Daily Current Affairs – April 20, 2023
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Daily Current Affairs - Banking - April 20, 2023
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National News
MoS for Steel Faggan Singh Kulaste inaugurated India Steel 2023 in Mumbai
- A three-day conference and exhibition on the steel industry named ‘India Steel 2023’ was inaugurated by Union Minister of State for Steel and Rural Development Faggan Singh Kulaste in Mumbai.
- The Union Ministry of Steel, in association with the Department of Commerce, Union Ministry of Commerce and Industry and industry chamber FICCI has organized the event at the Mumbai Exhibition Centre in Goregaon, Mumbai, with an aim to bring together industry leaders, policymakers, and experts to discuss the latest developments, challenges, and opportunities in the steel industry.
- Ministry of Steel – Jyotiraditya Scindia,Union Minister (Rajya Sabha MP,MP) – Faggan Singh Kulaste,Minister of State (Mandla,MP)
International News
Israel aimed to expand Free Trade Agreement with India
- Israeli Minister of Economy and Industry Nir Barkat while speaking at the India Israel Business Forum organized by the Confederation of Indian Industry in Delhi said that Israel will propose to expand the Free Trade Agreement with India.
- Israel – Jerusalem (Capital) – New shekel (Currency) – Isaac Herzog (President) – Benjamin Netanyahu (Prime Minister) – Hebrew (Language)
State News
Andhra CM laid foundation stone for Rs 4,362 crore Mulapeta Port in Srikakulam
- Andhra Pradesh Chief Minister Y S Jagan Mohan Reddy laid the foundation stone for the Rs 4,362 crore Mulapeta greenfield port in Srikakulam district, which is expected to completed within two years.
- Besides the port, the Chief Minister also laid the foundations for a fishing harbour at Budagatlapalem, life irrigation project from Gotta barrage to Hira Mandalam reservoir and taking forward the works of Mahendra Tanaya river.
- Seaport has the potential to employ 35,000 people directly and indirectly, including creation of several other ancillary jobs.
- Andhra Pradesh – Amaravati (Capital) – Y. S. Jagan Mohan Reddy (CM) – S. Abdul Nazeer (Governor) – Telugu (Language)
Schemes
Department of Posts released special cover on Mahila Samman Savings Scheme in Telangana
- In Telangana, the Department of Posts had released a special cover on the Mahila Samman Savings scheme.
- The scheme is aimed at the financial empowerment of women in the country.
- Minister of State for Communications Devusinh Jesingbhai Chauhan released the cover in presence of Daaji – Spiritual Guide of Heartfulness and President of Shri Ram Chandra Mission, as part of celebrations of 75 years of India’s independence, at Kanha Shanti Vanam – the headquarters of Heartfulness on the outskirts of Hyderabad.
- Ministry of Communications and Information Technology – Ashwini Vaishnaw, Cabinet Minister (Rajya Sabha MP, Odisha) – Devusinh Chauhan, Minister of State (Kheda, Gujarat)
Demand for work under MGNREGS in FY24 to be 27% lower than in FY23
- Owing to improvement in economic activities, the government expects work demand under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) to fall 27 per cent in 2023-24, a report by The Economic Times (ET).
- The Ministry of Rural Development has pegged the person-day generation target at 2,120 million under MGNREGS for FY24, the report added.
- This is 27 per cent lower than 2,902.4 million in FY23.
- This does not include West Bengal where the scheme has been suspended due to the misappropriation of funds.
- In early 2022, the Centre stopped releasing funds to West Bengal under Section 27 of the MGNREGS Act.
- Ministry of Rural Development – Giriraj Singh,Union Minister (Begusarai,Bihar) – Sadhvi Niranjan Jyoti,Minister of State (Fatehpur,UP), Faggan Singh Kulaste,Minister of State (Mandla,MP)
Banking and Finance
IndusInd Bank signed $100 million loan agreement with JBIC
- IndusInd Bank’s GIFT City IBU (IFSC Banking Unit) branch has entered into a $100 million long-term loan agreement with the Japan Bank for International Cooperation (JBIC) to foster the growth of Japanese construction equipment companies in India.
- The funds raised will be used to provide need-based credit facilities to upstream and downstream companies that comprise the supply chain of Japanese original equipment manufacturers (OEMs) in India, adding that this is the first of its kind lending by JBIC through any IFSC Banking unit at GIFT City.
- IndusInd Bank Limited – April 1994 (Founded) – Mumbai (HQ) – Sumant Kathpalia (MD & CEO) – “We Make You Feel Richer” (Tagline)
RBI granted AU Small Finance Bank to deal with foreign exchange
- Reserve Bank of India had granted Licence to AU Small Finance Bank to act as Authorized Dealer Category-I (AD-I) under section 10 of FEMA, 1999 to deal in foreign exchange.
- AU Small Finance Bank – 1996 (Founded) – Jaipur, Rajasthan (HQ) – Raj Vikash Verma (Chairman) – Sanjay Agarwal (MD & CEO)
Mutual Funds' SIP collection rose 25 % to Rs 1.56 lakh crore in FY23
- Inflows in the mutual fund industry through systematic investment plans or SIPs reached Rs 1.56 lakh crore in 2022-23, up 25 per cent from the preceding fiscal, suggesting retail investors’ trust in the route despite volatility in the markets.
- In comparison, an inflow of Rs 1.24 lakh crore through the route was registered in 2021-22 and Rs 96,080 crore in 2020-2021.
- Moreover, mutual fund SIP contribution has seen over three-fold rise during the last seven years.
- It was at Rs 43,921 crore during 2016-2017.
- Additionally, SIP book has also grown consistently from Rs 12,328 crore in March 2022 to an all-time high of Rs 14,276 crore in March 2023, indicating a growth of 16 per cent.
- During the financial year, SIP inflows averaged nearly Rs 13,000 crore flows per month, helping investors to stay in the stock market and benefit from rupee cost averaging.
- Association of Mutual Funds in India – 1995 (Founded) – Mumbai (HQ) – N. S. Venkatesh (Chief Executive)
RBL Bank launched digital fixed deposit
- RBL Bank has launched an innovative Digital Fixed Deposit (FD) scheme available to new-to-bank customers.
- Now customers can open a savings account with the bank without visiting the bank branch, customers can book the Digital FD in just a few minutes.
- The digital FD offers investors an interest rate of up to 7.8% and a duration of 15 months to 725 days.
- RBL Bank – 06/08/1943 (Founded) – Mumbai (HQ) – R.Subramaniakumar (MD & CEO) – “Apno ka Bank” (Tagline)
South Indian Bank introduces flexible savings accounts for NRIs
- South Indian Bank has launched flexible saving products for NRI customers dubbed as SIB SEAFARER and SIB PULSE for mariners and healthcare professionals are just the instances for the same.
- With these products, NRIs can now take advantage of the freedom to either keep deposits or the required minimum amount in their savings accounts.
- SIB SEAFARER
- Flexibility to maintain a minimum balance of Rs.10,000/- in linked accounts (eligible for the latest 2 NR Accounts opened)
- No minimum balance required for the maintenance of the NRI Term Deposit of Rs.2,00,000/- and above
- SIB PULSE
- Flexibility to maintain a minimum balance of Rs.10,000/- in linked accounts (eligible for the latest 2 NR Accounts opened)
- NR Term Deposit above Rs.2 Lakh or
- RD with minimum monthly instalment above Rs.20,000/-
- South Indian Bank – 1929 (Founded) – Thrissur, Kerala (HQ) – Murali Ramakrishnan (MD & CEO) – “Experience Next Generation Banking” (Tagline)
Agreements and MoUs signed
TNeGA, Indian Bank inked pact for payment aggregation
- A Memorandum of Understanding (MoU) had been signed between Tamil Nadu e-Governance Agency (TNeGA) and Indian Bank to integrate Indian Bank Payment Aggregator for e-governance Applications of various departments.
- At present, there are multiple payment gateway solutions which are used in various e-governance applications of government departments.
- This payment aggregator solution platform facilitates integrated payment mechanism for online payment and collection through aggregation and reconciliation services with various payment channels like all debit/credit cards, UPI payment wallets and net banking.
- Indian Bank – 15/08/1907 (Founded) – Chennai (HQ) – Shanti Lal Jain (MD & CEO) – “Your Own Bank”
Science and Technology
Centre approved National Quantum Mission to scale up scientific and industrial R & D in Quantum Technology
- The Centre has approved the National Quantum Mission to accelerate Quantum Technology led economic growth and leverage India into a leading nation in the sector.
- The aim of the mission is to seed, nurture and scale up scientific and industrial Research and Development and create a vibrant and innovative ecosystem in Quantum Technology.
- The new mission targets developing intermediate-scale quantum computers with 50 to 1000 physical qubits in 8 years in various platforms like superconducting and photonic technology.
- The mission will help develop magnetometers with high sensitivity in atomic systems and Atomic Clocks for precision timing, communications and navigation.
- The Mission will be implemented by the Department of Science and Technology in partnership with other departments.
- The Quantum Mission has been approved at a total cost of over 6,000 crore rupees for a period from 2023-24 to 2030-31.
- India will be the sixth country to have a dedicated quantum mission after the US, Austria, Finland, France and China.
Appointments
Razorpay sets up advisory board
- Payment gateway and neo-banking platform Razorpay has roped in former RBI deputy governor NS Vishwanathan and former State Bank of India managing director Arijit Basu to lead its newly-formed advisory board.
- The founding independent members of the board also include retired civil servants — Aruna Sundararajan, former Secretary, Ministries of Steel, IT, and Telecom, GoI (Member) and KP Krishnan, former Secretary, Ministry of Skill Development and Entrepreneurship (Member).
- Razorpay Software Private Limited – 2013 (Founded) – Bangalore (HQ) – Harshil Mathur (CEO)
Ranks and Indices
Suryakumar continues to lead ICC T20 rankings
- Suryakumar Yadav continued his stay at the top of the latest ICC Men’s T20I Batters Rankings.
- Suryakumar, who has endured a lean run of late, remained static on the ICC list with 906 rating points, and is over a 100 points ahead of the second placed Mohammad Rizwan (798) of Pakistan.
- Surykaumar, who is the lone Indian batter in the top 10, enjoyed a stellar year in the format in 2022.
Hurun Global Unicorn List 2023
- India bagged the third spot with 68 new unicorns, which is third only to the USA 666 unicorns and China’s 316, according to Hurun’s Global Unicorn Index 2023.
- However, none of the Indian startups made it to the top 10 list.
- BYJU’S is also among the top 10 unicorn start-ups across the world that have seen a massive jump in valuations since the pre-COVID-19 era valued at $22 billion.
- Swiggy and Dream11 are both valued at $8 billion each according to the list.
Reports
UNFPA's State of the World Population Report (SWOP) 2023
- According to a UNFPA’s State of the World Population Report (SWOP) 2023, India has surpassed China to become the world’s most populous nation with 142.86 crore people.
- China now has a population of 142.57 crore, thus being the second most populous country.
- About 25 per cent of India’s population is in the age group of 0-14 years, 18 per cent in the 10 to 19 age group, 26 per cent in the age bracket of 10 to 24 years, 68 per cent in 15 to 64 years, and 7 per cent above 65 years.
- United Nations Population Fund (UNFPA) – 1969 (Founded) – New York (HQ) – Natalia Kanem (Executive Director)
World’s Wealthiest Cities Report 2023
Rank
City
Country
No. of High Net Worth Individuals
1
New York City
United States
340,000
2
Tokyo
Japan
290,300
3
The Bay Area
United States
285,000
4
London
United Kingdom
258,000
5
Singapore
Singapore
240,100
21
Mumbai
India
59, 400
36
Delhi
30, 200
60
Bengaluru
12, 600
63
Kolkata
12, 100
65
Hyderabad
11, 100
Awards and Recognitions
Tata Steel named sustainability champ for sixth time
- Tata Steel had been recognised as 2023 Steel Sustainability Champion by the World Steel Association.
- The Sustainability Champions were announced at the Worldsteel Special General Meeting of the Board of Members held in Vienna, Austria.
- Recognised for the sixth consecutive year, Tata Steel has bagged the honour every year since the programme’s launch in 2018.
- Tata Steel Limited – 26/08/1907 (Founded) – Jamshedpur, Jharkhand (HQ) -Natarajan Chandrasekaran (Chairman)
Sports News
Wisden Cricketers of the Year
- The Wisden Cricketers of the Year are cricketers selected for the honour by the annual publication Wisden Cricketers’ Almanack, based primarily on their “influence on the previous English season”.
- The award began in 1889 with the naming of “Six Great Bowlers of the Year”, and continued with the naming of “Nine Great Batsmen of the Year” in 1890 and “six Great Wicket-Keepers” in 1891.
- 2023 – Tom Blundell, Ben Foakes, Harmanpreet Kaur (Only Indian among nine women’s), Daryl Mitchell and Matthew Potts.
- 2022 – Jasprit Bumrah & Rohit Sharma
- 1st Indian is Sunil Gavaskar in 1980.
Important Days
World Liver Day 2023
- World Liver Day is celebrated on April 19 every year to spread awareness about the importance of liver health.
- First observed in 2012.
- Theme – ‘Be Vigilant, Do Regular Liver Check-Ups, Fatty Liver Can Affect Anyone.’
Daily Current Affairs - April 20, 2023 - Consolidated
- MoS for Steel Faggan Singh Kulaste inaugurated India Steel 2023 in Mumbai
- Israel aimed to expand Free Trade Agreement with India
- Andhra CM laid foundation stone for Rs 4,362 crore Mulapeta Port in Srikakulam
- Department of Posts released special cover on Mahila Samman Savings Scheme in Telangana
- Demand for work under MGNREGS in FY24 to be 27% lower than in FY23
- IndusInd Bank signed $100 million loan agreement with JBIC
- RBI granted AU Small Finance Bank to deal with foreign exchange
- Mutual Funds’ SIP collection rose 25 % to Rs 1.56 lakh crore in FY23
- RBL Bank launched digital fixed deposit
- South Indian Bank introduces flexible savings accounts for NRIs
- TNeGA, Indian Bank inked pact for payment aggregation
- Centre approved National Quantum Mission to scale up scientific and industrial R & D in Quantum Technology
- Razorpay sets up advisory board
- Suryakumar continues to lead ICC T20 rankings
- Hurun Global Unicorn List 2023
- UNFPA’s State of the World Population Report (SWOP) 2023
- World’s Wealthiest Cities Report 2023
- Tata Steel named sustainability champ for sixth time
- Wisden Cricketers of the Year
- World Liver Day 2023
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