Grand Prix of India 2023:
MotoGP is the top division of motorcycle racing, while Moto2 and Moto3 are the lower divisions below MotoGP.
MotoGP uses a 1,000cc engine with top speeds of about 360 kmph, Moto2 uses 765cc motorcycles (up to 300 kmph) and Moto3 uses 250cc motorcycles (240 kmph).
ii.India Grand Prix 2023 was the 13th out of 20 races in the MotoGP season of 2023.
This marks the biggest motor racing event in India after Formula 1.
Note: Kadai Yaseen Ahmed, India’s only rider participated in MotoGP in Moto3 category. Winners of Moto2: Pedro Acosta(Spain) of Red Bull KTM Ajo finished in first place while Tony Arbolino (Italy)of ELF Marc VDS Racing Team and Joe Roberts(United States of America) of Italtrans Racing Team finished second and third place respectively. Winners of Moto3: Jaume Masia(Spain) of Leopard Racing finished in the first position while Kaito Toba(Japan) of SIC58 Squadra Corse team and Ayumu Sasaki (Japan) of Liqui Moly Husqvarna Intact GP finished second and third place respectively. About the circuit: i.The Buddh International Circuit hosted Formula 1 races from 2011 to 2013.
Circuit Length – 4.96km
MotoGP – 21 Laps
Total Distance – 105.21 Km / 65.37 Miles
About MotoGP: MotoGP (International Motorcycling Federation/Fédération Internationale de Motocyclisme (FIM) Road Racing World Championship Grand Prix)has been organised by Dorna Sports since 1991.
Fairstreet Sports has signed an agreement with Dorna Sports to organise the MotoGP round in India for the next seven years, from 2023 to 2029.
About Fairstreet Sports: Chief Executive Officer – Vaibhav Sinha Headquarters – Lucknow, Uttar Pradesh Established – 2022
Former Italian President Giorgio Napolitano Passed Away Giorgio Napolitano, Former President of Italy (2006 to 2015) and leader of Italian Communist Party, passed away at the age of 98 in Rome, Italy. He was born in 1925 in Naples, Italy. He was the longest-serving and longest-lived president in the history of the modern Italian Republic(post-second world war democratic era).
He joined the Italian Communist Party (PCI) in 1945 and became the 11th president of Italy in 2006 and later re-elected for a 2nd term in 2013 and later stepped down from the post in 2015.
He was the first and the onlypresident in Italy to be reelected to the office.
In 2005, he was appointed Senator for Lifein Italy’s Senate by then president Carlo Azeglio Ciampi.
World Rivers Day 2023 – September 24World Rivers Day (WRD) is annually observed across the globe on the 4th Sunday of September to promote awareness about the importance of rivers and aims to encourage the improved protection of all rivers around the world.
The day also promotes the conservation and sustainable management of these vital natural resources. It is a celebration of the world’s waterways.
World Rivers Day (WRD) 2023 was observed on 24 September 2023.
WRD 2022 was observed on25 September 2022 and WRD 2024 will be observed on 22 September 2024.
Background: i.In 2005, the United Nations (UN) launched the “International Decade for Action “Water for Life” 2005-2015″, to help create a greater awareness of the need to better care for water resources. ii.Following this, WRD was established in response to a proposal initiated by Canada’s internationally renowned river conservationist, Mark Angelo. iii.That first WRD was observed in 2005 and was celebrated across 12 countries.
World Pharmacists Day 2023 – September 25 World Pharmacists Day(WPD) is annually observed across the globe on 25th September to encourage activities that promote and advocate the role of the pharmacist in every corner of the world.
The day also marks the foundation day of the International Pharmaceutical Federation (FIP– Fédération Internationale Pharmaceutique), global body for pharmacy, pharmaceutical sciences, and pharmaceutical education.
25th September 2023 marks the observance of the 13th World Pharmacists Day. i.The theme of WPD 2023 is “Pharmacy Strengthening Health Systems.” ii.FIP’s message for WPD 2023 is “Let pharmacies do more”. Background: i.In 2009, during the Council meeting of the FIP Congress in Istanbul, Turkey(Now Türkiye), the Turkish Pharmacists Association (TPA) proposed the annual celebration of World Pharmacists Day on September 25. ii.The first-ever World Pharmacist Day was observed on 25th September 2010. About International Pharmaceutical Federation (FIP): President(Acting)- Paul Sinclair (Australia) Headquarters- The Hague, Netherlands
AntyodayaDiwas Day 2023- September 25
AntyodayaDiwas Day is annually observed across India on 25 September to commemorate the birth anniversary of PanditDeendayalUpadhyaya, former leader of the political party Bharatiya Jana Sangh (BJS), which was a precursor to the Bharatiya Janata Party (BJP).
25th September 2023 marks the 107th birth anniversary of Pandit Deendayal Upadhyaya.
The term ‘Antyodaya’ means the “rise and development of the last person in society”, one of the concepts promoted by Deendayal Upadhyaya.
The aim of the Antyodaya is to uplift the poor in the society.
Kisan e-Mitra: Union MoS Kailash Choudhary Launched AI Chatbot for PM-KISAN SchemeKailash Choudhary, Minister of State (MoS) for the Ministry of Agriculture and Farmers Welfare (MoA&FW), launched “Kisan e-Mitra”, an AI (Artificial Intelligence) Chatbotfor the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) Scheme in New Delhi, Delhi.
The chatbot will enhance the efficiency and accessibility of the PM-KISAN scheme, providing farmers with rapid, clear, and easily accessible responses to their inquiries.
Points to note: i.The MoA&FW successfully integrated the AI chatbots into government schemes. This is the first AI Chatbot integrated with a major Union government flagship scheme. ii.This initiative is in line with the Government of India’s (GoI) vision of leveraging technology for the betterment of farmers’ lives and governance. About Kisan e-Mitra: Objective:The introduction of the AI chatbot in the PM-KISAN grievance management system is aimed at empowering farmers with a user-friendly and accessible platform. Features: i.The AI Chatbot acts as a comprehensive guide for the beneficiaries, providing them with timely and accurate responses to their queries related to the scheme. ii.It has been developed and improved with the support of the EKstep Foundation and Bhashini. iii.In the initial phase, the AI chatbot assists farmers with:
Application status queries.
Payment details.
Ineligibility status.
Scheme-related updates.
iv.The AI Chatbot, accessible through the PM KISAN mobile app, is integrated with Bhashinifor multilingual support, addressing the linguistic and regional diversity among PM KISAN beneficiaries.
Currently, the Chatbot is available in English, Hindi, Bengali, Odia, and Tamil. In a short period, it will be made available in all 22 official languages of India.
Benefits: The AI Chatbot will help in accessing scheme information and resolving grievances.
The scope of this service needs to broaden with other related issues like weather information, soil conditions bank payments, and others.
Pradhan MantriKisanSamman Nidhi (PM-KISAN) Scheme: i.The PM-KISAN is a central sector scheme launched in February 2019 to support the financial needs of land-holding farmers in India (with 100% funding from GoI). ii.The scheme offers an annual financial benefit of Rs 6,000, in 3 equal installments to eligible farmers’ families through Direct Benefit Transfer (DBT) mode.
Department of Social Justice & Empowerment and All World GayatriPariwar signed MoU for NMBA awarenessOn September 22, 2023, a Memorandum of Understanding (MoU) has been inked between the Department of Social Justice & Empowerment under the Ministry of Social Justice and Empowerment (MoSJ&E), and All World Gayatri Pariwar at Dr. Ambedkar International Centre in New Delhi, Delhi for spreading the message of NMBA among the youth, women, students and the community under the banner of All World Gayatri Pariwar.
This MoU is a boost towards achieving the objective of drug sensitized India.
The MoU was signed in the presence of Union Minister Dr. Virendra Kumar, MoSJ&E, Dr. Chinmay Pandya, All World Gayatri Pariwar, among others.
Key Points: i.Alcoholis the most frequently used psychoactive substance in India, followed by Cannabis and Opioids, according to the first comprehensive National Survey on Substance Use conducted by the Department of Social Justice & Empowerment through the National Drug Dependence Treatment Centre (NDDTC) at AIIMS (All India Institute of Medical Sciences), New Delhi. ii.MoSJ&E is actively combating drug demand through the implementation of the National Action Plan for Drug Demand Reduction (NAPDDR).
NAPDDR is an umbrella scheme that provides financial assistance to State Governments and Union Territories (UTs) for various initiatives, including Preventive Education and Awareness Generation, Capacity Building, Skill Development, Vocational Training, and support for the livelihood of former drug addicts.
About NashaMukt Bharat Abhiyaan (NMBA): In August 2020, MoSJ&E has formulated and launched NMBA in 272 Districts across 32 State/Union Territories identified as most vulnerable in terms of usage of drugs. Its aim is to create awareness about ill effects of substance abuse among the youth, with special focus on higher education institutes, university campuses, schools, among others. About All World GayatriPariwar Head/Mentor– Dr. Pranav Pandya Headquarters– Haridwar, Uttarakhand
SIMBEX 2023: Indian Navy Conducts Maritime Exercise with Singapore at South China SeaThe Indian Navy (IN) and the Republic of Singapore Navy (RSN) participate in the 30th edition of the Singapore-India Maritime Bilateral Exercise (SIMBEX 2023), a joint naval combat exercise, from 21st to 28th September 2023 in the southern parts of the South China Sea off the coast of Singapore. Two Phases: SIMBEX 2023 is conducted in two phases including the land phase and the sea phase. Land Phase:
The land phase will include table-top activities and planning meetings.
It is held from 21st to 24th September 2023 at RSS Singapura – Changi Naval Base, Singapore.
Sea Phase:
The sea phase will see the navies engage in various naval drills, including anti-submarine warfare and live weapon firing.
It is held from 25th to 28th September 2023 in the southern reaches of the South China Sea in international waters.
The Harbour Phase will witness a wide range of professional interactions, cross-deck visits, Subject Matter Expert Exchanges (SMEE) and sports fixtures, aimed at enhancing interoperability and mutual understanding between the two navies.
Participants: i.Indian Navy’s Rajput-class destroyer INS Ranvijay, Kamorta-class corvette INS Kavaratti, Sindhughosh class diesel-electric submarine INS Sindhukesari and a P-8I maritime patrol aircraft are taking part in this exercise. ii.The Republic of Singapore Navy’s two Formidable-class frigates Republic of Singapore Ship (RSS) Stalwart and RSS Tenacious, an S-70B naval helicopter, and the Victory-class missile corvette RSS Valour are taking part in this exercise.
The Republic of Singapore Air Force (RSAF) is also participating in the exercise with a Fokker-50 maritime patrol aircraft and four F-15SG fighter aircraft.
Higlights: During the opening ceremony, RSN’s Fleet Commander Colonel (COL) Kwan Hon Chuong and India’s Eastern Naval Command Flag Officer Commanding-in-Chief Vice Admiral Rajesh Pendharkarunveiled the commemorative logo of its 30th edition of the bilateral exercise. Note:
SIMBEX, first held in 1994, is the longest continuous naval exercise that India has had with any other country.
Indian Navy hosted the 29th edition of SIMBEX in October 2022 at Visakhapatnam, Andhra Pradesh(AP), India.
Highlights of SIMBEX 2023: i.The Indian Navy and the Republic of Singapore Navy will also sign a submarine rescue joint standard operating procedures (JSOP) agreement. ii.During the shore phase, sailors from both navies will conduct joint planning, professional exchanges, and sporting activities. iii.During the sea phase, both fleets will perform a series of naval serials in the air, surface, and underwater domains, including gunnery firing, air defence, anti-submarine, communication, and navigation exercises.
The exercise will be concluded with a sail-past of participating ships.
UPNEDA and SIDBI Signed MoU to Promote Green ProjectsA Memorandum of Understanding (MoU) has been inked between the Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA), and Small Industries Development Bank of India (SIDBI) for solarization of residential units at Ayodhya, Uttar Pradesh (UP) and for bio-energy and renewable project financing.
The agreement was inked during an event organised in the SIDBI’s Lucknow Office in UP.
This MoU will help in promoting solar energy, and encourage innovations for environment friendly projects.
It should be noted that the State Government of UP has nominated Ayodhyato be developed as a Solar City. Key Points: i.During the event, emphasis were laid on creating awareness about digital and latest initiatives being undertaken by SIDBI through ‘Promotional campaign for Financing Solar/ Green Projects’ for Micro, Small & Medium Enterprises (MSME) sector. ii.It should be noted that the Central Government is installing solar rooftop panels in 2500 MSMEs, and also targets 30% electrification of vehicles by the year 2030, under the EV30@30 mission.
SIDBI is supporting both missions of the Government.
iii.Through this event, information was shared among MSMEs regarding the solar and green projects and direct financing products being offered by SIDBI. About Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA): It is an autonomous institution functioning as nodal agency for implementation of various schemes in the state. Director– Anupam Shukla Headquarters– Raebareli, Uttar Pradesh Establishment– 1983 About Small Industries Development Bank of India (SIDBI): It was established under an Act of Parliament in 1990. Chairman & Managing Director– Sivasubramanian Ramann Headquarters– Lucknow, Uttar Pradesh
Axis Bank launches ‘NEO for Business’ for MSMEsOn September 21, 2023, Axis Bank launched ‘NEO for Business’, a distinctive one-stop Transaction Banking platform for Indian Micro, Small, and Medium Enterprises (MSMEs). This is a first-of-its-kind comprehensive digital proposition that supports real, current, and emerging Transaction Banking needs of MSMEs.
It has contemporary UX (User Experience)/UI (User Interface) along with bank-grade security features.
“NEO for Business” is the latest launch as part of “NEO by Axis Bank” branding. NEO by Axis Bank is the digital banking proposition for its corporate banking customers/clients.
About NEO for Business: i.It offers a wide array of Banking and Beyond Banking features such as: Digital self on-boarding, Bulk Payments, GST Compliant Invoicing, Payment Gateway integration, 360° Customer View, End to End Transaction Tracking, Auto Reconciliation, Recurring Collections, Cash Flow Reports, among others. ii.These features make banking easier for MSMEs, allowing them to do transactions without going to a bank branch. iii.Axis Bank’s existing Current Account holders can access NEO for Business on mobile through an app or web registration. Initially, it serves sole proprietors and individuals in the MSME sector, with plans to expand to companies, partnerships, and LLPs (Limited Liability Partnership). About Axis Bank: Managing Director (MD) & Chief Executive Officer (CEO) – Amitabh Chaudhry Headquarters – Mumbai, Maharashtra Established in – 1993 (begun operations in 1994) Tagline – Badhti ka Naam Zindagi
Utkarsh Small Finance Bank Launched Interoperable Cardless Cash Withdrawal (ICCW) Using UPI on ATMsUtkarsh Small Finance Bank Limited (USFBL) launched Interoperable Cardless Cash Withdrawal (ICCW) service with an aim to allow Unified Payment Interface (UPI) enabled cardless cash withdrawal from Utkarsh Small Finance Bank Automated Teller Machine (ATM).
This is in line with notification ‘ICCW at ATMs’ released by Reserve Bank of India(RBI) in 2022 under Section 10(2) read with Section 18 of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007).
ICCW is also known as UPI-ATM; It enables withdrawal through Quick Response(QR) code.
About ICCW: i.Card-less cash withdrawal through ATMs is a permitted mode of transaction offered by a few banks in India on an on-us and Off-us basis. ii.UPI users can withdraw cash from any participating banks’ ATMs (enabled for UPI-ATM) via UPI mobile application instead of using a physical card. iii.By scanning single-use dynamic QR code displayed on the ATM screen and authorising the transaction with UPI PIN, a customer can withdraw money from an ATM. iv.As far as transaction Limits is concerned, customers can enjoy up to two ICCW transactions per day per account, with a withdrawal limit of Rs. 10,000/- per transaction. Key Features of ICCW: i.ICCW allows customers to withdraw cash from any ATM, regardless of which bank they use. This is especially convenient for people who have multiple bank accounts. ii.Since the whole transaction is cardless, the card-related frauds like skimming, cloning etc can be reduced. iii.The process is considered to be more secured as it uses dynamic QR code for each transaction. iv.Customers need not carry multiple credit/debit cards. v.It will be useful for customers who have completed KYC (Know Your Customer) but have not yet received a physical card. vi.ICCW allows Cash withdrawal from Multiple UPI-Linked Accounts along with streamlined interaction with ATM Machines. About Utkarsh Small Finance Bank Limited (USFBL): Managing Director & Chief Executive Officer(CEO) – Govind Singh Headquarters – Varanasi, Uttar Pradesh Incorporated in – 2016
Highlights of Raj Bhasha Kirti Puraskar 2022-23
The Rajbhasha Kirti Puraskar 2022-23 ,the most prestigious award offered by the Indian government for “achievements in implementing the official language” was presented at the Hindi Diwas Samaroh 2023.This prestigious award ceremony was part of the 3rd All-India Official Language Conference (Akhil Bharatiya Rajbhasha Sammelan)took place at Shree Shiv Chhatrapati Sports Complex in Balewadi, Pune, Maharashtra, from September 14-15.
Organized and Presented Annually by: Department of Official Language, Ministry of Home Affairs, Government of India. Key points:
Department of Pension & Pensioners’ Welfare Receives First Prestigious Raj Bhasha Kirti Puraskar, 2022-23.
Power Finance Corporation (PFC) received the prestigious ‘Rajbhasha Kirti Puraskar’ in the ‘A’ category for the year 2022-23. PFC secured the third position in this category.
Banking Institutions such as Punjab National Bank,Bank of Baroda,Indian Overseas Bank (IOB) ,Central Bank of India, UCO Bank and Bank of Maharashtra have been recognised in different categories.
India set to Host 17th International Congress on the Chemistry of Cement in 2027 in New Delhi India won the bid to host the 17th International Congress on the Chemistry of Cement (ICCC) in 2027 in New Delhi, Delhi. The decision was announced during the ongoing 16th ICCC (2023) in Bangkok, Thailand held from 18 to 22 September 2023. Besides India, other bidders were from Switzerland and the United Arab Emirates (UAE).
India’s bid was made by National Council for Cement and Building Materials (NCCBM / NCB) and Indian Institute of Technology (IIT) Delhi. The bid was presented by Dr L P Singh, Director General, NCCBM; Dr S K Chaturvedi, Joint Director, NCB and Dr Shashank Bishnoi, Professor (Civil Engg.), IIT Delhi.
The 17th ICCC will offer India a unique opportunity to bring together global leaders, experts, and innovators in the cement sector. India previously hosted the 9th Congress in 1992.
The event highlights India’s research and academic expertise in the cement and concrete sector and as the host city New Delhi will showcase its vibrancy with world-class conference facilities, including Bharat Mandapam and Yashobhoomi to the global industry.
About ICCC: The ICCC is regarded as the largest and most prestigious event in the area of Cement and Concrete. These congresses have been held approximately every 4 to 6 years since 1918, serving as a crucial bridge between academia and the cement industry. Note:
NCB, then Cement Research Institute of India (CRI) was founded on 24 December 1962. It is the premier body under the administrative control of the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry.
India’s cement industry, the second-largest in the world, has a low carbon-di-oxide (CO2) footprint and is energy efficient.
Rajya Sabha Chairman Appoints Four New Women Vice-Chairpersons; Panel to Discuss Women’s Reservation BillThe Vice President of India, ex-officio Chairman of Rajya Sabha Jagdeep Dhankhar has reconstituted the panel of vice-chairpersons with the eight member panel with 50 percent(4 members) of women parliamentarians with effect from 13th September 2023.
For the first time in the history of Rajya Sabha (the Upper House of the Indian Parliament) has given equal representation to women members in the panel.The four new women Vice-Chairpersons are: Kanta Kardam(Uttar Pradesh), Sumitra Balmik(Madhya Pradesh), Mamata Mohanta (Odisha) and Geeta alias Chandraprabha(Uttar Pradesh).
13 Women Vice-chairpersons Panel for a Day to Discuss Women’s Reservation Bill
The Vice President of India, ex-officio Chairman of Rajya Sabha Jagdeep Dhankhar has constituted 13 women Parliamentarians to the panel of vice-chairpersons.The panel was reconstituted for a day to discuss the Women’s reservation Bill or Nari Shakti Vandan Adhiniyam 2023.
The panel of vice-chairpersons was constituted for a day specifically to discuss the Women’s Reservation Bill in 2023. This suggests that the panel was formed temporarily to address this particular legislative matter or session to discuss the bill.
Indian-origin NiharMalaviyaAssumes Permanent CEO of Penguin Random House NiharMalaviya, an Indian-origin American publishing executive, has been named permanent Chief Executive Officer (CEO) of Penguin Random House, the New York (United States of America, USA)-based international publishing group.
Nihar Malaviya has been serving as the interim CEO for 9 months since January 1, 2023.
Since his appointment as interim CEO, he has been a member of Bertelsmann’s (the parent company of Penguin Random House) Group Management Committee (GMC).
He will succeed Markus Dohle, who left the position following Penguin Random House’s unsuccessful attempt to acquire Simon & Schuster in 2022.
Prior to his appointment as interim CEO, he served as President and Chief Operating Officer (COO) of Penguin Random House, USA since 2014.
He started his career at Bertelsmann in 2001 as a participant in the Bertelsmann Entrepreneurs Programme. In 2003, he moved within the group, joining Random House, where he excelled in various leadership roles.
He also serves on the board of directors of the Association of American Publishers (AAP) and Yale University Press in the USA. He is a two-time recipient of the Bertelsmann Entrepreneur Award for Strategy Execution.
Note: Penguin Random House, the world’s largest trade book publisher, has been undergoing company-wide reorganization since 2023.
Vivek Bhasin Appointed as 14th Director of BARC On 15th September 2023, Vivek Bhasintook charge as the 14th Director of Bhabha Atomic Research Centre (BARC), India’s premier nuclear research facility, headquartered in Mumbai, Maharashtra. Prior to this appointment, Vivek was serving as the director of the Nuclear Fuels Group(NFG) of the BARC.
He succeds Ajit Kumar Mohanty who was appointed as the Secretary to Department of Atomic Energy(DAE) under the Prime Minister’s Office(PMO) and Chairman of Atomic Energy Commission in May 2023.
Vivek Bhasin joined the Reactor Engineering Division of BARC in 1988. He is known for his contribution towards APSARA-U Reactor (operational in BARC) and Fast Breeder Test Reactor (FBTR)(Operational in Kalpakkam Nuclear Power Plant, Tamil Nadu)
BARC was founded by Homi Jehangir Bhabha in the name Atomic Energy Establishment, Trombay (AEET) in 1954. AEET was renamed BARC in 1966.
Delhi LG VK Saxenalaunches Vigilance Complaint Information Management System Portal The Lieutenant Governor of Delhi, Vinai Kumar (VK) Saxena launches first of its kind Vigilance Complaint Information Management System (VCIMS) portal enabling people to file graft complaints against government employees at anytime from anywhere.
Complaints can be related to the vigilance/corruption/demand of bribe.
With transparency and secrecy, this portal will monitor complaints and initiate speedy action.
This portal requires only one time registration.
Key Points: i.To ensure that only genuine complaints are filed on the portal, it is mandated for the complainants to submit an e-undertaking so that he/she can be prosecuted under section 182 of IPC ( Indian Penal Code) for giving false information to public servants. ii.Complaints against corruption received in physical form will not be accepted. iii.This tool will aid in achieving the goal of zero tolerance to corruption.
Batillipeskalami: New Marine Tardigrade Species Found in TN, Named after Former President A.P.J. Abdul KalamResearchers from the Department of Marine Biology of the Cochin University of Science and Technology (Cusat) in Cochin, Kerala, have identified a new species of a marine tardigrade, “Batillipeskalami” from intertidal beach sediments of the Mandapam coast in Ramanathapuram (southeast) Tamil Nadu (TN).
The new species is named after Late Dr. A.P.J. Abdul Kalam, the 11th President of India (2002-2007) and an aerospace scientist, since the discovery was made close to his native place Rameswaram(TN).
The research findings have been published in the 18 September 2023 issue of the scientific journal, Zootaxa.
Genus and Species: i.The new Species ‘Batillipeskalami‘ of the marine tardigrade belongs to the Genus‘Batillipes‘. It is the 37th species of the genus Batillipes. ii.Batillipes kalami is the 2nd marine tardigrade to be discovered in Indian waters and the first one from the east coast.
“Stygarctus keralensis”, the 1st marine tardigrade species from India was discovered from Vadakara(West Coast) in Kerala in 2021.
iii.It is also the first taxonomically described species belonging to the genus Batillipes from India. Tardigrades: i.Marine Tardigrades, often referred to as “water bears”, are eight-legged micro-animals found in the water. They are extremely tiny animals whose size is measured in micrometers. ii.They are considered to be one of the toughest organisms on earth, having survived all five mass extinctions, and are also the first known animals to survive in space.
Tardigrades are semi-aquatic. They can survive in watery as well as terrestrial environments.
Researcher Team: Vishnudattan N.K. (research scholar) and S. Bijoy Nandan (Professor) from the Dept. of Marine Biology, Microbiology, and Biochemistry at Cusat; and Marcus Rubal from the Centre of Molecular and Environmental Biology at the University of Minho, Portugal. Features: i.B. kalami measures an average of 170 micrometers (0.17 mm) in length and around 50 micrometers (0.05 mm) in width. The females are slightly bigger compared to the males. ii.It is characterised by 4 pairs of legs, which possess sensory spines of varying lengths. iii.It has a trapezoid-shaped head with sharp-tipped filament-like appendages (cirri) extending from it. iv.It belongs to the phylum Tardigrada, which comprises more than 1,300 described species. Of them, just 17% are marine species. v.It can be differentiated from all its congeners by:
The presence of unconstricted primary clavae;
2 pairs of lateral body projections between leg II and leg III;
Long and blunt-ended lateral body projections between leg III and leg IV;
The shape of leg IV sensory organs and the presence of dorsal indentations in its head.
Padma Bhushan Awardee & Bharatanatyam Dancer Saroja Vaidyanathan Passed Away Bharatanatyam Dancer and Padma Bhushan Awardee Saroja Vaidyanathan passed away at the age of 86 due to lymphoma diseases in Delhi. About Saroja Vaidyanathan: i.Saroja Vaidyanathan was born on 19 September 1937 in Bellary, Karnataka, and grew up in Chennai, Tamil Nadu.
She was married to Vaidyanathan, an IAS officer from the Bihar cadre.
ii.She established “Ganesha Natyalaya” in Delhi, where she teaches Bharatanatyam, Tamil, Hindi, and Carnatic music. iii.She served as the president of “Sanskar Bharathi”, a pan-Indian organisation working in the fields of art and literature, for the Delhi Chapter since 2021. Awards: i.Saroja Vaidyanathan was conferred with the Padma Shri in 2002 and the Padma Bhushan in 2013 in the Arts category.
She received the Sangeet Natak Akademi Award in 2008 and the Sangeet Natak Akademi fellowships (Akademi Ratna) award in 2023.
ii.She is also the recipient of Delhi’s government Sahitya Kala Parishad Samman(1991), Tamil Nadu’s government Kalaimamani title(1999),and the title of Bharata Kalai Sudar, from the Pollachi Tamil Isai Sangam.
She was also the recipient of Kalidas Samman(2009-10) of the Government of Madhya Pradesh.
Books Written: Saroja Vaidyanathan has authored a number of books on Bharatanatyam and Carnatic music, including ‘The Classical Dances of India’, ‘Bharatanatyam – An In-Depth Study’, ‘Carnataka Sangeetham’, and ‘The Science of Bharatanatyam’.
Sonal Goel IAS Unveils Her Book “Nation Calling” for IAS aspirants Union Minister Kiren Rijiju, Ministry of Earth Sciences has launched a book ‘Nation Calling – Holistic Approach for Union Public Service Commission (UPSC) Civil Services Examination’ authored by IAS officer Sonal Goel Resident Commissioner of Tripura Bhawan in New Delhi, Delhi.
The book was published by UPSC Guide.
The book was launched at the Constitution Club of India in New Delhi, Delhi.
The book summarises Sonal Goel’s 15 year experience as an IAS officer which inspires young people to become a bureaucrat.
About Sonal Goel: Sonal Goel, hailing from Panipat, Haryana, is a 2008 batch IAS officer of Tripura Cadre. She joined the Haryana cadre in July 2016 and served as Commissioner of Municipal Corporation of Faridabad(Haryana) & Chief Executive Officer (CEO) of Smart City Faridabad and Deputy Commissioner district Jhajjar(Haryana).
International Day of Sign Languages 2023- September 23The United Nations (UN) International Day of Sign Languages (IDSL) is annually observed across the globe on 23 September to support and protect the linguistic identity and cultural diversity of all deaf people and other sign language users.
The day also aims to raise awareness of the importance of sign language in the full realisation of the human rights of people who are deaf.
5th PoshanPakhwada Celebrated from March 20-April 3, 2023
The Ministry of Women and Child Development will celebrate the 5th Poshan Pakhwada nationwide from 20th March to 3rd April 2023 to raise awareness about the importance of nutrition and promote healthy eating habits through Jan Andolan and Jan Bhagidari.
The theme of Poshan Pakhwada 2023 is “Nutrition for All: Together Towards a Healthy India”.
Background: Poshan Abhiyaan was launched by Prime Minister (PM) Narendra Modi on 8th March 2018 for ensuring people’s participation and bringing the discourse on nutrition to the forefront. It intends to improve nutritional outcomes in a holistic manner. Behavioral change at individual and community level is an important component to achieve the desired goals of a Kuposhan-mukt Bharat. Every year, Poshan Pakhwada is celebrated in the month of March for 15 days. Similarly, the month of September is celebrated as Rashtriya Poshan Maah, across the country. Key Points: i.As 2023 is being the International Year of Millets, the focus of Poshan Pakhwada was to popularise ‘Shree Anna’ (Millets) to address malnutrition. ii.The Ministry of Women & Child Development will be the nodal Ministry for coordinating activities during the Poshan Pakhwada.
In the State/UT, Department of Women & Child Development /Social Welfare Department will be the nodal department for Poshan Pakhwada.
iii.Key themes focused on PoshanPakhwada
Promotion and popularization of Shree Anna / Millets for nutritional- well-being through organization of drives to link Millet-based foods with supplementary nutrition, Home visits, Diet consultation camps, etc.
Celebration of SwasthBalakSpardha: Celebrated and recognized the ‘Swasth Balak’ or Healthy Child as per defined criteria by generating a healthy spirit of competition for good nutrition good health and well being.
Popularize Saksham Anganwadis: Campaigns were organized to increase awareness and popularise Saksham Anganwadis with upgraded infrastructure and facilities as centers of improved nutrition delivery and early childhood care and education.
CMIE: Unemployment Rate Rises to 3-Month high of 7.8% in March
According to the data from the Centre for Monitoring Indian Economy (CMIE), India’s unemployment rate increased to 7.8% in March 2023, the highest in 3 months, from 7.45% in February 2023. The unemployment rate was 7.14% in January 2023
Rural unemployment was 7.47% in March 2023, Urban unemployment was 8.51%.
Haryana had the highest unemployment rate among the states with 26.8%, followed by Rajasthan (26.4%) and Jammu & Kashmir (J&K) (23.1%).
Uttarakhand and Chhattisgarh have the lowest unemployment rate among the states and Union Territories (UT) with 0.8%, followed by Puducherry (1.5%) and Gujarat (1.8%).
WB Report: ‘Striving for Clean Air: Air Pollution and Public Health in South Asia’According to the World Bank (WB) report “Striving for Clean Air: Air Pollution and Public Health in South Asia,” concentrations of fine particulate matter (PM) like soot and small dust (PM 2.5) in some of South Asia’s most densely populated and underdeveloped areas are up to 20 times higher than the World Health Organization (WHO) threshold of 5 micrograms per cubic metre (µg/mᶾ).
According to the report, South Asia is home to 9 of the top 10 polluted cities in the world, including Dhaka (Bangladesh).
i.The report claims that around 20% of all premature deaths in Bangladesh are caused by air pollution.
It is estimated that it causes 2 million premature deaths in South Asia each year and imposes huge economic damages.
ii.The consequences of being exposed to such significant air pollution range from stunting and reduced cognitive development in children to respiratory infections and chronic and debilitating diseases. About the World Bank (WB): President (WB Group) – David Robert Malpass Establishment – 1944 Headquarters – Washington D.C, United States (US)
UBI becomes 1st Indian Bank to open SRVA Malaysia for Trade Settlement in rupee i.On April 1, 2023, the Union Bank of India (UBI) opened its ‘Special Rupee Vostro Account (SRVA)’ in Malaysia to facilitate transactions between India and Malaysia in the Indian rupee. This will be done through the UBI’s corresponding bank in Kuala Lumpur, Malaysia i.e. India International Bank of Malaysia (IIBM). ii.With this, UBI has become the first Indian bank to operationalize a Vostro account in the Asian nation. iii.The will allow the Indian and Malaysian traders to invoice the trade in Indian Rupee. About Union Bank of India (UBI): Managing Director– A. Manimekhalai Headquarters– Mumbai, Maharashtra Tagline– Good People to Bank With
IDBI Bank Revises FD Rates and Launches New AmritMahotsav FD SchemeIDBI Bank, a private sector lender, has revised its interest rates for fixed deposits (FDs) under Rs. 2 crore, effective April 1st, 2023.
In response, IDBI bank has introduced the “Amrit Mahotsav FD” scheme for its retail investors, which provides returns of 7.65% for senior citizens and 7.15% for the general public.
IDBI Bank FD Rates i.For deposits expiring in 7 days to 10 years, the bank currently guarantees interest rates ranging from 3.00% to 6.25% for the general public and 3.50% to 6.75% for senior citizens. ii.For fixed deposits that mature in 7 to 30 days, the bank currently offers an interest rate of 3%, whereas it offers an interest rate of 3.35% for deposits that mature in 31 to 45 days. iii.IDBI Bank currently offers 4.25% interest on deposits held for 46 to 90 days and 4.75% interest on deposits held for 91 to 6 months. iv.Deposits maturing in 6 months, 1 day to 1 year, will earn 5.50% interest, while those maturing in 1 year to 2 years (excluding 444 days) would earn 6.75% interest. v.The bank currently offers FDs with a maturity of 2 to 3 years at a rate of 6.5% and deposits with a maturity of 3 to 10 years at a rate of 6.25%. vi.For 5-year tax-saving fixed deposits, IDBI Bank guarantees an interest rate of 6.25% for the general public and 6.75% for senior citizens. vii.Only fresh deposits and renewals will be subject to the new interest rates; while existing accounts will continue to earn interest at the contracted rate. viii.For prematurely closed deposits, the bank will levy a 1% penalty on the applicable rate. Such closures include both sweep-in withdrawals and partial withdrawals. Related Information i.On April 1, 2023, the Bank of India (BOI) also announced a rise in interest rates for FDs under Rs 2 crore.
The bank hiked the interest rate on “Shubh Arambh Deposits,” which are special 501-day term deposits for deposits of less than Rs. 2 crore.
ii.IDBI Bank is offering an interest rate of 7.15% for regular customers, 7.65% for senior citizens, and 7.8% for super senior citizens on Shubh Arambh Deposits for a limited time. About IDBI Bank Limited: MD & CEO– Rakesh Sharma Established – 1964 Headquarters– Mumbai, Maharashtra
India’s Tech SMEs projected to reach $30-$40 bn by FY30: Nasscom-ProHance reportAccording to the report launched by Nasscom in collaboration with ProHance, ‘India’s Tech SMEs: Rising in the Global Digital Arena’, the Digital technology SME’s revenue share in FY30 (financial Year 2029-2030) was expected to reach $30-$40 billion.
The tech SMEs which comprise 7-9% of the overall technology industry was also expected to contribute an estimated $15-20 Billion in FY23 revenues.
The tech SMEs offer cloud services, advanced analytics, and AI solutions and they were expected to account for 35-40% of overall tech revenue by FY30.
The report is a first-of-its-kind publication on tech SME segment of the overall tech industry.
Note – Indian Tech SMEs are MSMEs that offer technology software, hardware, and services to Indian and global entities, and are headquartered in India. Key Findings of the Report: i.Tech SMEs in India contribute 7-9% to the technology industry, having grown at a 10%+ CAGR through FY19, with roughly 90% in the micro and small categories. ii.Tech SME share in INR 19.6 lakh crore ($245 Bn) Indian technology industry in FY23. iii.Digital SMEs have grown 4X since FY19, with focus on cloud migration, SaaS, digital engineering, and advanced analytics and AI-based solutions iv.Doubling of Indian tech industry to $500 Bn by FY30 is expected to entail similar trend for the tech SMEs, with digital revenues growing 2-2.5X, to 35-40% v.North America accounts for 50-55% of the Indian tech SMEs revenue with specific focus around niche cloud, AI, IoT and SaaS products. This is followed by Europe at 19-20%, and the domestic market at 17-18%, in FY23. Note – The report was released by Nasscom on the sidelines of the nasscom SME Confluence 2023.
FOSWAL’s Special Literary Prize for Bangabandhu Handed to Bangladesh PM Sheikh Hasina
In its 63rd Literature Festival, the Foundation of SAARC Writers and Literature (FOSWAL) bestowed the SAARC Literature Award 2023 (Special Literary Award) to Bangladesh’s Father of the Nation, Bangabandhu Sheikh Mujibur Rahman. [SAARC stands for South Asian Association for Regional Cooperation].
The SAARC Literary Award for 2023 was bestowed to him for his great literary excellence through his trilogy: The Unfinished Memoirs, The Prison Diaries, and The New China as I Saw It (1952).
The award was handed over to his daughter, Bangladesh Prime Minister (PM) Sheikh Hasina.
FOSWAL’s three-day regional literary conference was held in New Delhi, Delhi. Key Points: i.The SAARC Literary Award has been given annually since 2001 by the FOSWAL. ii.Sheikh Mujib’s trilogy has been defined as a political document as well as a human testament.
It is proclaimed to have been written with love and compassion by a man who altered the course of history and guided his people to freedom.
iii.The 2023 award was presented at the festival to Bangladeshi writers and researchers Ramendu Majumder and Mofidul Haque by eminent Punjabi novelist and FOSWAL Founder President Ajeet Cour.
Sudha Shivkumar took over as 40th President of FICCI Ladies OrganisationChennai(Tamil Nadu)-based lawyer & investment banker Sudha Shivkumar took over as the 40th National President of the women’s wing of the Federation of Indian Chambers of Commerce & Industry (FICCI) – FICCI Ladies Organisation(FLO) for the term 2023-2024.
Sudha Shivkumar succeeds Jayanti Dalmia, 39th national president of FICCI FLO (2022-2023).
Prior to this appointment, Sudha Shivkumar was serving as the National Senior Vice President of FICCI FLO.
Key Points: As the 40th President of FICCI-FLO, Sudha Shivkumar will focus on empowering women by facilitating an enabling environment that promotes entrepreneurship, industry participation and economic development of women. About Sudha Shivkumar: i.Sudha Shivkumar headed a leading non-banking reputed finance company for around 13 years following which she led the operations of a South-India-based mutual fund with assets under management of Rs 25,000 crores. ii.She also handled a Rs 350-crore portfolio of an international group of high-net-worth individuals. iii.She has previously served as the Chairperson of FLO Chennai Chapter in 2016-17. About FICCI Ladies Organisation(FLO): FLO is a division of FICCI, the apex body of industry and commerce in India. FLO is the oldest women-led and women-centric business chamber of Southeast Asia.
FLO at present has 19 chapters across India with about 3,000 businesswomen as its members.
Established in 1983 Headquarters– New Delhi, Delhi
Vice-Admiral Sanjay Jasjit Singh Assumed Charge as VCNS of the Indian NavyOn April 1, 2023, Vice Admiral Sanjay Jasjit Singh, AVSM, NM, took over as Vice-Chief of Naval Staff (VCNS) of the Indian Navy, following incumbent Vice Admiral S.N. Ghormade, who stepped down as VCNS on March 31, 2023, due to retirement. On April 01, 2023, Vice Admiral Suraj Berry, AVSM, NM, and VSM, assumed charge as Chief of Personnel (COP) of the Indian Navy. The post of COP fell vacant on February 28, 2023, when Vice Admiral Dinesh K. Tripathi, who was holding the post, assumed command of the Mumbai-based Western Naval Command as Flag Officer Commanding-in-Chief (FOC-in-C). On April 01, 2023, Vice Admiral Atul Anand, AVSM, VSM, assumed command as Director General of Naval Operations (DGNO). About the Indian Navy: Chief of Naval Staff (CNS)– Admiral R Hari Kumar Headquarters– New Delhi, Delhi Motto– Sham No Varunah
RBI appoints Neeraj Nigam as New Executive Director
On 3rd April 2023, the Reserve Bank of India (RBI) appointed Neeraj Nigam as the new Executive Director (ED) with immediate effect. He will be in charge of 4 departments, including that consumer education and protection.
Before being promoted as ED, Neeraj Nigam was heading the Bhopal (Madhya Pradesh) regional office of the RBI as director.
For more than 3 decades, he has worked at the RBI’s central office and regional offices in the fields of Regulation and Supervision, human resource management, premises, currency management, bank accounts and other areas.
He has also earned the professional certification of Certified Associate of Indian Institute of Banking and Finance (CAIIB).
LIC bought Bata India shares for Rs 108 crore; increased its stake to 5.008%
Mumbai(Maharashtra)-based Life Insurance Corporation of India has purchased 6.88 lakh shares of Bata India Limited, a footwear retail company, for about Rs 108 crore, raising its stake in the company from 4.472% to 5.008% (from 57,48,071 to 64,36,692 Equity Shares).
The purchase took place between 3rd January 2022 and 29th March 2023.
The shares were bought in an open market purchase at an average price of Rs 1569.33.
ISRO successfully conducts Reusable Launch Vehicle Autonomous Landing Mission in KarnatakaThe Indian Space Research Organisation (ISRO) has successfully conducted the Reusable Launch Vehicle Autonomous Landing Mission (RLV LEX) at the Aeronautical Test Range in Chitradurga, Karnataka.
The test involved a winged body lifted to an altitude of 4.5 km by an Indian Air Force (IAF) Chinook helicopter, subsequently freed to execute an independent high-speed (350 kmph) landing on a runway, and achieved the landing parameters.
This is the first time that a winged body has been released mid-air by a helicopter and carried out an autonomous landing.
Note: The test has been conducted by the IAF, Centre for Military Airworthiness and Certification (CEMILAC), Aeronautical Development Establishment (ADE), and Aerial Delivery Research and Development Establishment (ADRDE) Key Points: i.RLV LEX is essentially a space plane with a low lift-to-drag ratio requiring an approach at high glide angles that necessitated a landing at high velocities of 350 kmph. ii.LEX utilized several indigenous systems. Localized Navigation systems based on pseudolite systems, instrumentation, and sensor systems, etc. were developed by ISRO. iii.The Ka-band Radar Altimeter provided precise altitude information with the aid of a Digital Elevation Model (DEM) of the landing site.
India become 1st Country in the World to Develop Own Model to Estimated TB CasesIndia become the first country in the world to estimate the tuberculosis (TB) burden in-country and launch its country level mathematical model to estimate the prevalence of TB cases in India.
Existing Mechanism: Each year, the World Health Organization (WHO) Global TB Report provides a comprehensive and up-to-date assessment of the TB epidemic, and of progress in prevention, diagnosis and treatment of the disease, at global, regional and country levels.
As per the Indian mathematical model’s data, the global TB reduction number was about 11% while the reduction in TB cases in India is 18%.
India’s TB Estimates as per New model: i.India’s TB incidence rate stands at 196 per 1,00,000 population, instead of the 210 estimated by the WHO. ii.In 2021, WHO projected estimated deaths from the communicable disease at 4.94 lakh, whereas it was now about 3.20 lakh under the new India’s model. iii.The Indian mathematical model estimated the TB incidence rate (per 10,000) in India to be 196 in 2022 instead of the 210 estimated by the WHO (in 2021).
Capulopsyche keralensis: New genus & species of Bagworm Moth Discovered in KeralaResearchers from the Zoology Department at St. Thomas College (Autonomous), Thrissur, Kerala, have discovered a new genus and species of bagworm moth “Capulopsyche keralensis” have been discovered in the coffee plantations of Kerala in Nariyampara, Idukki district, and Nelliampathy, Palakkad district.
On 29th March 2023, the discovery of Capulopsyche keralensis has been published in Zootaxa, an international scientific journal of animal taxonomy and natural history.
Research Team:
The discovery is the result of the research of Usha A.U., a PhD scholar, which is supervised by Joyce Jose, both from the Zoology Department of the college.
Researchers were assisted by Thomas Sobczyk from Hoyerswerda, Germany, an international expert on psychidae, and Roby T.J., Assistant Professor of Botany, Carmel College, Mala, Thrissur, Kerala.
Species Name Definition: i. Capulopsyche keralensis- Capulo means “coffee” and psyche means “moth” or “butterfly”. ii. The name, therefore, translates as ‘Coffee moth of Kerala’ as it was found in the coffee plantations of Nariyampara and Nelliampathy in Kerala. Capulopsyche keralensis: i. Capulopsyche keralensis belongs to the moth family “psychidae”, which consists of very small moths.
Females of many psychid species never develop into a moth and retain larval form.
ii. It is characterised by the case-building behaviour of larvae and a high degree of sexual dimorphism. iii. This is the 1st genus and species of the Taleporiinae subfamily, which is characterised by extreme sexual dimorphism, reported from India. iv. Description:
The females are pale yellowish, wingless, with short legs and antennae.
The male moth is a small-sized brownish-black moth with a wingspan of 8–8.4 mm and a body length of 2.9 mm.
F1 Rolex Australian Grand Prix 2023: Red Bull’s Max Verstappen won his maiden Australian GP titleOn 2nd April 2023, Red Bull’s Max Verstappen(Belgian-Dutch racing driver) won his first ever Australian Grand Prix (GP) Title at the Formula 1(F1) Rolex Australian Grand Prix 2023 held in the Albert Park Circuit, Melbourne, Australia. This is Red Bull’s first victory in Melbourne since 2011 with Sebastian Vettel.
This also marks Max Verstappen’s 80th career Podium finish, with this he ties with Ayrton Senna’s total podium finishes.
7-time world champion, Mercedes’ Lewis Hamilton(British racing driver) secured 2nd position on the podium, his first podium position of the season and Aston Martin’s Fernando Alonso(Spanish racing driver) secured 3rd position.
About Australian GP 2023: i.Australian GP 2023 is the round 3 of the 2023 Fédération Internationale de l’Automobile (FIA) F1 World Championship. ii.This marks the 37th FIA F1 World Championship Australian GP. Race Result: (top 3)
Only 12 of the 20 starters finished the 58-lap race.
It’s the first time Red Bull has won the first three races of an F1 season.
In 2023 Australian GP, Fernando Alonso took his 3rd consecutive podium finish for the first time since 2013.
Facts about Max Verstappen: i.Max Verstappen made his motorsport debut in 2005 and competed at the national level in Belgium and the Netherlands until 2009. ii.At the age of 17, he became the youngest driver to compete in a Formula 1. iii.He has already competed in around 159 races in the premier class, claiming 32 victories and a total of 74 podium finishes. He won the title of Driver’s World Champion in 2021 and 2022. About Australian Grand Prix:
Circuit: Albert Park Circuit
Number of Laps: 58
Circuit Length: 5.278 km
Race Distance: 306.124 km
i.The Australian Grand Prix was held on the Adelaide Street Circuit between 1985 and 1995, and since 1996 race is held in the Albert Park Circuit. ii.Mclaren is the most successful team in Australia with 11 victories. iii.He has competed in 166 Grand Prix races claiming 37 victories and a total of 80 podium finishes. He won the title of Driver’s World Champion in 2021 and 2022. About Federation Internationale de l’Automobile (FIA): President– Mohammed Ben Sulayem Founded in 1904 Headquarters– Paris, France
Madrid Spain Masters 2023: Indonesia’s Gregoria M Tunjung defeats India’s PV Sindhu to win Women’s singles titleIndonesian badminton player Gregoria Mariska Tunjung won the Women’s singles title at the Madrid Spain Masters 2023 finals defeating India’s Pusarla Venkata Sindhu (PV Sindhu).
This also marks Gregoria M Tunjung’s first Badminton World Federation (BWF) World Tour title and her first victory over PV Sindhu in 8 matches.
Madrid Spain Masters 2023, a part of the Spain Masters championship, was held in Centro Deportivo Municipal Gallur, Madrid, Spain from 28th March to 2nd April 2023.
The 2023 Spain Masters was the 8th tournament of the 2023 BWF World Tour.
About Madrid Spain Masters 2023: Madrid Spain Masters 2023 is an international badminton tournament categorized as a Super 300 event.
The tournament offered a prize pool of USD 210,000.
The tournament was organised by the Spanish Badminton Federation with sanctions from the BWF.
Key highlights: i.Japan’s Kenta Nishimoto won the men’s singles title defeating compatriot Kanta Tsuneyama in the finals. This was the first all-Japanese men’s singles finals since the German open 2019. ii.Liu Sheng Shu & Tan Ning of China won the women’s doubles title defeating their compatriots Chen Fang Hui & Du Yue in the finals. iii.China’s He Ji Ting and Zhou Hao Dong-won their first men’s doubles title as a pair defeating Chinese Taipei’s Lee Fang-Chih and Lee Fang-Jen in the finals. iv.Mathias Christiansen & Alexandra Bøje of Denmark won the Mixed double title defeating Praveen Jordan & Melati Daeva Oktavianti of Indonesia. Winners & Runners Of Madrid Spain Masters 2023
Oscar-winning Japanese Composer & Pop Pioneer Ryuichi Sakamoto Passed AwayRyuichi Sakamoto, Oscar-winning Japanese pop pioneer, who was best known for his soundtrack work passed away in Tokyo, Japan, at the age of 71. He was born on 17th January 1953 in Tokyo, Japan. About Ryuichi Sakamoto: i. Ryuichi Sakamoto made his career debut in the 1983 film “Merry Christmas, Mr Lawrence” as both an actor and a film-score composer. ii. He 1st came to prominence as a member of the Yellow Magic Orchestra (YMO), a Japanese electronic music band, in 1978.
YMO was established by Haruomi Hosono, Yukihiro Takahashi, and Ryuichi Sakamoto.
iii. He has worked on various collaborative, solo, and film albums over three decades, earning him many honours for his contributions to the world music industry. iv. Some of his contributions as a member of YMO are Yellow Magic (Tong Poo) (1978), Computer Game/Firecracker (1978), Technopolis (1979), and Rydeen (1979) v. Some of the solo music contributions by Ryuichi Sakamoto Rain (1987), the Last Emperor (1989), Theme from The Sheltering Sky (1990), Heartbeat (1991), Sweet Revenge (1994), and Moving On (1994). vi. He has also starred in movies such as Merry Christmas, Mr Lawrence (1983); The Last Emperor (1987); and The Revenant (2015). Awards: i. Ryuichi Sakamoto won the Oscar Award in 1988 for “The Last Emperor” with David Byrne and Cong Su becoming the first Japanese composer to receive the award. He also won the Golden Globe Award- Best Score – Motion Pictures for the same in 1988. ii. In 1991, He won his 2nd Golden Globe Award for “The Sheltering Sky” under Best Score – Motion Pictures 1991.
Former Indian Cricketer Salim Aziz Durrani Passes Away
On 2nd April 2023, Salim Aziz Durrani, a former Afghan-born Indian Cricketer, passed away in Jamnagar, Gujarat, at the age of 88. He was born on 11th December 1934 in Kabul, Afghanistan. He is the only Indian Test cricketer to have been born in Afghanistan.
He has represented India in 29 Tests, scoring 1202 runs and taking 75 wickets.
He represented Gujarat, Rajasthan, and Saurashtra in the Ranji Trophy of domestic cricket.
He was well known for India’s first Test series victory over England in 1961-62.
In 1961, he was honoured with Arjuna Award. He became the first cricketer to receive the Arjuna Award.
The Board of Control for Cricket in India(BCCI) honoured him with Col. C.K. Nayudu Lifetime Achievement Award.
World Autism Awareness Day 2023 – April 2United Nations (UN)’s World Autism Awareness Day (WAAD) is annually observed across the globe on April 2 to raise awareness about Autism Spectrum Disorder (ASD) and promote the livelihood of people having autism.
World Autism Awareness Day 2023 was observed on 2nd April 2023 under the theme “Transforming the narrative: Contributions at home, at work, in the arts and in policymaking”.
WAAD 2023 observance is organised by the United Nations Department of Global Communication(DGC) and the Department of Economic and Social Affairs(DESA) in collaboration with the Switzerland-based Institute of Neurodiversity (ION), an organisation established and run by neurodivergent people and allies. Background: i. The United Nations General Assembly (UNGA) adopted the resolution A/RES/62/139 on 18th December 2007 and proclaimed April 2 of every year World Autism Awareness Day. ii. The 1st ever World Autism Awareness Day was observed on 2nd April 2008. About the United Nations (UN): Secretary-General- António Guterres Headquarters- New York, USA Establishment- 1945
International Children’s Book Day 2023 – April 2International Children’s Book Day (ICBD) is annually observed across the globe on or around April 2, the birth anniversary of the Danish author Hans Christian Andersen, known for his fairy tales and stories.
The day is observed to inspire Children toward reading and to call attention to books.
International Children’s Book Day 2023 was observed on 2nd April 2023 under the theme “I am a book, read me”.
The message for ICBD 2023 was written by Children’s writer Vagelis Iliopoulos.
The poster for ICBD 2023 was illustrated by Illustrator Photini Stephanidi.
ICBD 2023 was sponsored by the International Board on Books for Young People (IBBY) Greece. Note: Every year, the theme of the ICBD poster is chosen as the theme of ICBD. Key Points: i. The day is annually celebrated by the different national sections of the IBBY. ii. IBBY selects a theme and invites a well-known author from the host nation to write a message to the children of the world, and a famous illustrator to design a poster. Hans Christian Andersen Award: i. The Hans Christian Andersen Award is the highest international recognition given to an author and an illustrator of children’s books.
The award is granted during the biennial IBBY Congress and consists of a gold medal and diploma.
ii. The Hans Christian Andersen Awards recognise lifetime accomplishments and are given to an author and an illustrator whose total body of work has significantly and permanently improved children’s literature. iii. The Author’s Award has been given since 1956 and the Illustrator’s Award since 1966. iv. The awards are sponsored by Nami Island Inc. and nominations for the Hans Christian Andersen Award are made by the National Sections of IBBY. About the International Board on Books for Young People (IBBY): IBBY is a non-profit organisation representing an international network of people from all over the world who are committed to bringing books and children together. President- Sylvia Vardell (2022-2024) Headquarters- Basel, Switzerland
MoF Increases Interest Rates on Most Small Savings Schemes, Except PPF, for Q1 FY24The Department of Economic Affairs (DEA), Ministry of Finance (MoF) has announced an interest rate hike on various Small Savings Schemes for the first quarter (Q1) of the fiscal year 2023-24 (FY24), beginning April 1, 2023, and ending June 30, 2023, marking the third consecutive quarter of rate hikes.
Small Savings Schemes have about 40 crore subscribers, and the basket includes 12 instruments such as the National Savings Certificate (NSC), Public Provident Fund (PPF), Kisan Vikas Patra (KVP), Sukanya Samridihi Account (SSA), Monthly Income Savings Scheme, all post office time deposits, etc.,
The interest rate on these savings instruments has been raised by 10-70 basis points (bps) [one percentage point is equivalent to 100 bps].
However, the interest rate for PPF scheme has been kept unchanged at 7.1% over this period, and its returns have remained constant at 7.1% for the last three years. Key Information i.The GoI reviews the interest rates for small savings plans on a quarterly basis. ii.Although the Reserve Bank of India (RBI) sets small savings interest rates, they are linked to market yields on government securities (G-secs) with a lag and are reviewed and fixed quarterly at a spread of 0-100 basis points (bps) over (100 bps = 1%) and above G-sec yields of comparable maturities. About Ministry of Finance (MoF): Union Minister – Nirmala Sitharaman (RajyaSabha- Karnataka) Ministers of State (MoS) – Pankaj Chaudhary; Dr. Bhagwat Kishanrao Karad
Women aged between 15-29 years spend 5.5 hours more than men doing Unpaid Labour: MoSPIi.The Ministry of Statistics and Programme Implementation (MoSPI) released its report titled ‘Women and Men in India 2022’ which is 24th in series. As per it, an average Indian woman, aged between 15 and 29 spends 5.5 hours doing unpaid labour. A man in that age group spends about 50 minutes a day doing work that yields no money. ii.A senior woman (aged above 60) too spends four hours a day doing unpaid labour, while a senior man spends an hour and a half on the same. iii.This report is on the lines of Oxfam report from December 2021, which noted that the unpaid work done by women looking after their homes and children is worth 3.1% of India’s GDP. iv.The only area of unpaid work where men spend more time than women is in volunteering and training, where they spend an extra six minutes per day. About Ministry of Statistics and Programme Implementation (MoSPI): Minister of State (Independent Charge)– Rao Inderjit Singh (Constituency- Gurugram, Haryana) Secretary– DR. G P Samanta
Union Budget 2023-24: Union Minister Nirmala Sitharaman announces Revamping of Credit Guarantee Scheme for MSE from April 1
Nirmala Sitharaman, the union minister of finance, announced in the union budget for 2023–2024 the revamping of the Credit Guarantee Scheme for Micro & Small Enterprises (MSE) with effect from 1st April 2023.
It is revamped with an infusion of Rs 9,000 crore to the corpus to enable an additional Rs 2 lakh crore in collateral-free guaranteed credit and the reduction in the cost of the credit by about 1%.
On 30th March 2023, Rs 8,000 crore was infused into the Credit Guarantee Fund Trust for Micro & Small Enterprises (CGTMSE) corpus. CGTMSE created a new landmark by approving guarantees totalling Rs 1 lakh crore during the financial year (FY) 2022–23.
The limit on the ceiling for guarantees has been enhanced from Rs 2 crore to Rs 5 crore. For settlement of claims in respect of guarantees for loans outstanding up to Rs 10 lakh, initiation of legal proceedings will no longer be required.
CGTMSE has issued guidelines in this regard.
CBDT signs 95 Advance Pricing Agreements in FY 2022-23
The Central Board of Direct Taxes (CBDT), the Department of Revenue, the Ministry of Finance, have entered into a record 95 Advance Pricing Agreements (APAs) in the financial year (FY) 2022-2023 with Indian taxpayers. This year, CBDT recorded the highest-ever APA signings in any FY since the launch of the APA programme.
The agreement includes 63 Unilateral APAs (UAPAs) and 32 Bilateral APAs (BAPAs).
A record of the largest number of single-day signings in the history of the programme was also created with a total of 21 APAs signed on 24th March 2023.
The total number of APAs since the inception of the APA programme has gone up to 516, comprising 420 UAPAs and 96 BAPAs.
The APA Scheme aims to provide taxpayers clarity in the domain of transfer pricing by defining the pricing methodologies and determining the arm’s length price of International transactions for up to 5 years in the future.
Georgia becomes first American state to condemn Hinduphobia, passes resolution
Georgia, United States of America(USA) passed a resolution condemning “Hinduphobia” and “anti-Hindu bigotry”- becoming the first state in the country to do so.
The resolution was introduced by Representatives Lauren McDonald and Todd Jones from Forsyth County in the suburbs of Atlanta, home to one of the largest Hindu and Indian-American diaspora communities in Georgia.
The resolution observed that the American-Hindu community has been a major contributor to diverse sectors such as medicine, science and engineering, information technology, hospitality, finance, academia, manufacturing, energy, retail trade, among others
IRDAI Releases Liberalised Commission Regulations Benefitting Insurers & DistributorsThe Insurance Regulatory and Development Authority of India (IRDAI) has announced three new regulations that are anticipated to have major economic implications on market participants, including insurers and intermediaries. The three new rules are as follows:
In the process, IRDAI replaced the previous regime of ‘product-wise capping’ of commission payable to intermediaries.
This is subject to insurers adhering to the IRDAI’s overall ‘expenses of management’ (EOM) limits.
About Insurance Regulatory and Development Authority of India (IRDAI): Chairperson – Debasish Panda Headquarters – Hyderabad, Telangana Establishment – 1999 (Incorporated on 1st April 2000)
IRDAI Identified LIC, GIC & New India Assurance as D-SIIs for FY23On March 31, 2023, the Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC), and New India Assurance continued to be identified by the Insurance Regulator and Development Authority of India (IRDAI) as Domestic Systemically Important Insurers (D-SIIs) for the Financial year 2022-23.
IRDAI annually identifies D-SIIs and publishes the name of the insurers for public information.
In line with the Reserve Bank of India’s benchmarking, D-SIIs are perceived to be ‘too big or (too important) to fail’.
LIC, GIC, and New India Assurance were the D-SIIs from 2020-21.
D-SIIs refers to insurers of large size, market importance and domestic and global inter-connectedness whose distress or failure would cause a significant impact on the domestic financial system.
About General Insurance Corporation of India Limited (GIC Re): Chairman and Managing Director – Devesh Srivastava Headquarters – Mumbai, Maharashtra Establishment – 22 November 1972
DBS Bank Launches investment solution ‘digiPortfolio‘ Offers Morningstar curated InvestmentsDBS Bank India launched an investment solution ‘digiPortfolio’ on its digibank platform, to create a set of investment options curated by Morningstar that match the risk preferences of different investors
The platform which uses both technology and human expertise is an easy, one-stop solution for users to invest money with ready-made baskets of mutual funds.
Key Points: i.The ‘digiPortfolio’ provides instant access to investors with two plans starting at a minimum investment of Rs 10,000 up to Rs 50,000. ii.The plans include features such as portfolio construction, monitoring, and rebalancing services, powered by Morningstar. There are no extra charges, like sales or transaction fees. iii.Investors could invest as long as they want and they could choose based on their goals, risk preferences, and investment duration. iv.Under the platform, the portfolios are designed to be an investment aligned to the investor’s risk appetite and investment horizon. v.The investment options are of mutual funds selected by Morningstar. The portfolios are adjusted even when the market is volatile, to ensure the best possible returns. vi.Various investment options, such as domestic equity, debt and money market instruments, are included in the offering. The digiPortfolio platform is easy to use as it is automated and run by Quantifeed.
Acko, Credit Access Receives IRDAI nod to Commence Life Insurance BusinessOn March 25 2023, in its 121st meeting, the Insurance Regulatory and Development Authority of India (IRDAI), granted a certificate of registration to two new entities namely Acko Life Insurance Limited and Credit Access Life Insurance Limited to commence the life insurance business.
With the entry of the two firms into the insurance business, the number of life insurers operating in India increased to 25 which was remaining unchanged since 2011 (after Edelweiss Tokio’s registration).
Key Points: i.In the case of Acko, it is already operating a general insurance company named Acko General Insurance.
Acko provides insurance covers in auto, health and travel segments.
It is also collaborating with cab-aggregator Ola and Amazon for bite-sized insurance covers available on their respective apps.
Acko, which became a unicorn in October 2021, is backed by Accel, Elevation Capital, Ascent Capital, Munich Re Ventures and Flipkart cofounder Binny Bansal, among others.
ii.CreditAccess Grameen Limited, headquartered in Bengaluru, Karnataka, is the largest microfinance institution in India, which focuses on providing loans to women borrowers in rural. It has the largest microfinance market share in the world. iii.As per the statement of IRDAI, further 20 more applications are in process at various stages of registration in life, general and reinsurance segments. About Insurance Regulatory and Development Authority of India (IRDAI) Chairperson – Debasish Panda Headquarters – Hyderabad, Telangana Establishment – 2000
IPPB partners with Bharti Airtel to launch Banking Services on WhatsApp
On 31st March 2023, India Post Payments Bank (IPPB), under the ownership of the Department of Post, the Ministry of Communications, partnered with New Delhi (Delhi)-based Bharti Airtel Limited to launch banking services through WhatsApp for its customers.
With this new IPPB WhatsApp Banking channel, users of the bank will be able to easily connect with the bank on WhatsApp and access a variety of banking services, including doorstep service requests and locating the nearest Post Office.
Customers will receive the WhatsApp messaging service from Airtel IQ, a cloud-based communications platform as a service (CPaaS) company that offers customer engagement across voice, SMS, and WhatsApp channels.
IPPB and Airtel IQ will ensure multi-language support and real-time customer support agents on WhatsApp to provide quick solutions for customer queries.
BharatPe Group Partners with WEP to foster Women Entrepreneurship in IndiaBharatpe Group, one of the leading fintech company in India, has partnered with the Women Entrepreneurship Platform (WEP) to support women entrepreneurs across India in their journeys of self-reliance and business growth.
The partnership, launched under the ‘BharatPe Cares’, a Corporate Social Responsibility (CSR) initiative by BharatPe Group, is in line with the brand purpose of BharatPe “To empower lives through inclusive fintech solutions”.
This specific initiatives is under the BharatPe’s CSR program of PAYBACK.
Background: i.According to the 6th economic census by the Ministry of Statistics and Programme Implementation(MoSPI), women accounts for only 13.76% of the total entrepreneurs (8.05 million out of the total 58.5 million entrepreneurs) in India. ii.This highlights the need to empower women entrepreneurs in India. About BharatPe – WEP partnership: Aim: To build an ecosystem that unites women entrepreneur from across India and equip them with required domain knowledge and the financial and technical know-how that are required to achieve their business goals. Focus areas: To facilitate development of an aggregator platform that gives access to peer support, mentorship, networking channels and a range of learning resources. Points to note: i.The partnership between WEP and BharatPe aims to address the difficulties faced by the women entrepresenrs and to level the playing field where women can enjou equal growth opportunities. ii.This also aims to facilitate the the development of a plug-and-play digital infrastructure to address the existing gaps and aid the growth of women entrepreneurs. Key Points: i.According to the industry report, women entrepreneurs in India can generate 150-170 million jobs by 2030, more than 25% of new jobs required by working age population. ii.Promoting women entrepreneurship will boost the economy through job creation and is critical to building India as a USD 5 trillion economy. About Women Entrepreneurship Platform (WEP): i.WEP, a first of its kind, is a unified access portal that unites women across India to build a nurturing ecosystem that enables women to realize their entrepreneurial aspirations. ii.WEP is a public-private initiative that aims at providing a continuum of support to women entrepreneurs by leveraging the network of various stakeholders who are part of the ecosystem. About BharatPe: BharatPe was co-founded by Ashneer Grover and Shashvat Nakrani in 2018 Chief Financial Officer & Interim CEO– Nalin Negi Headquarters– Gurgaon, Haryana
SarbanandaSonowal launches Sagar Setu Mobile App of National Logistics Portal MarineThe Union Minister Sarbananda Sonowal, Ministry of Ports, Shipping and Waterways (MoPSW) launched the app Version of National Logistics Portal (Marine) ‘Sagar-Setu’. It was launched in the presence of Minister of State (MoS) Shripad Yesso Naik, MoPSW Sudhansh Pant, Secretary and other senior officials. Key Points: i.The app offers features such as Login Module, Service Catalogue, Common Application Format, Letter of Credit, Bank Guarantee, Certification, Track and Trace, etc. that provide real-time information on activities which are out of reach for importers, exporters, and customs brokers.
This includes vessel-related details, gate information, container freight stations, and transactions, all easily accessible through the app.
ii.It also enables digital transactions for payments required for the clearance process of import and export. iii.The SAGAR-SETU app helps custodians in easier access to functionalities on a handheld device by reducing turnaround time for approval and compliances.
App will benefit service providers and help in tracking of records and transactions offered and also receive notification of service requests.
BDL Successfully Tested the Indigenous Anti Tank Guided Missile, Amogha-IIIBharat Dynamics (BDL) successfully conducted a field firing test of its indigenous third generation man-portable Anti Tank Guided Missile (ATGM), Amogha-III.
Amogha-III has been developed under Integrated Guided Missile Development Programme (IGMDP) by the Research and Development (R&D) Division of BDL.
About Amogha-III ATGM: i.The model of the new 3rd Generation ATGM, Amogha III was unveiled during the DefExpo 2020, a flagship biennial event of the Ministry of Defence(MoD) held in Lucknow, Uttar Pradesh in February 2020 in a hybrid format. ii.The whole missile system comes with a command launch unit (CLU), remote operation capability and a tripod. iii.Amogha-III ATGM which requires no external intervention following the lauch boasts the fire and forget capability. iv.The missile also features a dual-mode Imaging Infrared (IIR) Seeker with a range of 200 to 2500 meters. Features: i.The Amogha-III, assisted by the Defence Research and Development Organisation (DRDO), showcased a tandem warhead, consisting of two separate explosive charges that are detonated in sequence.
The first charge, known as the precursor charge, penetrates the target’s armour, creating a hole for the second charge known as the main charge to detonate inside, maximizing damage inflicted on the target.
ii.The missile can be fired in lock-on-before launch (LOBL) mode. iii.The anti-armour tandem warhead of the missile can penetrate in excess of 650 mm beyond Explosive Reactive Armour (ERA). iv.This missile of versatile nature is capable of top and direct attack modes.
India & UK Scientists collaborate on SMART Early Warning Flood Alert System
Scientists from India and the United Kingdom (UK) have developed a real-time Early Warning System to help reduce the destructive effects of flooding on people and property, particularly in mountainous areas where extreme water events are a major problem. The team worked on integrating science, policy and local community-led approaches to create a so-called SMART approach that better fits the local context.
Team: Researchers from the Indian Institute of Technology (IIT) Roorkee (Uttarakhand), Imperial College London (UK), University of Birmingham (UK), and People’s Science Institute, Dehradun (Uttarakhand).
The SMART approach covers: Shared understanding of risks ensuring every group of people in a community is represented and a wide range of data collection methods are used; Monitoring risks and establishing warning systems that build trust and exchange critical risk information helping to maintain the forecasting system.
Three New Species of Bush Cricket Discovered: Hexacentrus khasiensis, Hexacentrus ashoka, & Hexacentrus tiddaeResearchers from the zoology departments of Ashoka University, Haryana; Punjab University(PU), Chandigarh; and the National Institute of Science Education and Research, Odisha have discovered 3 new predatory Bush Cricket (Hexacentrus) species namely Hexacentrus khasiensis in Meghalaya and Hexacentrus ashoka and Hexacentrus tiddae in Sonipat, Haryana.
The 3 new species were found in 2 study locations: a forested area around and inside the North Eastern Hill University (NEHU) campus of Shillong, Meghalaya, and in the forested area around Ashoka University Campus, Sonipat, Haryana.
Key Points: i. Hexacentrus is a genus of predatory katydids. Hexacentrus is a genus of 7 species, 6 of which are morphologically defined in India and one of which is only acoustically characterised.
Based on detailed morphological, stridulatory, and acoustic characteristics, the 3 new species fall under the genus from India.
ii. Researchers- Aarini Ghosh, Ranjana Jaiswara, Monaal, Shagun Sabharwal, Vivek Dasoju, Anubhab Bhattacharjee, and Bittu Kaveri Rajaraman.
A Joint team of researchers from the zoology departments of Panjab University (PU), Ashoka University, Sonipat, and the National Institute of Science Education and Research, Orrisa, discovered three new species of predatory bush cricket in India.
iii.Zootaxa, a scientific mega journal for animal taxonomists, is likely to now include all 3 of the newly discovered species. Hexacentrus khasiensis: Type material- Holotype Type locality- East Khasi Hill, Shillong, Meghalaya. The species is named after the Khasi hill of Meghalaya. Hexacentrus ashoka: Type material- Holotype Type locality- Ashoka University, Rai, Sonipat, Haryana. The species is named after Ashoka University located in Sonipat, Haryana. Hexacentrus tiddae: Type Material- Holotype Type locality- Ashoka University, Aswarpur, Sonipat, Haryana, India The term ‘tiddae’ in Hindi and Haryanvi refers to Orthoptera, it is used for locusts and crickets.
Renowned Author & 2-time Kerala Sahitya Akademi Award Winner Sarah Thomas Passed AwayOn 31st March 2023, renowned Malayalam writer, Sarah Thomas, a 2-time Kerala Sahitya Akademi Awardee, passed away in Trivandrum, Kerala, at the age of 88. She was born on 15th September 1934 in Trivandrum, Travancore Kingdom, British India (now in Kerala). About Sarah Thomas: i. Sarah Thomas has written 17 novels and over 100 short stories. She published her first novel “Jeevitham Enna Nadhi” at the age of 34. ii. She was known for her work “Narmani Putava” (1978) and, “Daivamakkal” (1982) and “Grahanam” are her favourite works. iii. Her other notable works are Agnishuddhi (1988), Chinnammu (1988), Valakkar (1994), Neelakurinjikal Chuvakum Neram (1995), Thanneerpanthal, Yatra and Kaveri. iv. Her novels Murippadukal, Asthamayam, Pavizhamuthu, and Archana have been adapted into movies. Awards: i. Sarah Thomas’s novel “Narmadi Pudava” won the Kerala Sahitya Akademi Award in 1979. ii. In 2010, she also received the Kerala Sahitya Akademi award for Overall Contribution to Malayalam literature.
Earth Hour 2023 – March 25Earth Hour is annually observed across the globe on the last Saturday of March by turning out the lights from 8:00 p.m. to 9:00 p.m. (local time) as a symbolic act of support for the action taken on environmental issues and protecting the planet. Earth Hour is one of the world’s largest grassroots movements for the environment. Earth Hour 2023 was observed on 25th March 2023.
Earth Hour 2022 was observed on 26th March 2022.
Earth Hour 2024 will be observed on 30th March 2024.
The theme of Earth Hour 2023 is “The Biggest Hour for Earth”. Background: i. Earth Hour was initiated by the World Wide Fund of Nature (WWF), formerly the World Wildlife Fund and partners as a symbolic lights-out event in Sydney, Australia, in 2007. ii. The 1st ever Earth Hour event was observed on 31st March 2007 in Sydney, Australia.
In the 1st Earth Hour event, more than 2.2 million people and 2,000 businesses switched off their lights for one hour.
Chennai’s WABAG bags Rs 4,400 crore Seawater Desalination Project in Tamil Nadu
Chennai (Tamil Nadu)-based VA Tech Wabag Ltd (WABAG) has bagged Rs 4,400 crore Sea Water(salt water) Reverse Osmosis (SWRO) project in Tamil Nadu (TN) which after completion would be the largest sea-water desalination project in the South East Asia region. The project has been bagged in a joint venture (JV) with Metito Overseas Limited and will be implemented on a design, build, operate (DBO) model. Key Highlights: i. WABAG with Metito Overseas wins an SWRO project from Chennai Metropolitan Water Supply and Sewerage Board (CMWSSB). ii. The largest seawater desalination plant in South East Asia, worth Rs 4,400 crore, with a 400 Minimal Liquid Discharge (MLD) capacity, was funded by the Japan International Cooperation Agency (JICA). iii. The DBO will take place over 42 months and will be operated and maintained for 20 years by WABAG. iv.Desalination Process: Lamella Clarifiers, Dissolved Air Flotation System, Gravity Dual Media Filters followed by Reverse Osmosis, and Re-mineralization to produce clean drinking water.
It will be further distributed by CMWSSB to the residents of south Chennai.
Cabinet approves continuation of Schemes of MDoNER worth Rs 12882.2cr from 2022-23 to 2025-26i.The Union Cabinet chaired by the Prime Minister (PM) Narendra Modi has approved the continuation of the Schemes of the Ministry of Development of North Eastern Region (MDoNER) for the balance period of the 15th Finance Commission i.e. from 2022-23 to 2025-26. ii.Its outlay is Rs 12882.2 crore. Based on the Expenditure Finance Committee (EFC) recommendations, the funding for different northeastern states is as follows:
North East Special Infrastructure Scheme (NESIDS)– Rs.8139.5 crore including committed liabilities of ongoing projects
Schemes of NEC– Rs.3202.7 crore including committed liabilities of ongoing projects
Special Packages for BTC, DHATC and KAATC in Assam– Rs.1540 crore (BTC- Rs 500 crore, KAATC – Rs 750 crore and old packages of BTC, DHATC & KAATC – Rs 290 crore)
About Ministry of Development of North Eastern Region (MDoNER): Union Minister– Gangapuram Kishan Reddy (Constituency- Secunderabad, Telangana) Minister of State (MoS)– B. L. Verma (Constituency- Uttar Pradesh)
Union Minister Dr Jitendra Singh inaugurates National Genome Editing & Training Centre at Mohali, PunjabOn 5th January 2023, Dr Jitendra Singh, Minister of State (Independent Charge) of the Ministry of Science and Technology, inaugurated the “National Genome Editing & Training Centre” (NGETC) at the National Agri-Food Biotechnology Institute (NABI), under the Department of Biotechnology, Ministry of Science and Technology, in Mohali, Punjab.
Dr Jitendra Singh also launched a 4-day International Conference on Food and Nutritional Security 2023 (iFANS-2023), which takes place from 6th to 9th January 2023.
Key Points: i. Over 80,000 firms have been founded in India as a result of the startup movement, which had just roughly 350 startups before 2014. ii. Dr Jitendra Singh insisted that the increase in the number of StartUps must also equally and proportionately reflect in the Agri and Bio-tech because this area is yet to be fully explored and taken advantage of by Indian entrepreneurs and youth. National Genome Editing & Training Centre (NGETC): i. The NGETC is one roof state-of-the-art facility that will serve as a national platform to meet regional demands for adapting various genome editing methods, including Clustered Regularly Interspaced Short Palindromic Repeats (CRISPR)-Cas mediated genome modification.
Genome editing is a tool to cause site-specific gene changes or mutations to enable the development of critical crop features.
Indian research might use the promising technology of genome editing to provide the necessary custom features in crops.
ii. NGETC will help empower young researchers by educating them about its expertise and application in crops. iii. Bananas, rice, wheat, tomato, maize, and millet are just a few of the many crops that NABI has demonstrated its capacity to expand the use of its genome editing technologies. International Conference in Food and Nutritional Security 2023 (iFANS-2023): The iFANS-2023, a 4-day conference, will be jointly organized by the National Agri-Food Biotechnology Institute (NABI), Centre for Innovative and Applied Bioprocessing (CIAB), Indian Council of Agricultural Research – National Institute of Plant Biotechnology (ICAR – NIPB), and International Centre for Genetic Engineering and Biotechnology (ICGEB) at NABI, Mohali, Punjab.
The theme of the conference is pertinent to inspire young students and researchers considering the fact that food and nutrition security is a global demand.
The conference will discuss how genome editing might improve India’s food and nutritional security under changing climate.
The conference will have multiple sessions with speakers from 15 different countries.
80 speakers (40 international and 40 national) will be sharing their scientific knowledge during the conference.
India’s Biggest Hockey Stadium was inaugurated in Odisha Naveen Patnaik, Chief Minister(CM) of Odisha, inaugurated the Birsa Munda International Hockey Stadium, India’s largest hockey stadium, in terms of seated (chair) capacity of 20,000, in Rourkela, Odisha.
CM Naveen Patnaik also inaugurated the World Cup Village at Birsa Munda Hockey Stadium Complex in Rourkela and announced a reward of Rs 1 crore for each player of the Indian hockey team if they win the World Cup Hockey.
CM also inaugurated the “Mo Bus” (my bus) services in Rourkela with 30 vehicles to ensure hassle-free movement during the hockey world cup.
The stadium is inaugurated ahead of the 15th Fédération Internationale de Hockey(FIH) Hockey World Cup – FIH Odisha Hockey Men’s World Cup 2023 which is scheduled to be held from 13th to 29th January 2023 in Bhubaneswar and Rourkela, Odisha.
Rourkela is the 2nd venue for the international event after the Kalinga Stadium in Bhubaneswar, Odisha.
Key People:
Bhola Nath Singh, Secretary General of Hockey India along with officials of Hockey India and the Odisha government were present during the event. About Birsa Munda International Hockey Stadium: i.The Birsa Munda International Hockey Stadium, named after freedom fighter Birsa Munda, is built over 15 acres of land at the campus of the Biju Patnaik University of Technology (BPUT) in Rourkela. ii.The stadium, with a total capacity of 21,000, is built at a cost of Rs 146 crore. 20 of the 44 Hockey World Cup matches will be held at Birsa Munda stadium and the remaining will be held in Kalinga Stadium. iii.The stadium was built by the Odisha Industrial Infrastructure Development Corporation (IDCO). World Cup Village: i.The World Cup Village with 225 rooms with all amenities for the Hockey World Cup has been developed within a period of 9 months. ii.The World Cup Village will house the teams and officials of the FIH Odisha Hockey Men’s World Cup 2023. Additional info: During the inauguration event, CM Naveen Patnaik unveiled a book titled “Odisha Re Hockey” (Hockey In Odisha) published by School and Mass Education Department. The book deals with the history of Hockey in Sundargarh and the role of Odisha in promoting the national sport of India. Points to note: Odisha will be hosting the men’s hockey world cup for the 2nd time in a row. Previously, the 2018 Hockey world cup was hosted at Kalinga Stadium in Bhubaneswar, Odisha. This will be the fourth time India will host the hockey world cup.
India gets its 1st IVF Mobile Unit for Animals
On 1st January 2023, India received its 1st In vitro fertilization (IVF) mobile unit for animals in Amreli, Gujarat. Parshottam Rupala, Union Minister of Fisheries, Animal Husbandry and Dairying, inaugurated the mobile IVF lab.
The Government of India and Amar Dairy jointly dedicated the IVF mobile van.
Notably, IVF is a complex series of procedures used to support fertility and child conception.
It is an advanced reproductive technology used in animals to multiply superior female germplasm at a higher rate.
ILO Report: Half of The World’s Workforce Works Too Much or Too Little
As per the report, prior to the COVID-19 pandemic, the average number of hours per week in paid work globally was around 43.9 hours (2019 or the latest available year).
Key Observations from the Report i.The report examines the two main aspects of working time: working hours and working time arrangements (also called work schedules), as well as their effects on business performance and workers’ work-life balance.
The report examines implications on work-life balance, such as shift work, on-call work, compressed hours, and hours-averaging schemes.
ii.The report, which is the first to focus on work-life balance, discovered that a significant fraction of the global workforce works either long or short hours when compared to a standard eight-hour day/40-hour work week.
More than one-third of all workers work more than 48 hours per week on a regular basis, whereas one-fifth of the global workforce works short (part-time) hours of less than 35 per week.
iii.The report also looked at the disparities between workers’ actual and preferred work hours, and found a significant misalignment.
Workers in the informal economy are more likely to work long or short hours.
iv.The report provides a significant amount of evidence showing work-life balance policies have a positive impact on businesses, proving that such policies benefit both employers and employees. About the International Labour Organization (ILO): ILO is the only tripartite United Nations (UN) agency that brings together governments, employers, and workers from 187 member countries. India is a founder member of the ILO. Director-General – Gilbert Fossoun Houngbo Headquarters – Geneva, Switzerland Establishment – 1919
RBI selected 6 firms under 4th cohort of RS to Test Anti-Fraud Solutionsi.On January 5, 2023, the Reserve Bank of India (RBI) selected six entities out of nine applications for the Test Phase under the 4th cohort of Regulatory Sandbox (RS) on the theme ‘Prevention and Mitigation of Financial Frauds’. ii.The selected entities will commence testing their products on Anti-Fraud Solutions from February 2023. iii.Selected entities & their Products:
Bahwan Cybertek
Crediwatch Information Analytics
enStage Software Private Limited (Wibmo)
HSBC in collaboration with Wibmo
napID Cybersec
Trusting Social
SEBI nod to Reclassify Govt Holding in IDBI Bank as ‘Public’ after SaleThe Securities and Exchange Board of India (SEBI) agreed to the Central Government request to reclassify its shareholding in IDBI Bank after its disinvestment as public holding.
However, this is subject to the condition that government’s voting rights in the bank will not exceed 15% of the total voting rights after the sale.
Key Points: i.Thisreclassification by government must be specified in the letter of offer dispatched to the shareholders of the bank in connection with the open offer made by the acquirer. ii.After disinvestment, the bank must make an application to the stock exchanges for reclassification of the government holding under the public category. iii.The new acquirer must ensure compliance with the minimum public shareholding (MPS) requirements within one year of the sale. iv.At present, the government holds 45.48% stake, LIC holds around 49.24%, and the remaining 5.28% is public shareholding. v.The government is selling 30.48% stake in the bank, while LIC will sell 30.24%.
After the sale, the government will be left with 15 per cent and LIC will have a little over 19 per cent stake in the bank.
About Securities and Exchange Board of India (SEBI): Chairperson– Madhabi Puri Buch Headquarters– Mumbai, Maharashtra Establishment– 1992
SEBI Issues Debt Broker License to Zerodha-Backed GoldenPi TechnologiesThe Securities and Exchange Board of India (SEBI) has granted a debt broker license to GoldenPi Technologies, a Bengaluru (Karnataka)-based fintech company backed by Indian financial services provider Zerodha.
With this, GoldenPi Technologies became the first online bond platform (OBP) provider to obtain a debt brokerage licence from SEBI.
On January 5, 2022, SEBI relaxed certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) relating to the dispatch of a hard copy of the annual report (financial statements) due in the year 2023 to debenture holders till September 30, 2023, which shall take effect immediately. The earlier extension lasted until December 31, 2022.
About the Securities and Exchange Board of India (SEBI): Chairperson– Madhabi Puri Buch Headquarters– Mumbai, Maharashtra Establishment– 1992
RBI Launches Medium-Term Strategy Framework “Utkarsh 2.0” For 2023-2025The Governor of the Reserve Bank of India (RBI), Shaktikanta Das, has launched the“Utkarsh 2.0”Medium-Term Strategy Framework for the period 2023-2025.
Utkarsh 2.0 would enable the RBI to respond to socioeconomic challenges in both a proactive and reactive manner.
Utkarsh 2.0 relies on the strengths of Utkarsh 2022 by retaining the six vision statements, as well as the core purpose, values, and mission statement.
Utkarsh 2022 i.The first strategy framework, “Utkarsh 2022”, covering the period 2019-2022, was launched in July 2019.
It evolved into a medium-term strategy document that guided the RBI’s work toward the achievement of the defined milestones.
ii.Utkarsh’s core purpose is to promote monetary and financial stability while retaining growth as a priority, in order to support the establishment of an effective and inclusive financial system. Six Vision statements of Utkarsh 2.0
Excellence in performance of its functions
Strengthened trust of citizens and Institutions in the RBI
Enhanced relevance and significance in national and global roles
Transparent, accountable and ethics-driven internal governance
Best-in-class and environment-friendly digital and physical infrastructure
Innovative, dynamic and skilled human resources
Key Points: i.Utkarsh 2.0 will include the adoption of tools driven by artificial intelligence (AI) and machine learning (ML) for data analysis and information generation. ii.The RBI oversees the program’s implementation and development, through a Sub-committee of its Central Board. About the 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 –1935
Axis Bank & OPEN Collaborate to Launch a Fully Digital Current AccountAxis Bank Limited (Axis Bank), India’s third-largest private sector bank, has partnered with Open Financial Technologies Pvt Ltd (OPEN), a digital banking firm, to give its customers a fully native digital current account journey.
This is Axis Bank’s first collaboration with a fintech company to develop a fully digital current account.
Small and Medium Enterprises (SMEs), freelancers, homepreneurs (home-based entrepreneurs), influencers, and other clients would benefit from the Fully Digital Current Account. Key Points: i.The existing Current account holders of Axis Bank will have access to over 250 banking services from Axis Bank as well as OPEN’s financial automation tools for business management.
Payments, accounting, payroll, compliance, expense management, and other services are among the business management tools offered by OPEN.
ii.The digital current account authentication process will be entirely online, using the PAN (permanent account number) and Aadhaar, followed by a video KYC (know your customer) process. iii.OPEN will continue to work on integrating value-added services for users such as term loans, revenue-based finance, and more. Open Financial Technologies Pvt Ltd (OPEN) i.OPEN, a neo-banking platform headquartered in Bangalore, Karnataka, was founded in 2017.
A “neo-bank” is a kind of digital bank that does not have any physical locations. They use artificial intelligence (AI) and technology to give clients personalized services while reducing operating costs.
ii.OPEN operates the SME neo-banking platform ‘Open Money’, the embedded finance platform ‘Zwitch’, and ‘BankingStack’, the enterprise digital banking platform for banks. iii.Open, India’s 100th Unicorn, is backed by top global investors such as IIFL Finance, Temasek, Google, Visa, and Tiger Global, among others.
OPEN’s digital banking platform is currently used by over 30 lakh businesses.
Anish Achuthan is the Co-founder and Chief Executive Officer (CEO) of OPEN.
About Axis Bank Limited: MD & CEO – Amitabh Chaudhry Establishment –1993 Headquarters – Mumbai, Maharashtra Tagline – Badhti Ka Naam Zindagi
CIRIUM: Delhi & Bengaluru Among the Top 10 Performing Global Airports Of 2022According to the On-Time Performance Review 2022 released by CIRIUM, the aviation analytics company, Kempegowda International Airport, Bengaluru, Karnataka, and Indira Gandhi International (IGI) Airport, Delhi, were listed among the top 10 in the Top Performing Global Airports of 2022.
Kempegowda International Airport is ranked 2nd and Indira Gandhi International (IGI) Airport is ranked 7th on the list.
The list is topped by Haneda Airport in Japan.
Chhatrapati Shivaji Maharaj International Airport, Mumbai (Maharashtra) stood at the 11th spot.
The Top Performing Global Airports of 2022:
Varanasi Cantt Railway Station Bags ‘Eat Right Station’ Certification from FSSAI
The Varanasi Cantt railway station has been awarded a 5- star ‘Eat Right Station’ certification by the Food Safety and Standards Authority of India (FSSAI) for providing high quality and nutritious food to passengers. The 5-star rating indicates full compliance by the station to ensure safe and hygienic food is available to passengers.
The certification is part of the ‘Eat Right India’ movement- a large-scale effort by FSSAI to transform India’s food system to ensure safe, healthy and sustainable food for all Indians.
The other railway stations with Star certification include Anand Vihar Terminal Railway Station (Delhi); Chhatrapati Shivaji Terminus (Mumbai); Mumbai Central Railway Station, (Mumbai); Vadodara Railway Station, Chandigarh Railway Station and Bhopal Railway Station.
Kerala CM Pinarayi Vijayan presents 1st Gouriamma award to Aleida Guevara
On 5th January 2023, Pinarayi Vijayan, Chief Minister (CM) of Kerala, presented the 1st Gouriamma award to Aleida Guevara, Cuban child rights advocate and daughter of revolutionary leader Che Guevara, at Olympia Hall at Chandrasekharan Nair Stadium in Thiruvananthapuram, Kerala.
The award recognises her efforts to rehabilitate differently abled children and provide debt relief to developing countries.
The award was instituted by The K.R. Gouriamma Foundation in memory of the Communist leader K.R. Gouriamma.
The award comprises USD 3,000, a statuette and a citation.
Jury: former Education Minister M.A. Baby(chair) Binoy Viswam, Member of Parliament (MP), and P.C. Beenakumari, managing trustee of the foundation.
Tropidophis cacuangoae: Scientists Discovers New Dwarf Boa in Ecuadoran Amazon
Scientists have discovered a new species of dwarf boa(snake): Tropidophis cacuangoae in the Ecuadorian Amazon, Ecuador. The new species is named after 20th century Indigenous rights activist Dolores Cacuango. Two specimens of the species were found in the Colonso Chalupas national reserve and in the private Sumak Kawsay park.
The new species is 20 centimetres (7.8 inches) long, with skin colouring similar to those of the boa constrictor.
The species is unusual for having a “vestigial pelvis” characteristic of primitive snakes and taken as evidence by some that snakes descended from lizards that lost their limbs over millions of years.
The researchers’ findings were published in the European Journal of Taxonomy.
Pranesh from TN Becomes India’s 79th Chess Grandmaster; Wins Rilton Cup 2022/2023M Pranesh (16-year-old) from Tamil Nadu (TN) became India’s 79th Grandmaster (GM) after crossing the 2500 ELO rating and winning the Rilton Cup 2022/2023 held in Stockholm, Sweden.
The Rilton Cup is the first tournament of the FIDE circuit.
Pranesh is the 28th Grandmaster from Tamil Nadu(TN).
Key highlights: i.He crossed the 2500-rating threshold and became a GM, having completed his three norms before the Rilton Cup.
He won his first norm at the 18th Delhi GM Open in January 2020 and claimed his second norm at the Sunway Sitges International Chess Festival in Spain in December 2021.
He won his third norm at the Asian Continental Chess Championship 2022.
Key Points: i.Pranesh has been seeded 22nd, finishing ahead of IM Kaan Kucuksari (Sweden) and GM Nikita Meshkovs (Latvia).
He topped the Rilton Cup charts which witnessed the participation of 136 players representing 29 national federations
ii.With 6.8 circuit points Pranesh is now the early leader of the FIDE Circuit.
The player with most points by the end of the year qualifies for the 2024 FIDE Candidates.
iii.Grandmaster R Raja Rithvik of India finished 8th with 6 points. Note – On 1st January 2023 Koustav Chatterjee (19-year) had become India’s 78th GM at the MPL 59th National Senior Chess in New Delhi, Delhi. About GrandMaster (GM): i.Grandmaster (GM) is the highest title a chess player attain and it is awarded by the world chess organisation FIDE (Fédération Internationale des Échecs – International Chess Federation).
To become a GM, a player has to secure three GM norms and cross the live rating of 2,500 Elo points.
ii.The other titles by FIDE include International Master (IM), FIDE Master (FM) and Candidate Master (CD), which are open to all chess players regardless of gender.
KKCL & BCCI partners as Official Sponsor of Indian Cricket Team
Kewal Kiran Clothing Limited (KKCL), the retail giant, has announced plans to enter its flagship brand ‘Killer’ into a strategic partnership with the Board of Control for Cricket in India (BCCI) as the Indian Cricket Team’s “Official Sponsor”.
The brand will now be displayed on the Team India jersey’s right upper chest. KKCL will put on the brand Killer logo on Team India’s Kit until 31st May 2023.
Since 1992, KKCL, one of India’s major branded garment manufacturers, has been creating, producing, and distributing branded jeans and a variety of western clothing.
It also produces “Killer” jeans, a brand that has been prominently marketed on the fields of cricket. KKCL owns brands like Integriti, Lawmanpg3, Easies and Desi Belle
FIH Partners with JSW Group for 15th Edition Hockey Men’s World Cup
The International Hockey Federation (FIH) has signed a partnership with the JSW Group for the upcoming 15th edition of FIH Odisha Hockey Men’s World Cup 2023 Bhubaneswar-Rourkela, which will be conducted between 13th January 2023 – 29th January 2023 in Odisha. The JSW Group supports and promotes Olympics in India and has created an Olympic Training Institute in the Inspire Institute of Sport. It also has Olympic training centres across India.
Veteran Sinologist Janaki Ballabh passed away in Beijing
Veteran Sinologist Janaki Ballabh, an Indian translator and writer, who translated a range of Chinese works into Hindi, passed away in Beijing, China, at the age of 94. He lived and worked in China as a Hindi Language expert from 1956 to the years immediately following the Cultural Revolution.
Janaki Ballabh was born in Dalakot village in Almora in Uttarakhand and was closely associated with India’s Independence movement.
Noted works: ‘Selected Works’ by Mao Zedong, founder of the Communist Party of China (CPC); the Chinese classic novel ‘Journey to the West’; and works of prominent Chinese writer, essayist, poet and literary critic Lu Xun
He was honoured with Peace and Friendship Award 1961 by former Chinese Premier Zhou Enlai for his contributions to cultural exchange between China and India.
Sinologist – a person who studies or is an expert in the academic study of China primarily through Chinese language, literature, and history.
World Day of War Orphans 2023 – January 6World Day of War Orphans is annually observed across the globe on January 6 to create initiatives to ensure a better future for children who have been left orphaned by war and to raise awareness of the need to preserve their human rights globally.
The day provides a platform for discussing the problem of war orphans and emphasising the difficulties children experience as they develop emotionally, socially, and physically.
i. The French organisation SOS Enfants En Detresse (SOSEED), which aimed to better the lives of children impacted by conflict, established the World Day of War Orphans. ii.War Orphans- A child who has lost both parents or, less commonly, one parent through civilian deaths in the war. About the United Nations Children’s Fund (UNICEF); Executive Director- Catherine M. Russell Headquarters- New York, USA Establishment- 1946
Army Inks Pact with Assam Govt for Treatment of Ex-servicemen at Medical Colleges
On 5th January 2023 the Indian Army signed Memorandums of Agreement (MoUs)with eight government medical colleges and hospitals under the Governemnt of Assam to offer the Ex-Servicemen Contributory Health Scheme (ECHS) in Assam. The benefits of ECHS will be offered in hospitals and colleges in Guwahati, Dibrugarh, Silchar, Jorhat, Barpeta, Tezpur, Diphu and North Lakhimpur.
The MoUs were signed between the Indian Army and 8 government medical colleges and hospitals in Assam in presence of Chief Minister (CM) Himanta Biswa Sarma and General Officer Commanding-in-Chief of the Eastern Command Lt Gen RP Kalita.
The Assam Cancer Care Foundation (ACCF), Government of Assam and TATA Trust initiative, has also been empanelled with ECHS.
This scheme covers all types of diseases and will facilitate the cashless and capless treatment of almost 1.12 lakh beneficiaries.
HP CM Sukhvinder Singh Sukhu Launched Rs 101 crore CM’s Sukhashray Sahayata Kosh for the Needy
On 1st January 2023, Sukhvinder Singh Sukhu, Chief Minister (CM) of Himachal Pradesh (HP), launched CM’s Sukhashray Sahayata Kosh with an outlay of Rs 101 crore for higher education for needy children especially orphans, destitute women and senior citizens with immediate effect.
All 40 Congress Members of the Legislative Assembly (MLA) have agreed to deposit their first month’s salary into the fund.
The Government of Himachal Pradesh will cover the costs of their skill-development education, higher education (engineering, medicine, and management), and vocational training, for destitute children.
Current Affairs Daily Digest – 7 January 2023
Last updated: Sun Jan 08 2023
Cabinet approves continuation of Schemes of MDoNER worth Rs 12882.2cr from 2022-23 to 2025-26i.The Union Cabinet chaired by the Prime Minister (PM) Narendra Modi has approved the continuation of the Schemes of the Ministry of Development of North Eastern Region (MDoNER) for the balance period of the 15th Finance Commission i.e. from 2022-23 to 2025-26. ii.Its outlay is Rs 12882.2 crore. Based on the Expenditure Finance Committee (EFC) recommendations, the funding for different northeastern states is as follows:
North East Special Infrastructure Scheme (NESIDS)– Rs.8139.5 crore including committed liabilities of ongoing projects
Schemes of NEC– Rs.3202.7 crore including committed liabilities of ongoing projects
Special Packages for BTC, DHATC and KAATC in Assam– Rs.1540 crore (BTC- Rs 500 crore, KAATC – Rs 750 crore and old packages of BTC, DHATC & KAATC – Rs 290 crore)
About Ministry of Development of North Eastern Region (MDoNER): Union Minister– Gangapuram Kishan Reddy (Constituency- Secunderabad, Telangana) Minister of State (MoS)– B. L. Verma (Constituency- Uttar Pradesh)
Union Minister Dr Jitendra Singh inaugurates National Genome Editing & Training Centre at Mohali, PunjabOn 5th January 2023, Dr Jitendra Singh, Minister of State (Independent Charge) of the Ministry of Science and Technology, inaugurated the “National Genome Editing & Training Centre” (NGETC) at the National Agri-Food Biotechnology Institute (NABI), under the Department of Biotechnology, Ministry of Science and Technology, in Mohali, Punjab.
Dr Jitendra Singh also launched a 4-day International Conference on Food and Nutritional Security 2023 (iFANS-2023), which takes place from 6th to 9th January 2023.
Key Points: i. Over 80,000 firms have been founded in India as a result of the startup movement, which had just roughly 350 startups before 2014. ii. Dr Jitendra Singh insisted that the increase in the number of StartUps must also equally and proportionately reflect in the Agri and Bio-tech because this area is yet to be fully explored and taken advantage of by Indian entrepreneurs and youth. National Genome Editing & Training Centre (NGETC): i. The NGETC is one roof state-of-the-art facility that will serve as a national platform to meet regional demands for adapting various genome editing methods, including Clustered Regularly Interspaced Short Palindromic Repeats (CRISPR)-Cas mediated genome modification.
Genome editing is a tool to cause site-specific gene changes or mutations to enable the development of critical crop features.
Indian research might use the promising technology of genome editing to provide the necessary custom features in crops.
ii. NGETC will help empower young researchers by educating them about its expertise and application in crops. iii. Bananas, rice, wheat, tomato, maize, and millet are just a few of the many crops that NABI has demonstrated its capacity to expand the use of its genome editing technologies. International Conference in Food and Nutritional Security 2023 (iFANS-2023): The iFANS-2023, a 4-day conference, will be jointly organized by the National Agri-Food Biotechnology Institute (NABI), Centre for Innovative and Applied Bioprocessing (CIAB), Indian Council of Agricultural Research – National Institute of Plant Biotechnology (ICAR – NIPB), and International Centre for Genetic Engineering and Biotechnology (ICGEB) at NABI, Mohali, Punjab.
The theme of the conference is pertinent to inspire young students and researchers considering the fact that food and nutrition security is a global demand.
The conference will discuss how genome editing might improve India’s food and nutritional security under changing climate.
The conference will have multiple sessions with speakers from 15 different countries.
80 speakers (40 international and 40 national) will be sharing their scientific knowledge during the conference.
India’s Biggest Hockey Stadium was inaugurated in Odisha Naveen Patnaik, Chief Minister(CM) of Odisha, inaugurated the Birsa Munda International Hockey Stadium, India’s largest hockey stadium, in terms of seated (chair) capacity of 20,000, in Rourkela, Odisha.
CM Naveen Patnaik also inaugurated the World Cup Village at Birsa Munda Hockey Stadium Complex in Rourkela and announced a reward of Rs 1 crore for each player of the Indian hockey team if they win the World Cup Hockey.
CM also inaugurated the “Mo Bus” (my bus) services in Rourkela with 30 vehicles to ensure hassle-free movement during the hockey world cup.
The stadium is inaugurated ahead of the 15th Fédération Internationale de Hockey(FIH) Hockey World Cup – FIH Odisha Hockey Men’s World Cup 2023 which is scheduled to be held from 13th to 29th January 2023 in Bhubaneswar and Rourkela, Odisha.
Rourkela is the 2nd venue for the international event after the Kalinga Stadium in Bhubaneswar, Odisha.
Key People:
Bhola Nath Singh, Secretary General of Hockey India along with officials of Hockey India and the Odisha government were present during the event. About Birsa Munda International Hockey Stadium: i.The Birsa Munda International Hockey Stadium, named after freedom fighter Birsa Munda, is built over 15 acres of land at the campus of the Biju Patnaik University of Technology (BPUT) in Rourkela. ii.The stadium, with a total capacity of 21,000, is built at a cost of Rs 146 crore. 20 of the 44 Hockey World Cup matches will be held at Birsa Munda stadium and the remaining will be held in Kalinga Stadium. iii.The stadium was built by the Odisha Industrial Infrastructure Development Corporation (IDCO). World Cup Village: i.The World Cup Village with 225 rooms with all amenities for the Hockey World Cup has been developed within a period of 9 months. ii.The World Cup Village will house the teams and officials of the FIH Odisha Hockey Men’s World Cup 2023. Additional info: During the inauguration event, CM Naveen Patnaik unveiled a book titled “Odisha Re Hockey” (Hockey In Odisha) published by School and Mass Education Department. The book deals with the history of Hockey in Sundargarh and the role of Odisha in promoting the national sport of India. Points to note: Odisha will be hosting the men’s hockey world cup for the 2nd time in a row. Previously, the 2018 Hockey world cup was hosted at Kalinga Stadium in Bhubaneswar, Odisha. This will be the fourth time India will host the hockey world cup.
India gets its 1st IVF Mobile Unit for Animals
On 1st January 2023, India received its 1st In vitro fertilization (IVF) mobile unit for animals in Amreli, Gujarat. Parshottam Rupala, Union Minister of Fisheries, Animal Husbandry and Dairying, inaugurated the mobile IVF lab.
The Government of India and Amar Dairy jointly dedicated the IVF mobile van.
Notably, IVF is a complex series of procedures used to support fertility and child conception.
It is an advanced reproductive technology used in animals to multiply superior female germplasm at a higher rate.
ILO Report: Half of The World’s Workforce Works Too Much or Too Little
As per the report, prior to the COVID-19 pandemic, the average number of hours per week in paid work globally was around 43.9 hours (2019 or the latest available year).
Key Observations from the Report i.The report examines the two main aspects of working time: working hours and working time arrangements (also called work schedules), as well as their effects on business performance and workers’ work-life balance.
The report examines implications on work-life balance, such as shift work, on-call work, compressed hours, and hours-averaging schemes.
ii.The report, which is the first to focus on work-life balance, discovered that a significant fraction of the global workforce works either long or short hours when compared to a standard eight-hour day/40-hour work week.
More than one-third of all workers work more than 48 hours per week on a regular basis, whereas one-fifth of the global workforce works short (part-time) hours of less than 35 per week.
iii.The report also looked at the disparities between workers’ actual and preferred work hours, and found a significant misalignment.
Workers in the informal economy are more likely to work long or short hours.
iv.The report provides a significant amount of evidence showing work-life balance policies have a positive impact on businesses, proving that such policies benefit both employers and employees. About the International Labour Organization (ILO): ILO is the only tripartite United Nations (UN) agency that brings together governments, employers, and workers from 187 member countries. India is a founder member of the ILO. Director-General – Gilbert Fossoun Houngbo Headquarters – Geneva, Switzerland Establishment – 1919
RBI selected 6 firms under 4th cohort of RS to Test Anti-Fraud Solutionsi.On January 5, 2023, the Reserve Bank of India (RBI) selected six entities out of nine applications for the Test Phase under the 4th cohort of Regulatory Sandbox (RS) on the theme ‘Prevention and Mitigation of Financial Frauds’. ii.The selected entities will commence testing their products on Anti-Fraud Solutions from February 2023. iii.Selected entities & their Products:
Bahwan Cybertek
Crediwatch Information Analytics
enStage Software Private Limited (Wibmo)
HSBC in collaboration with Wibmo
napID Cybersec
Trusting Social
SEBI nod to Reclassify Govt Holding in IDBI Bank as ‘Public’ after SaleThe Securities and Exchange Board of India (SEBI) agreed to the Central Government request to reclassify its shareholding in IDBI Bank after its disinvestment as public holding.
However, this is subject to the condition that government’s voting rights in the bank will not exceed 15% of the total voting rights after the sale.
Key Points: i.Thisreclassification by government must be specified in the letter of offer dispatched to the shareholders of the bank in connection with the open offer made by the acquirer. ii.After disinvestment, the bank must make an application to the stock exchanges for reclassification of the government holding under the public category. iii.The new acquirer must ensure compliance with the minimum public shareholding (MPS) requirements within one year of the sale. iv.At present, the government holds 45.48% stake, LIC holds around 49.24%, and the remaining 5.28% is public shareholding. v.The government is selling 30.48% stake in the bank, while LIC will sell 30.24%.
After the sale, the government will be left with 15 per cent and LIC will have a little over 19 per cent stake in the bank.
About Securities and Exchange Board of India (SEBI): Chairperson– Madhabi Puri Buch Headquarters– Mumbai, Maharashtra Establishment– 1992
SEBI Issues Debt Broker License to Zerodha-Backed GoldenPi TechnologiesThe Securities and Exchange Board of India (SEBI) has granted a debt broker license to GoldenPi Technologies, a Bengaluru (Karnataka)-based fintech company backed by Indian financial services provider Zerodha.
With this, GoldenPi Technologies became the first online bond platform (OBP) provider to obtain a debt brokerage licence from SEBI.
On January 5, 2022, SEBI relaxed certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) relating to the dispatch of a hard copy of the annual report (financial statements) due in the year 2023 to debenture holders till September 30, 2023, which shall take effect immediately. The earlier extension lasted until December 31, 2022.
About the Securities and Exchange Board of India (SEBI): Chairperson– Madhabi Puri Buch Headquarters– Mumbai, Maharashtra Establishment– 1992
RBI Launches Medium-Term Strategy Framework “Utkarsh 2.0” For 2023-2025The Governor of the Reserve Bank of India (RBI), Shaktikanta Das, has launched the“Utkarsh 2.0”Medium-Term Strategy Framework for the period 2023-2025.
Utkarsh 2.0 would enable the RBI to respond to socioeconomic challenges in both a proactive and reactive manner.
Utkarsh 2.0 relies on the strengths of Utkarsh 2022 by retaining the six vision statements, as well as the core purpose, values, and mission statement.
Utkarsh 2022 i.The first strategy framework, “Utkarsh 2022”, covering the period 2019-2022, was launched in July 2019.
It evolved into a medium-term strategy document that guided the RBI’s work toward the achievement of the defined milestones.
ii.Utkarsh’s core purpose is to promote monetary and financial stability while retaining growth as a priority, in order to support the establishment of an effective and inclusive financial system. Six Vision statements of Utkarsh 2.0
Excellence in performance of its functions
Strengthened trust of citizens and Institutions in the RBI
Enhanced relevance and significance in national and global roles
Transparent, accountable and ethics-driven internal governance
Best-in-class and environment-friendly digital and physical infrastructure
Innovative, dynamic and skilled human resources
Key Points: i.Utkarsh 2.0 will include the adoption of tools driven by artificial intelligence (AI) and machine learning (ML) for data analysis and information generation. ii.The RBI oversees the program’s implementation and development, through a Sub-committee of its Central Board. About the 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 –1935
Axis Bank & OPEN Collaborate to Launch a Fully Digital Current AccountAxis Bank Limited (Axis Bank), India’s third-largest private sector bank, has partnered with Open Financial Technologies Pvt Ltd (OPEN), a digital banking firm, to give its customers a fully native digital current account journey.
This is Axis Bank’s first collaboration with a fintech company to develop a fully digital current account.
Small and Medium Enterprises (SMEs), freelancers, homepreneurs (home-based entrepreneurs), influencers, and other clients would benefit from the Fully Digital Current Account. Key Points: i.The existing Current account holders of Axis Bank will have access to over 250 banking services from Axis Bank as well as OPEN’s financial automation tools for business management.
Payments, accounting, payroll, compliance, expense management, and other services are among the business management tools offered by OPEN.
ii.The digital current account authentication process will be entirely online, using the PAN (permanent account number) and Aadhaar, followed by a video KYC (know your customer) process. iii.OPEN will continue to work on integrating value-added services for users such as term loans, revenue-based finance, and more. Open Financial Technologies Pvt Ltd (OPEN) i.OPEN, a neo-banking platform headquartered in Bangalore, Karnataka, was founded in 2017.
A “neo-bank” is a kind of digital bank that does not have any physical locations. They use artificial intelligence (AI) and technology to give clients personalized services while reducing operating costs.
ii.OPEN operates the SME neo-banking platform ‘Open Money’, the embedded finance platform ‘Zwitch’, and ‘BankingStack’, the enterprise digital banking platform for banks. iii.Open, India’s 100th Unicorn, is backed by top global investors such as IIFL Finance, Temasek, Google, Visa, and Tiger Global, among others.
OPEN’s digital banking platform is currently used by over 30 lakh businesses.
Anish Achuthan is the Co-founder and Chief Executive Officer (CEO) of OPEN.
About Axis Bank Limited: MD & CEO – Amitabh Chaudhry Establishment –1993 Headquarters – Mumbai, Maharashtra Tagline – Badhti Ka Naam Zindagi
CIRIUM: Delhi & Bengaluru Among the Top 10 Performing Global Airports Of 2022According to the On-Time Performance Review 2022 released by CIRIUM, the aviation analytics company, Kempegowda International Airport, Bengaluru, Karnataka, and Indira Gandhi International (IGI) Airport, Delhi, were listed among the top 10 in the Top Performing Global Airports of 2022.
Kempegowda International Airport is ranked 2nd and Indira Gandhi International (IGI) Airport is ranked 7th on the list.
The list is topped by Haneda Airport in Japan.
Chhatrapati Shivaji Maharaj International Airport, Mumbai (Maharashtra) stood at the 11th spot.
The Top Performing Global Airports of 2022:
Varanasi Cantt Railway Station Bags ‘Eat Right Station’ Certification from FSSAI
The Varanasi Cantt railway station has been awarded a 5- star ‘Eat Right Station’ certification by the Food Safety and Standards Authority of India (FSSAI) for providing high quality and nutritious food to passengers. The 5-star rating indicates full compliance by the station to ensure safe and hygienic food is available to passengers.
The certification is part of the ‘Eat Right India’ movement- a large-scale effort by FSSAI to transform India’s food system to ensure safe, healthy and sustainable food for all Indians.
The other railway stations with Star certification include Anand Vihar Terminal Railway Station (Delhi); Chhatrapati Shivaji Terminus (Mumbai); Mumbai Central Railway Station, (Mumbai); Vadodara Railway Station, Chandigarh Railway Station and Bhopal Railway Station.
Kerala CM Pinarayi Vijayan presents 1st Gouriamma award to Aleida Guevara
On 5th January 2023, Pinarayi Vijayan, Chief Minister (CM) of Kerala, presented the 1st Gouriamma award to Aleida Guevara, Cuban child rights advocate and daughter of revolutionary leader Che Guevara, at Olympia Hall at Chandrasekharan Nair Stadium in Thiruvananthapuram, Kerala.
The award recognises her efforts to rehabilitate differently abled children and provide debt relief to developing countries.
The award was instituted by The K.R. Gouriamma Foundation in memory of the Communist leader K.R. Gouriamma.
The award comprises USD 3,000, a statuette and a citation.
Jury: former Education Minister M.A. Baby(chair) Binoy Viswam, Member of Parliament (MP), and P.C. Beenakumari, managing trustee of the foundation.
Tropidophis cacuangoae: Scientists Discovers New Dwarf Boa in Ecuadoran Amazon
Scientists have discovered a new species of dwarf boa(snake): Tropidophis cacuangoae in the Ecuadorian Amazon, Ecuador. The new species is named after 20th century Indigenous rights activist Dolores Cacuango. Two specimens of the species were found in the Colonso Chalupas national reserve and in the private Sumak Kawsay park.
The new species is 20 centimetres (7.8 inches) long, with skin colouring similar to those of the boa constrictor.
The species is unusual for having a “vestigial pelvis” characteristic of primitive snakes and taken as evidence by some that snakes descended from lizards that lost their limbs over millions of years.
The researchers’ findings were published in the European Journal of Taxonomy.
Pranesh from TN Becomes India’s 79th Chess Grandmaster; Wins Rilton Cup 2022/2023M Pranesh (16-year-old) from Tamil Nadu (TN) became India’s 79th Grandmaster (GM) after crossing the 2500 ELO rating and winning the Rilton Cup 2022/2023 held in Stockholm, Sweden.
The Rilton Cup is the first tournament of the FIDE circuit.
Pranesh is the 28th Grandmaster from Tamil Nadu(TN).
Key highlights: i.He crossed the 2500-rating threshold and became a GM, having completed his three norms before the Rilton Cup.
He won his first norm at the 18th Delhi GM Open in January 2020 and claimed his second norm at the Sunway Sitges International Chess Festival in Spain in December 2021.
He won his third norm at the Asian Continental Chess Championship 2022.
Key Points: i.Pranesh has been seeded 22nd, finishing ahead of IM Kaan Kucuksari (Sweden) and GM Nikita Meshkovs (Latvia).
He topped the Rilton Cup charts which witnessed the participation of 136 players representing 29 national federations
ii.With 6.8 circuit points Pranesh is now the early leader of the FIDE Circuit.
The player with most points by the end of the year qualifies for the 2024 FIDE Candidates.
iii.Grandmaster R Raja Rithvik of India finished 8th with 6 points. Note – On 1st January 2023 Koustav Chatterjee (19-year) had become India’s 78th GM at the MPL 59th National Senior Chess in New Delhi, Delhi. About GrandMaster (GM): i.Grandmaster (GM) is the highest title a chess player attain and it is awarded by the world chess organisation FIDE (Fédération Internationale des Échecs – International Chess Federation).
To become a GM, a player has to secure three GM norms and cross the live rating of 2,500 Elo points.
ii.The other titles by FIDE include International Master (IM), FIDE Master (FM) and Candidate Master (CD), which are open to all chess players regardless of gender.
KKCL & BCCI partners as Official Sponsor of Indian Cricket Team
Kewal Kiran Clothing Limited (KKCL), the retail giant, has announced plans to enter its flagship brand ‘Killer’ into a strategic partnership with the Board of Control for Cricket in India (BCCI) as the Indian Cricket Team’s “Official Sponsor”.
The brand will now be displayed on the Team India jersey’s right upper chest. KKCL will put on the brand Killer logo on Team India’s Kit until 31st May 2023.
Since 1992, KKCL, one of India’s major branded garment manufacturers, has been creating, producing, and distributing branded jeans and a variety of western clothing.
It also produces “Killer” jeans, a brand that has been prominently marketed on the fields of cricket. KKCL owns brands like Integriti, Lawmanpg3, Easies and Desi Belle
FIH Partners with JSW Group for 15th Edition Hockey Men’s World Cup
The International Hockey Federation (FIH) has signed a partnership with the JSW Group for the upcoming 15th edition of FIH Odisha Hockey Men’s World Cup 2023 Bhubaneswar-Rourkela, which will be conducted between 13th January 2023 – 29th January 2023 in Odisha. The JSW Group supports and promotes Olympics in India and has created an Olympic Training Institute in the Inspire Institute of Sport. It also has Olympic training centres across India.
Veteran Sinologist Janaki Ballabh passed away in Beijing
Veteran Sinologist Janaki Ballabh, an Indian translator and writer, who translated a range of Chinese works into Hindi, passed away in Beijing, China, at the age of 94. He lived and worked in China as a Hindi Language expert from 1956 to the years immediately following the Cultural Revolution.
Janaki Ballabh was born in Dalakot village in Almora in Uttarakhand and was closely associated with India’s Independence movement.
Noted works: ‘Selected Works’ by Mao Zedong, founder of the Communist Party of China (CPC); the Chinese classic novel ‘Journey to the West’; and works of prominent Chinese writer, essayist, poet and literary critic Lu Xun
He was honoured with Peace and Friendship Award 1961 by former Chinese Premier Zhou Enlai for his contributions to cultural exchange between China and India.
Sinologist – a person who studies or is an expert in the academic study of China primarily through Chinese language, literature, and history.
World Day of War Orphans 2023 – January 6World Day of War Orphans is annually observed across the globe on January 6 to create initiatives to ensure a better future for children who have been left orphaned by war and to raise awareness of the need to preserve their human rights globally.
The day provides a platform for discussing the problem of war orphans and emphasising the difficulties children experience as they develop emotionally, socially, and physically.
i. The French organisation SOS Enfants En Detresse (SOSEED), which aimed to better the lives of children impacted by conflict, established the World Day of War Orphans. ii.War Orphans- A child who has lost both parents or, less commonly, one parent through civilian deaths in the war. About the United Nations Children’s Fund (UNICEF); Executive Director- Catherine M. Russell Headquarters- New York, USA Establishment- 1946
Army Inks Pact with Assam Govt for Treatment of Ex-servicemen at Medical Colleges
On 5th January 2023 the Indian Army signed Memorandums of Agreement (MoUs)with eight government medical colleges and hospitals under the Governemnt of Assam to offer the Ex-Servicemen Contributory Health Scheme (ECHS) in Assam. The benefits of ECHS will be offered in hospitals and colleges in Guwahati, Dibrugarh, Silchar, Jorhat, Barpeta, Tezpur, Diphu and North Lakhimpur.
The MoUs were signed between the Indian Army and 8 government medical colleges and hospitals in Assam in presence of Chief Minister (CM) Himanta Biswa Sarma and General Officer Commanding-in-Chief of the Eastern Command Lt Gen RP Kalita.
The Assam Cancer Care Foundation (ACCF), Government of Assam and TATA Trust initiative, has also been empanelled with ECHS.
This scheme covers all types of diseases and will facilitate the cashless and capless treatment of almost 1.12 lakh beneficiaries.
HP CM Sukhvinder Singh Sukhu Launched Rs 101 crore CM’s Sukhashray Sahayata Kosh for the Needy
On 1st January 2023, Sukhvinder Singh Sukhu, Chief Minister (CM) of Himachal Pradesh (HP), launched CM’s Sukhashray Sahayata Kosh with an outlay of Rs 101 crore for higher education for needy children especially orphans, destitute women and senior citizens with immediate effect.
All 40 Congress Members of the Legislative Assembly (MLA) have agreed to deposit their first month’s salary into the fund.
The Government of Himachal Pradesh will cover the costs of their skill-development education, higher education (engineering, medicine, and management), and vocational training, for destitute children.
Cabinet Approvals on January 4, 2023On January 4, 2023, the Union Cabinet chaired by Prime Minister(PM) Narendra Modi approved the following proposals, CCEA Approves Central Sector BIND Scheme with an Outlay of Rs. 2,539.61 Crore Up to 2025-26 The Cabinet Committee on Economic Affairs (CCEA) approved the Ministry of Information and Broadcasting (MIB) proposal for the Central Sector Scheme “Broadcasting Infrastructure and Network Development” (BIND) at a cost of Rs. 2,539.61 crores for the infrastructure development of Prasar Bharati (Akashvani), i.e., All India Radio (AIR) and Doordarshan (DD). Cabinet approves National Green Hydrogen Mission worth Rs. 19,744 crore The Union Cabinet, chaired by Prime Minister (PM) Narendra Modi, has approved the Rs. 19,744 croreNational Green Hydrogen Mission, with the objective of making India a major exporter in the sector and a global hub for the production, use, and export of green hydrogen and its derivatives. Cabinet Approves Naming of Greenfield International Airport Mopa, Goa as ‘Manohar International Airport – Mopa, Goa’ The Union Cabinet, chaired by PM Narendra Modi, has accorded ex-post facto approval for the naming of Greenfield International Airport in Mopa, Goa, as “Manohar International Airport – Mopa, Goa.” About SJVN Limited (formerly known as Satluj Jal Vidyut Nigam Ltd): Chairman & Managing Director (CMD) – Nand Lal Sharma Incorporated –1988 Headquarters – Shimla, Himachal Pradesh
President assentsCrPC (Gujarat Amendment) Bill, 2021that makes violation of Sec 144 Order an OffenceThe President of India Droupadi Murmu has given her assent to the Code of Criminal Procedure (Gujarat Amendment) Bill, 2021 which empowers the administration to register criminal cases against those who are staging protests in violation of Section 144 of the Code of Criminal Procedure (CrPC). What is Section 144 of CrPC? Enacted in 1973, Section 144 empowers the magistrate of any state or union territory in India to prohibit the assembly of four or more people so that law and order can be protected in an area. Amendment: The CrPC (Gujarat Amendment) Bill, 2021 amended Section 195(1) (a) (ii) which prohibits the jurisdictional courts from taking cognisance of the offences except on the complaint in writing of the public servant concerned.
This means public servant issuing such orders is mandated to become complainant against the violators due to which officials hesitate to enforce the law.
The State Assembly of Gujarat passed the bill March 2022.
Key Points: i.According to the bill, the breach of the magisterial order will be regarded as a cognisable offence under Indian Penal Code (IPC) Section 188 (disobedience to an order duly promulgated by a public servant), and a public authority can arrest an accused without a warrant.
The maximum punishment for violators under the Section 188 of the Indian Penal Code is 6 months jail.
ii.Before this amendment, the state (police) can only detain violators for a limited period of time iii.Once this bill becomes law, the Gujarat government, police commissioners and district magistrates will be empowered to issue prohibitory orders, restricting any person from a certain act or for prevention of disturbance of public tranquillity or a riot or an affray to maintain public order on various occasions. About Section 144 of CrPC: i.As per the law, the Section 144 can be directed against a particular individual or persons residing in a particular place or area or to the general public. ii.The order passed under Section 144 can remain in force only for two months from initiation of the order. It can be extended but not more than 6 months and have to reviewed thereafter. iii.Violation of Section 144 is liable for a maximum of 3 years imprisonment.
World’s First Palm-Leaf Manuscript Museum opens in KeralaKerala Chief Minister(CM) Pinarayi Vijayan inaugurated the Palm leaf Manuscript Museum with modern audio-visual technology at the renovated Central Archives, Fort area in Thiruvananthapuram, Kerala.
The Museum, promoted as “World’s First Palm-Leaf Manuscript Museum” was set up by the Archives Department in association with the Kerala Museum of History and Heritage at a cost of Rs 3 crore.
Background: i. The museum is a repository of curious nuggets of administrative, socio-cultural and economic facets of the Travancore kingdom which lasted for 650 years till the end of the 19th century. ii. It had been the Central Vernacular Records Office since 1887 before becoming a museum. Key Highlights: i. The museum is a useful resource for historical and cultural studies for both academic and non-academic researchers. ii. The museum has 8 theme-based galleries in the museum representing segments like, “History of Writing,” “Land and People,” “Administration,” “War and Peace,” “Education and Health,” “Economy,” “Art and Culture,” and “Mathilakam Records.” iii. The museum stores 187 manuscripts at Central Archives and the department’s regional officers in Ernakulam and Kozhikode. The manuscripts span 6 centuries From 1249 CE to 1896.
It will be housed in the 6,000-sq ft museum which was arranged by the Kerala government’s nodal agency for museums Keralam–Museum of History and Heritage.
iv. The Museum houses manuscripts in ancient scripts such as Vattezhuthu, Kolezhuthu, Malayanma, and ancient Tamil and Malayalam. v. The 1st phase’s archival material was selected after sorting through a stock of carelessly stored 1.5 crore palm-leaf records from all across Kerala.
President of India Droupadi Murmu’s Visit to Rajasthan from 3 to 4 January 2023Droupadi Murmu, President of India, inaugurated and laid foundation stone for various projects during her 2 day visit to Rajasthan from 3rd to 4th January 2023.
She inaugurated Samvidhan Udyan at Raj Bhavan, Jaipur and met with the member of the Particularly Vulnerable Tribal Groups’ Communities of Rajasthan.
She also virtually inaugurated the Transmission System for Solar Energy Zones in Rajasthan and laid the foundation stone for 1000 megawatt (MW) Bikaner Solar Power Project.
She also participated in the launch of a National Campaign on ‘RISE-Rising India through Spiritual Empowerment’, organized by Brahma Kumaris at Mount Abu.
She also inaugurated the 18th National Jamboree of the Bharat Scouts and Guides in Rajasthan.
Narayan Rane Virtually Inaugurates India Made ITRS at MOPA Airport, Goa
Narayan Rane, Union Minister for Micro Small & Medium enterprises (MSME) inaugurated an India made Intelligent Tray Retrieval System (ITRS), manufactured by M/s SJK Innovations Private Limited, an MSME-Make in India Company, at MOPA (Goa) International airport, officially renamed as Manohar International Airport, Mopa, Goa. This “Made in India” ITRS system is also “Patented in India”. The ITRS is an Artificial Intelligence (AI) based fully automatic machine with advanced screening technology that helps in providing enhanced passenger security.
The machine is equipped with image analysis software with advanced tools for effortless screening and also contains a dedicated module for high threat baggage that needs immediate attention at the airport.
Highlights of EAM Dr. S. Jaishankar’s Visit to the Republic of Cyprus and Austria—December 29, 2022 –January 3, 2023Dr. Subrahmanyam Jaishankar, India’s External Affairs Minister (EAM), visited the Republic of Cyprus from December 29 – 31, 2022 and the Republic of Austria from December 31, 2022 -January 3, 2023.
The year 2022 commemorated the 60th anniversary of India-Cyprus diplomatic ties, which were established on February 10, 1962.
i.During his visit to Cyprus, EAM witnessed the signing of agreements in a number of fields, including Defence and Military Cooperation between India & Cyprus. ii.It was his first visit to Austria as India’s EAM, and the first such visit from India in 27 years. The visit commemorated the 75 years of India’s diplomatic ties with Austria, which were established in 1949. iii.During EAM Dr. S. Jaishankar’s visit to Vienna, Austria, India and Austria signed a number of agreements, including ones pertaining to mobility and migration and the Working Holiday Programme. About International Solar Alliance (ISA): Director General– Ajay Mathur Established – 2015 Headquarters– Gurugram, Haryana
Issues related to cards, Net Banking Top Complaint Areas at OBO: RBI Reporti.On January 4, 2023, the Reserve Bank of India (RBI) released the Annual Report of the Ombudsman Schemes for the period April 01, 2021 – March 31, 2022. Its details are as follows: ii.Issues related to ATM (Automated Teller Machine)/debit cards were the highest at 14.65% of the total received at the Office of Banking Ombudsman (OBO) during April 1 to November 11, 2021.
These were followed by mobile/ electronic banking at 13.64%.
iii.Complaints relating to the digital modes of payment and transactions were the highest in number, constituting 42.12% of the total complaints received during the year. iv.The volume of complaints received under the Ombudsman Schemes/Consumer Education and Protection Cells during 2021-22 increased by 9.39% at 4,18,184 as compared to FY21. 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
Dhanlaxmi Bank launches Retail Internet Banking Services ‘DhanDelight‘ & Mobile Banking App ‘DhanSmart‘Dhanlaxmi Bank has launched its new retail internet banking ‘DhanDelight’, and retail mobile banking app ‘DhanSmart’ featuring latest information system security features to provide secure banking.
The new services are built on omni channel platform with multiple features covering various banking requirements.
Key Points: i.In DhanDelight, latest UI (User Interface) and UX (User Experience) enable customers to do the financial transactions more securely. ii.The mobile app, DhanSmart, also offers dark theme to improve visual ergonomics, reduce eye strain and helps in conserving battery power. iii.The applications come with value-added features such as biometric authentication for mobile users, dash board for internet users, user defined themes, soft token for transaction authentication, credit card reports, online subscription of various social security and other schemes, online financial transactions and payments etc. About Dhanlaxmi Bank: Managing Director & CEO– Shivan J K Headquarters– Thrissur, Kerala Tagline– Tann Mann Dhan Incorporatedin 1927
IndusInd Bank Partners with British & Qatar Airways to Introduce Multi-branded Credit CardOn 5th January 2023, IndusInd Bank partnered with British Airways Executive Club and Qatar Airways Privilege Club to introduce the first-of-its-kind unique multi-branded credit card, powered by Visa.
This multi-branded credit card will be launched and made available to consumers in the first quarter of FY 2023-2024.
Key highlights: i.The credit card will be available in the Infinite variant of Visa and offers best-in-class rewards along with multiple benefits that will elevate international travel experience of customers. ii.Through this card, the customers are allowed to choose their preferred airline loyalty programme and select their preferred travel destination to collect maximum Avios, the rewards currency for British Airways Executive Club and Qatar Airways Privilege Club.
The card also offers various benefits suitable for the requirements of frequent travellers.
The customers can choose their preferred airline loyalty and preferred travel destinations while applying for the credit card.
RBI: Annapurna Finance Private Applies for Universal Bank License
On 4th January 2022, the Reserve Bank of India (RBI) has received an application from Bhubaneswar (Odisha) based Annapurna Finance Private Limited (AFPL), formerly known as Annapurna Microfinance Private Limited, under the Guidelines for ‘on tap’ Licensing of Universal Banks in the Private Sector issued on 1st August 2016.
AFPL was the only entity to apply for a universal bank licence during the quarter ended December 31, 2022.
Note – Under these guidelines large industrial houses cannot apply for bank permits. Also, eligible promoters need to have at least 10 years of experience in the financial sector. In May 2022, RBI rejected applications from UAE Exchange and Financial Services Ltd, The Repatriates Cooperative Finance and Development Bank Ltd (REPCO Bank), Chaitanya India Fin Credit Pvt Ltd and Pankaj Vaish and others for setting up Universal Banks.
GST Revenues grow 15% to Rs 1.49 lakh crore in December 2022
India’s Goods and Services Tax (GST) revenues increased 15% year-on-year to Rs 1.49 lakh crore (USD 18.07 billion) in December 2022, suggesting robust economic activity during the holiday season.
The gross GST revenue collected during December 2022 is Rs 1,49,507 crore, of which CGST is Rs 26,711 crore, SGST is Rs 33,357 crore, IGST is Rs 78,434 crore (including Rs 40,263 crore collected on import of goods) and cess is Rs 11,005 crore (including Rs 850 crore collected on import of goods).
In December 2022, for the 10th consecutive month, the GST revenues exceeded Rs 1.40 lakh crore. The GST collections were about Rs 1.46 lakh crore in November 2022.
ISRO, Microsoft join hands to Empower Space-Tech Startups in IndiaOn 5th January 2023, the Indian Space Research Organisation (ISRO) and Microsoft India signed a Memorandum of Understanding (MoU) to support and promote the growth of space technology startups in India.
The MoU aims to empower Indian space tech startups with technology tools and platforms, go-to-market support, and mentoring to help them scale and become enterprise ready.
The government has opened up the space sector for private players. More than 100 active startups are based in India and work in the space-tech sector.
Key Points: i. The partnership aims to strengthen ISRO’s vision of utilising the market potential of India’s most innovative and successful space tech businesses. ii. Through this collaboration, the ISRO-identified space-tech firms will be added to the Microsoft for Startups Founders Hub platform, which supports startups at every stage of their development, from idea to unicorn.
Through Microsoft for Startups Founders Hub, space-tech startup founders in India will have free access to the tech tools, and resources they need to build and run their businesses.
This also includes technical support to build and scale on Azure, best-in-class developer and productivity tools including GitHub Enterprise, Visual Studio Enterprise, and Microsoft 365, and access to smart analytics with Power BI and Dynamics 365.
iii. In addition to providing technological access, Microsoft will coach space tech entrepreneurs in a variety of fields, including cloud technologies, product and design, funding, and sales and marketing.
They will also have access to Microsoft Learn for tailored startup-centric training content and programs.
iv. Microsoft and ISRO will also jointly organize knowledge-sharing and thought leadership sessions for the startups with space industry experts. About Microsoft India: President- Anant Maheshwari Headquarters- Hyderabad, Telangana Establishment- 1988
Assam Govt confers Assam State Civilian Award 2023; Dr Tapan Saikia receives ‘Assam Baibhav’The Assam government has announced the list of winners of the Assam State Civilian Award 2023 which honours notable people for their admirable service to society. A total of 21 personalities were chosen for the Assam State Civilian Awards 2023. Renowned doctor Dr Tapan Saikia was honoured with the “Assam Baibhav” for his work in the healthcare (cancer treatment) and public service sectors, which included promoting early cancer detection in Assam and other northeastern regions.
The Assam State Civilian Award has 3 categories: Assam Baibhav Award, Assam Saurav Award and Assam Gaurav Award.
The 2023 awards includes, 1 Assam Baibhav; 5 Assam Saurav; and 15 Assam Gaurav.
List of Assam State Civilian Award 2023:
(Asom Baibhav)
(Asom Sourav)
(Asom Gourav)
About the Assam Civilian Awards: i. The Government of Assam will present the Assam Civilian Awards on the same patterns as the Bharat Ratna and Padma Awards, the highest Civilian Awards of the Government of India, in the interest of public service and to recognise exceptional service or performance of the highest order in any field of human endeavour.
‘Assam Baibhav’ carries a cash prize of Rs 5 lakh.
‘Assam Saurav’ carries a cash prize of Rs 4 lakh.
‘Assam Gaurav’carries a cash prize of Rs 3 Lakh.
ii. The awardees will also get Free Medical Treatment in Government hospitals and stay in paying cabins and other facilities.
Belinda Clark becomes 1st Woman Cricketer to get a Bronze Statue at SCG
On January 5, 2023, Belinda Clark, a former Australia captain, became the 1st female cricketer to get a Bronze statue unveiled at the Walk of Honour of the Sydney Cricket Ground (SCG) in Sydney, Australia.
On the morning of Day 2 of the 3rd men’s Test Match between Australia and South Africa, the sculpture was unveiled by the Honorable Dame Quentin Bryce and the Premier of New South Wales, the Hon. Dominic Perrottet MP.
Belinda Clark is the 15th sportsperson and the 3rd woman to have a statue as part of the SCG sculpture project. The other two are sprinters Betty Cuthbert and Marlene Matthews.
Prasanna Kumar Motupalli appointed as Chairman & MD of NLC India Ltd
On 5th January 2023, Prasanna Kumar Motupalli appointed as Chairman and Managing Director (CMD) of the state-run NLC India Ltd (NLCIL), a Navratna Public Sector Undertaking (PSU)under the Ministry of Coal.
The Appointments Committee of the Cabinet (ACC) has approved the appointment of Prasanna Kumar Motupalli till the date of his superannuation which is June 30, 2026.
Prior to this appointment, Prasanna Kumar Motupalli, Executive Director of NTPC Limited was working as the Managing Director of Gujarat State Electricity Corporation Limited (GSECL) on a deputation basis.
2023 Hyderabad E-Prix: Hyderabad to host India’s 1st ABB FIA Formula E World Championship RaceHyderabad, Telangana is set to host the 2023 Hyderabad E-Prix, India’s 1st ever ABB FIA (Federation Internationale de l’Automobile) Formula E World Championship race, all-electric motorsports, on 11th February 2023.
The 2023 Hyderabad E-Prix is round 4 of the 17 races for the 9th Season of the ABB FIA Formula E World Championship.
The 2022–23 ABB FIA Formula E World Championship marks the 9th Season Championship which will be organised between January and July 2023.
The race will be held at the new Hyderabad Street Circuit alongside Hussain Sagar Lake, Hyderabad, Telangana. About Formula E World Championship:
Formula E is a showcase for the world’s most advanced e-mobility technologies that drive towards a more sustainable future. The championship is the first Net Zero Sport since its inception.
The first 3 races will be held in Mexico City (1st) and Riyadh (2nd & 3rd).
Note: The Gen3- the world’s fastest, lightest, most powerful and most efficient electric race car is coming to Hyderabad for the event. Key Points: i. Private firm Ace Nxt Gen is the official promoter of the Formula E Race in India in partnership with Formula E and the Telangana government.
The partnership between Ace Nxt Gen Formula E and the Government of Telangana is 4-year long and the championship will take place in India until 2026.
ii. The Hyderabad Street Circuit, a 2.830 km (1.758 mi) street circuit, is designed by Driven International, the firm responsible for the recent changes to the Yas Marina Circuit in Abu Dhabi. iii. This is India’s 1st Street Circuit Car Racing which opened on 19th November 2022. iv. A total of 11 teams with 22 cars would be racing in the Hyderabad E-Prix in their brand-new Gen3 Formula E cars, including some of the major racing companies. v. The new Gen3 Formula E cars are capable of a top speed of 322 kmph (Kilometer per hour). vi. McLaren and Maserati will be joining the Formula E grid, alongside competitors like Porsche, Jaguar, Nissan and the Indian team, Mahindra. Note: The last international racing event hosted by India was in 2013 when the country hosted the Formula 1 Indian Grand Prix at the Buddh International Circuit, Greater Noida, Uttar Pradesh. Click here for the 2023 Race schedule.
Global Family Day 2023 – January 1
Global Family Day, also known as World Peace Day, is annually observed across the globe on January 1 to promote the concept of harmony and unity in the world. In 1999, UN members were given the chance to mark January 1 as “Global Family Day” officially.
The day aims to highlight the binding force of humanity despite the religious, cultural, and linguistic differences among people worldwide.
The day was started in 1997, when the United Nations General Assembly (UNGA) launched the International Decade for the Culture of Peace and Non-Violence for the Children of the World, with effect from the 1st day of the new millennium.
Cyclone Mandous: Govt Approves Rs 28.11 crore for AP Tobacco Farmers
Piyush Goyal, Union Minister of Commerce & Industry, approved Rs 28.11 crore to provide immediate relief to over 28,000 flue-cured Virginia (FCV) Tobacco farmers affected by Cyclone Mandous in Andhra Pradesh (AP). The fund extends a special interest-free loan of Rs 10,000 to each member of Tobacco Boards Growers Welfare Schemes, which shall benefit around 28,112 farmers under the Southern Regions (Southern Light Soil and Southern Black Soil) of AP.
The interest-free loan to the eligible FCV Tobacco farmers will be administered by the Tobacco Board, a statutory body under the Ministry of Commerce and Industry.
FCV tobacco is a major commercial crop grown in 10 districts of AP with an annual production of 121 m.kg (2021-22) grown in an area of 66,000 ha. Out of the total unmanufactured tobacco exports (excluding Tobacco Refuse), FCV tobacco exports accounted for 53.62 percent in terms of quantity and 68.47 percent in terms of value during FY 2021-22.
The name, ‘Mandous’, was suggested by the United Arab Emirates (UAE) in 2020 as a member of the World Meteorological Organisation (WMO).
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 programmeaims 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 3rdbucket 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.
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 BurnettOrchard, 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 GreenkoZeroC 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) DhananjayaYashwant (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]
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 ShyamalaGopinath 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 IntroducesNew 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 NilayaMitesh, 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.
KoustavChatterjee Becomes India’s 78th GM in MPL 59th National Senior Chess ChampionshipOn 31st December 2022, Kolkata-based chess player KoustavChatterjee (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.
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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EPFO Marginally Increases Deposit Interest Rate to 8.15% for FY23The Central Board of Trustees (CBT), the apex decision-making body of the Employees’ Provident Fund Organisation (EPFO), has proposed a new interest rate of 8.15% for Provident Fund deposits for the current fiscal year 2022-23 (FY23), to nearly 6 crore subscribers.
This proposed interest rate (8.15%) is 0.05 % higher than the 8.10% interest rate of FY22, which is the lowest in four decades.
This is the first increase in the Employees’ Provident Fund (EPF) interest rate since 2018-19, when it was lifted to 8.65% from 8.5% previously. i.The EPFO is expected to have a principal amount of Rs. 11.02 lakh crore, and an income of Rs. 90,497.57 crore for FY23, which is the highest recommended income so far.
This is substantially greater than the income of Rs. 77,424.84 crore and the principal of Rs. 9.56 lakh crore in FY22.
About Employees’ Provident Fund Organisation (EPFO): i.EPFO is a social security organisation that provides social security benefits through provident, pension, and insurance funds. Chief Executive Officer(CEO) – Neelam Shami Rao Headquarters – New Delhi, Delhi Establishment – 1952
ICAR & World Bank issue Delhi Declaration on modernisation of Agricultural Education System The Indian Council of Agricultural Research (ICAR) and the World Bank jointly issued the Delhi Declaration on Modernisation of Agricultural Education System in alignment with the National Education Policy(NEP) during the valedictory session of the International Conference on Blended Learning Ecosystem for Higher Education in Agriculture 2023(ICBLE2023) held in New Delhi, Delhi. i.The 3-day ICBLE 2023, first of its kind initiative to promote blended learning initiatives in agricultural higher education, was organised jointly by the ICAR and World Bank from 21st to 23rd March 2023 at Bharat Ratna C. Subramaniam Auditorium, National Agricultural Science Complex(NASC), New Delhi, Delhi. ii.On 21st March 2023, Narendra Singh Tomar, Union Minister of Agriculture and Farmers Welfare inaugurated the conference and launched the Blended Learning Platform for higher education in agriculture.
The platform was developed by ICAR as a part of the World Bank-funded project.
About the Indian Council of Agricultural Research (ICAR): ICAR is an autonomous organisation under the Department of Agricultural Research and Education ( DARE ), Ministry of Agriculture and Farmers Welfare(MoA&FW). Director General– Himanshu Pathak Headquarters– New Delhi, Delhi
PFRDA Increases Ombudsman’s Upper Age Limit to 70 Years from 65 YearsAccording to the notification dated 27th March 2023, the Pension Fund Regulatory and Development Authority (PFRDA) has amended the PFRDA (Redressal of Subscriber Grievance) Regulations 2015 and increased the upper age limit of the Ombudsman from 65 to 70 years.
The amended regulations are called the “Pension Fund Regulatory and Development Authority (Redressal of Subscriber Grievance) (Amendment) Regulations, 2023”.
The amended rules come into force on the date of the publication of the official gazette.
Note: According to the PFRDA (Redressal of Subscriber Grievance) Regulations 2015, the upper age limit for the ombudsman was 65 years. About Ombudsman: i.The Ombudsman is an official appointed by PFRDA who receives, considers and facilitates the resolution of complaints or grievances, which fall within the ambit of the regulations.
Ombudsman is a Swedish word meaning “legal representative.”
ii.The appointed ombudsman holds the office for a period of 3 years. The ombudsman is also eligible for reappointment for another 2 years. Additional info: With effect from April 1, 2023, PFRDA has made the mandatory upload of withdrawal and KYC documents to enable seamless processing of exit and annuity payments for the benefit of National Pension System (NPS) subscribers. About Pension Fund Regulatory and Development Authority (PFRDA): PFRDA was established by the Government of India on 23rd August 2003 Chairman– Deepak Mohanty Headquarters – New Delhi, Delhi
Odisha declares Gandhamardan Hill as Biodiversity Heritage SiteThe Forest, Environment and Climate Change Department, Government of Odisha has issued a notification declaring the Gandhamardan Hill Range in Bargarh and Balangir district as a Biodiversity Heritage Site (BHS).
Following this, an area of 18,963.898 hectares of Gandhamardan Hill (Gandhamardan Reserve Forest) including 12,431.8 ha (Bargarh) and 6,532.098 ha (Balangir) is declared as BHS of Odisha.
This is the 3rd BHS of Odisha after Mandasuru Gorge in Kandhamal district and Mahendragiri Hill Range in Gajapati district.
The designation was made in accordance with Rule 20(2) of the 2012 Odisha Biodiversity Regulations and Section 37 of the Biodiversity Act.
Threat: The rich biological resources in Gandhamardan Hill range are under pressure due to various human activity(anthropogenic) such as pollution and climatic factors and the traditional ecological knowledge associated with the bio-resources of the hill is declining. Significance of Gandhamardan Hill: The Gandhamardan Hill is considered a treasure trove of medicinal plants and an Ayurvedic paradise of Odisha. This ecosystem, with rich floral and faunal diversity, has a diverse socio-economic, ecological and biological significance for the people of Odisha. Flora: The region houses around 1,055 plant species which includes 849 angiosperms(Flowering plants), 56 pteridophytes, 40 bryophytes, 45 lichens and two gymnosperms(seed-producing plants) and 63 species of macrofungi. Fauna: The region houses around 500 species of animals which includes 43 mammals, 161 birds, 44 reptiles, 16 amphibians, 118 butterflies, 27 dragonflies and 7 damselflies and 83 species of spiders. Note: Ficus conccina var dasycarpa (angiosperm) and Peucetia harishankarensis (Spider) are endemic to this hill. Monuments: The region houses 2 historical monuments
Nrusinghanath Temple located on the northern slope
Harishankar Temple situated on the southern slope of the foot hills of Gandhamardan.
The 2 hill shrines are major pilgrimage sites of Odisha. Hiuen Tsang had described the hill shrine as a Buddhist heritage site named Parimalagiri. Bauxite mining: i.Bauxite reserve in the region was planned for exploration by the state government through a private venture. ii.In 1980s, then public sector Bharat Aluminium Company Limited (BALCO), now under the control of Vedanta Group, had almost started mining of bauxite from Gandhamardan. iii.Later the mining proposal was stopped following people’s protest against mining.
Government extends PAN-Aadhaar linking deadline to June 30, 2023
On 28th March 2023, the Ministry of Finance (MoF) informed that the Central Board of Direct Taxes(CBDT) has extended the deadline to link Permanent Account Number (PAN) with Aadhaar from 31st March 2023 to 30th June 2023.
According to Sub-section (2) of section 139AA to Income-tax Act 1961, it is mandatory for every person who has been allotted a PAN as of 1st July 2017 to intimate his Aadhaar Number so that the Aadhaar and PAN can be linked.
According to the MoF, as of 28th March 2023, more than 51 crore PANs have already been linked with Aadhaar.
IAF Participated in “Exercise Cobra Warrior” for The First Time
India made its maiden participation in “Exercise Cobra Warrior”, which was conducted at the Waddington Air Force Base of the Royal Air Force (RAF) in the United Kingdom (UK) from March 6–24, 2023.
Along with India, Finland and Saudi Arabia have also made their maiden appearances in the exercise.
An Indian Air Force (IAF) contingent of 145 Air Warriors took part in the exercise with five Mirage 2000 fighters, two C-17 Globemaster III aircraft, and an IL-78 midair refueller aircraft. Exercise Cobra Warrior i.The RAF of the UK hosts the largest multilateral air exercise, Exercise Cobra Warrior, twice a year.
Participants: RAF and the IAF, as well as air forces from Finland, Sweden, South Africa, Saudi Arabia, Belgium, the United States of America (USA), and Singapore.
ii.The aim of the exercise is to participate in a range of fighter aircraft encounters and learn from the top strategies employed by other air forces. iii.This exercise included high-intensity, large-force, and tactical air warfighting operations. iv.The RAF provided Surveillance, Multi-Engine Tactics, Qualified Weapons Instructor Courses, Qualified Space Instructor Courses, and other training during the exercise.
Japan commits Rs 7,084cr for Three Infrastructure Projects in Indiai.On March 28, 2023, Japan has committed Rs 7,084.5 crore to India for three infrastructure projects viz. one each in Patna (Bihar), West Bengal, and Rajasthan. ii.Notes in this regard were exchanged between Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs (DEA) and Suzuki Hiroshi, Japan Ambassador to India. iii.The Infrastructure Projects are Patna Metro Rail Construction Project (I), Rajasthan Water Sector Livelihood Improvement Project (II), and Forest and Biodiversity Conservation for Climate Change Response in WB. About Japan: Prime Minister– Fumio Kishida Capital– Tokyo
NPCI recommends up to 1.1% interchange fee on UPI transactions of over Rs 2,000 via PPIs i.From April 1, 2023 onwards, the National Payments Corporation of India (NPCI) will impose an interchange fee upto 1.1% will be levied on merchant transactions made through prepaid payment instruments (PPIs) such as wallets or cards, that use the Unified Payments Interface (UPI). ii.The charge will be applicable on payments exceeding Rs 2,000, made to online merchants, large merchants and small offline merchants. About National Payments Corporation of India (NPCI): MD & CEO– Dilip Asbe Headquarters– Mumbai, Maharashtra
PSBs wrote off Rs 91,000 cr in 9 months of FY23According to data presented in the Rajya Sabha as a written answer by the Union Minister Nirmala Sitharaman, Ministry of Finance Public sector banks (PSBs) have written off around Rs 91,000 crore in first 9 months of FY23.
In this, State Bank of India on the top (Rs 17,356 crore) followed by Union Bank of India (Rs 16,497 crore) and Bank of Baroda (Rs 13,032 crore).
Key Points: i.All the scheduled commercial banks (PSBs, private banks and foreign banks) wrote-off around Rs 1.61-lakh crore worth of loan in FY18. Recovery from written off accounts was less than Rs 13,000 crore or around 8% of bad debts taken off from the book in FY18
For next four fiscal, the percentage rose to 10.8, 12.8, 14.9 and 19.4 per cent, respectively.
ii.During all these five years, total amount in written off loan accounts was over Rs 10 lakh crore, while recovery was over Rs 1.3-lakh crore. This means net written off amount was around Rs 8.7-lakh crore.
Argentine-American Mathematician Luis Ángel Caffarelli honoured with The Abel Prize 2023On 22nd March 2023, the Abel Prize for Mathematics was awarded to Luis Ángel Caffarelli, an Argentine-American mathematician and an expert in “partial differential equations” which can explain phenomena ranging from how water flows to population growth, at the University of Oslo, Norway.
Luis Caffarelli, a 74-year-old professor at the University of Texas, was honoured for his seminal contributions to regularity theory for nonlinear partial differential equations.
Luis A Caffarelli is the 26th Abel Prize Laureate and he is the 1st Latin American mathematician to receive the award. Highlights: i. Norway’s King Harald V will present the Abel Prize to Luis Caffarelli at an award ceremony in Oslo on 23rd May 2023. ii. In 2022, the prize was won by American mathematician Dennis Sullivan for his research into topology and chaos theory. About Luis Ángel Caffarelli: i. Luis Caffarelli was born in Buenos Aires, Argentina, in 1948. He currently holds the Sid Richardson Chair at the University of Texas at Austin, Texas, United States of America(USA). ii. He also has been a professor at the University of Minnesota(United States of America-USA), the University of Chicago(Illinois), and the Courant Institute of Mathematical Sciences at New York University(USA). iii. Luis Caffarelli’s other awards include the 2005 Rolf Schock Prize, the American Mathematical Society’s 2009 Steele Prize for Lifetime Achievement, the 2012 Wolf Prize, the 2013 Solomon Lefschetz Medal, and the 2018 Shaw Prize. About the Abel Prize: i. The Abel Prize, named after the Norwegian mathematician Niels Henrik Abel (1802–1829), was established by the Norwegian Parliament (The Storting) in 2002, on the occasion of the 200th birth anniversary of Niels Henrik Abel. ii. The award carries a cash prize of 7.5 million Norwegian Krone (USD 710,000). iii. The Prize is awarded by The Norwegian Academy of Science and Letters, on behalf of the Ministry of Education.
Lalit Kumar Gupta named as CMD of Cotton Corporation of India
The Appointments Committee of the Cabinet (ACC) chaired by Prime Minister (PM)Narendra Modi, has approved the appointment of Lalit Kumar Gupta as Chairman and Managing Director (CMD) of Mumbai(Maharashtra)-based Cotton Corporation of India (CCI) with effect from the date of his assumption of charge of the post for a period of 5 years, or till the date of his superannuation, or until further orders, whichever is the earlier. CCI is a Public Sector Undertaking (PSU) under the Ministry of Textile
The order of the appointment was issued by the Department of Personnel & Training (DoPT), Ministry of Personnel, Public Grievances and Pensions.
Public Enterprises Selection Board (PESB) panel recommended Lalit Kumar Gupta for the post of CMD of CCI.
Lalit Kumar Gupta has a very long association with CCI, about 25 years. He joined CCI in August 1994. He is also a member of the Institute of Company Secretaries of India (ICSI).
NIC developed the “Maaptol Grievance” app to facilitate the Registration & Redressal of Consumer GrievancesThe National Informatics Centre (NIC), under the Ministry of Electronics and Information Technology (MeitY), has developed a mobile software application called “Maaptol Grievance” to facilitate online registration and time-bound redress of consumer grievances connected to the Legal Metrology Act and rules framed under it.
The Weights and Measurements Department, Government of National Capital Territory of Delhi (GNCTD), provided the contents that were published on this application.
The application mainly provides eGovernance Services delivery and intends to provide better citizen services by the government.
Key Points: i. The Weights and Measures Department of the Delhi government must attend to the settlement of the grievances lodged on the app in a time-bound manner, within two working days (48 hours). ii. Any consumer can use this software application to file a complaint with the government’s Weights & Measures Department.
If the department of Weights & Measures discovers any violations involving goods that are being sold or distributed by weight, measure, or number, or any shortcoming in the mandatory declarations on packaged goods and commodities according to the provisions of the Legal Metrology Act, 2009 and rules made thereunder.
iii. Categories of the Grievances:
Deficiency in mandatory declarations by manufacturer or packer or importer on packaged goods; overcharging; short supply of goods or commodities; the short weight of Liquefied Petroleum Gas(LPG) in the gas cylinder; short supply of petrol or diesel by a petrol pump; short supply of Compressed Natural Gas(CNG) by a CNG pump outlet; and weighbridges.
About the National Informatics Centre (NIC): Director General- Rajesh Gera Headquarters- New Delhi, Delhi. Establishment- 1976
Dr M A Hasan’s book titled “War and Women” launched at UNHRC, Geneva
On 24th March 2023, a book titled “War and Women” authored by Dr M A Hasan was released during the 52nd Session of the United Nations Human Rights Council (UNHRC) at the United Nations(UN) building in Geneva, Switzerland.
In this book, Dr M A Hasan documented the magnitude of torture and killings committed by the Pakistan Army during the 1971 Bangladesh Liberation War.
Freedom Fighters of the Bangladesh Liberation War and Executive members from International Non-Governmental Organizations(NGOs) were present at the book launch.
Tazul Islam, a Bangladesh freedom fighter based in Zurich, Switzerland, is the Chief guest of the launching ceremony.
World Piano Day 2023 – March 29World Piano Day is annually observed across the globe on the 88th day of the year(mostly falls on the 29th or 28th of March), which is the same as the number of keys on the piano, intending to celebrate the Piano, an acoustic, keyboard, stringed percussion instrument.
Piano Day aims to create a community platform to bring together piano players from all around the world.
World Piano Day 2023 was observed on 29th March 2023.
World Piano Day 2022 was observed on 29th March 2023.
World Piano Day 2024 will be observed on 28th March 2023.
Background: i. The idea of Piano Day was initiated by German Pianist/composer/producer Nils Frahm. ii. The 1st ever World Piano Day was observed on 29th March 2015. History of Piano: i. The Piano was invented by Bartolomeo Cristofori (1655-1731), a musical instrument maker, from Padua, Italy. ii. In the year 1700, Bartolomeo Cristofori is credited with replacing the plucking mechanism with a hammer to create the modern piano. iii. The piano was initially called ‘gravicembalo col piano e forte,’ which means “soft and loud harpsichord.”
Assam Rifles Commemorates 188th Raising Day – 24th March 2023 On 24 March 2023, Assam Rifles, the most decorated Para Military Force of India, celebrated its 188th Raising Day at its Laitkor Garrison, Shillong, Meghalaya, and also its various formation and Units in the North East and Jammu and Kashmir (J&K).
G Kishan Reddy, Minister of Tourism, Culture and Development of North East Region graced the Assam Rifles’ Raising Day 2023 celebrations as chief guest.
G Kishan Reddy along with Lt Gen P C Nair, Director General of Assam Rifles paid homage to the martyrs of the Force at the War Memorial in Shillong, Meghalaya.
Background: Assam Rifles was raised on 24th March 1835. It has done yeoman service to India and contributed immensely to bringing peace to the North East states.
Assam Rifles is often referred to as the “Friends of the Hill People” and the “Sentinels of the North East”.
It is the oldest paramilitary force in India whose primary role is to protect part of India’s Northeastern border.
Key Highlights: i.During 2022-23, 3 battalions received the Chief of the Army Staff Unit Citation and 5 Battalions received General Officer Commanding-in-Chief Unit Citation. ii. Personnel of the force have also been decorated with 1 Shaurya Chakra, 7 Sena Medals, and 411 Presidential & Governors Medals. iii. The force has excelled in Sports by winning 6 medals in International Games (Gold-1, Silver-1& Bronze-4), National Games (Gold-17, Silver-17& Bronze-15) and All India Police Duty Meet Shooting Competition(AIPDM) (Gold-31, Silver-25 & Bronze-26) in 2022-23. About the Assam Rifles: Director General- Lt Gen Pradeep Chandran Nair Headquarters- Shillong, Meghalaya Establishment- 1835
West Bengal CM Mamata Banerjee launches Flagship Road ‘Pathashree-Rastashree’ ProjectOn 28th March 2023, Mamata Banerjee, Chief Minister(CM) of West Bengal(WB), launched “Pathashree-Rastashree” in Singur, WB. Pathashree-Rastashree is a flagship project of the government of WB to strengthen road infrastructure and enhance connectivity to villages by constructing 12,000 km of roads in 22 districts of WB. Background: On 15th February 2023, the “Pathashree-Rastashree” project was announced by Chandrima Bhattacharya, Minister of Finance of West Bengal, while presenting the Budget in the West Bengal Legislative Assembly. Pathashree-Rastashree: i. Under the Pathashree-Rastashree project,West Bengal will get 7,219 new roads and 1,548 roads will be upgraded. Over 29,475 villages across all gram panchayats will be covered by roads. ii. A total of Rs 3282.75 crore in state funding would be used for the entire project. iii. The total number of roads approved in the scheme is 8767. Nearly 30,000 villages will benefit from the project. About West Bengal: Chief Minister- Mamta Banerjee Governor- Jagdeep Dhankhar National Park- Sundarban National Park; Jaldapara National Park Wild Life Sanctuary- Chapramari Wildlife Sanctuary; Mahananda Wildlife Sanctuary
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