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Daily Current Affairs - Banking - August 05, 2023

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National News

38th meeting of the Committee of Parliament on Official Language

  • Union Home Minister and Minister of Cooperation, Shri Amit Shah chaired the 38th meeting of the Committee of Parliament on Official Language in New Delhi.
  • During the meeting, 12th volume of the report of the Committee of Parliament on Official Language was also approved which will be presented to the President.
  • Ministry of Cooperation – Amit Anil Chandra Shah,Union Minister (Gandhinagar,Gujarat) – B. L. Verma, Minister of State (Rajya Sabha MP,UP)

International News

India hands over ₹45 crores to Sri Lanka to fund its digital identity project

  • India has handed over ₹45 crores in advance to Sri Lanka to fund its unique digital identity project, the most crucial step in the island nation’s digitalisation programme being implemented through the Indian grant assistance.
  • Indian government’s commitment to the initiative, the Indian High Commissioner handed over a significant contribution of ₹450 million to Minister Kanaka Herath (State Minister of Technology), constituting 15 per cent of the total funds required for the successful implementation of the project as an advance payment.
  • The project aims to collect biographic and biometric information, including facial, iris, and fingerprint data, which will be stored in a centralised system to issue identification cards as per the standards set by the International Civil Aviation Organisation (ICAO).
  • The implementation of the project would lead to more effective and efficient delivery of government services, poverty reduction and welfare programs; financial inclusion through better access to banking and other products/services.
  • The project commenced with the signing of a MoU between Sri Lanka and India in March 2022 and an Indo-Sri Lanka Joint Project Monitoring Committee (JPMC) for the Sri Lanka Unique Digital Identity Project (SL-UDI) was introduced.
  • The Government of India is overseeing the software development for the SL-UDI.
  • Sri Lanka – Sri Jayawardenepura Kotte (legislative) Colombo (executive and judicial) (Capital) – Sri Lankan rupee (Currency) – Ranil Wickremesinghe (President) – Dinesh Gunawardena (Prime Minister) – Sinhala & Tamil (Language)

India-Lesotho agrees to hold Joint Bilateral Commission for Cooperation in New Delhi

  • India and Lesotho held the 5th round of Joint Bilateral Commission for Cooperation in Maseru, Lesotho.
  • The Indian side was led by Puneet R. Kundal, JS(E&SA) in Ministry of External Affairs and the Lesotho side was led by Thabang Polycarp Lekhela, Deputy Principal Secretary, Ministry of Foreign Affairs and International Relations of Lesotho.
  • The two sides carried out a comprehensive review of the existing bilateral relations, including enhancing of cooperation in development partnership, trade and economic relations, energy, agriculture, health, art and culture and consular matters.
  • Both sides also reviewed the status of MOUs under negotiation and agreed to expedite their finalization for the mutual benefit of both the countries.
  • The Indian side invited Lesotho to join International Solar Alliance and the Coalition for Disaster Resilient Infrastructure (CDRI).
  • Both sides also exchanged views on regional issues as well as cooperation in multilateral fields including the United Nations.
  • Both sides agreed to hold the next round of Joint Bilateral Commission for Cooperation at mutually convenient dates in New Delhi.
  • Lasetho is an African landlocked country.
  • Since Independence, India has managed to maintain good relations with African countries.
  • Over the years, India has engaged with African countries in multiple ways.
  • In the past 15 years and especially since 2014, India-Africa relations have developed steadily but more progress is achievable.
  • Last year in June, India-Lesotho Business Council was launched by the Indian Economic Trade Organization and the High Commission of Lesotho to accelerate the trade relationships between both countries.
  • Lesotho – Maseru (Capital) – Lesotho Loti & South African rand (Currency) – Letsie III (Monarch) – Sam Matekane (Prime Minister) – Sesotho & English (Language)

India, Peru to resume FTA discussions to promote commerce, investment

  • India and Peru have agreed to recommence negotiations for a proposed Free Trade Agreement (FTA) aimed at boosting trade and investment between the two countries.
  • Discussions are slated to begin after the G20 summit scheduled in September.
  • The crucial aspects of the trade agreement may include market access for goods, trade in services, movement of professionals, investments, dispute resolution, technical barriers to trade, trade remedies, rules of origin for goods, and customs procedures and trade facilitation.
  • Peru also happens to be the third-largest export destination for India in the Latin America and Caribbean (LAC) region.
  • Bilateral trade between the nations dwindled to $3.11 billion in 2022-23, down from $3.6 billion in 2021-22.
  • Key exports to Peru encompass items like motor vehicles, cars, and products of iron and steel, while imports chiefly include bulk minerals and ores, gold, fertilisers, and crude oil.
  • Peru – Lima (Capital) – Peruvian sol (Currency) – Dina Boluarte (President) – Alberto Otárola (Prime Minister) – Spanish (Language)

State News

Rajasthan Cabinet approves formation of 19 new districts, 3 divisions in state

  • The Rajasthan Cabinet approved the proposal of a high-level committee to form 19 new districts and three new divisions in the State.
  • The new districts will be notified shortly.
  • Rajasthan will now have a total of 50 districts and 10 divisional headquarters.
  • Rajasthan – Jaipur (Capital) – Ashok Gehlot (CM) –  Kalraj Mishra (Governor) – Hindi (Language)

Finance Minister Nirmala Sitharaman laid foundation stone for world-class museum in Adichanallur

  • Union Finance Minister Nirmala Sitharaman laid the foundation stone for the world-class museum at Adichanallur, near Srivaikundam in Thoothukudi district.
  • Adichanallur Parambu area, where excavation work has been ongoing since 2021.
  • Archaeological Survey India (ASI) has also developed the iconic on-site museum with ancient antiquities and urn burials in in-situ position.
  • This ASI museum is located one kilometre away from the on-site museum at Adichanallur.
  • The museum at Adichanallur is part of the government’s initiative announced in the 2020 budget to revitalize tourism by establishing world-class museums across the country.
  • This ambitious plan involves creating eight new museums, developing infrastructure around five iconic sites, and renovating five major museums.
  • Adichanallur in Tamil Nadu was chosen as one of the locations to set up a world-class museum, highlighting the significance of the site’s historical and cultural importance.
  • Once constructed, this museum will provide visitors with a deeper understanding of Tamil Nadu’s cultural evolution and its contribution to the broader Indian heritage.
  • Tamil Nadu – Chennai (Capital) – MK Stalin (CM) – RN Ravi (Governor) – Tamil (Language)

4-day international plastic expo

  • A four-day international plastic expo HIPLEX 2023, being organised by the Telangana and Andhra Plastics Manufacturers Association, got under way at Hitex in Hyderabad.
  • It is south and central India’s biggest and India’s third largest plastics expo and spread over 20,000 sq meters.
  • As many as 400 exhibitors are showcasing a range of products from speciality chemicals, process machinery, printing and packaging, raw materials, moulds and die, post-processing equipment, quality testing equipment, finished products.
  • The event is expected to generate business of ₹500 crore, the organisers said after Telangana State Industrial Infrastructure Corporation (TSIIC) vice-chairman and MD E.Venkat Narsimha Reddy inaugurated the exhibition.
  • Telangana – Hyderabad (Capital) – K Chandrashekar Rao (CM) – Tamilisai Soundarajan (Governor) –Telugu (Language)

Amit Shah, CM Patnaik launch national highway projects in Odisha

  • Paying rich tributes to freedom fighter and Bharat Ratna Lokapriya Gopinath Bordoloi on his death anniversary, Union Home Minister Amit Shah inaugurated the much awaited four-laning of Kamakshyanagar-Duburi section of National Highway-53 on EPC (Procurement and Construction) mode here in presence of Odisha Chief Minister Naveen Patnaik.
  • The 51 km Kamakhyanagar-Duburi project was constructed with a cost of Rs 761 crore.
  • This project will connect mineral rich Angul and Dhenkanal districts with other parts of Odisha and country.
  • It consists of two major bridges, 10 minor bridges, seven vehicles under passes, two animal-under passes and a 1.73 km-long bypass road.
  • Odisha – Bhubaneswar (Capital) – Naveen Patnaik (CM) – Ganeshi Lal (Governor) – Odia (Language)

Schemes

Digital Health Incentive Scheme (DHIS)

  • National Health Authority (NHA) has launched Digital Health Incentive Scheme (DHIS) for digitization of patient’s health records.
  • DHIS is effective from 1st January 2023.
  • NHA has come up with some relaxations like reduced transaction limits in the existing scheme with effective from 1st April 2023.
  • Under the DHIS, the eligible health facilities and digital solutions companies shall be able to earn financial incentives of up to ₹4 crore based on the number of digital health records created and linked to ABHA (Ayushman Bharat Health Account) numbers of the patients.
  • The NHA announced extension of its Digital Health Incentives Scheme (DHIS) under the Ayushman Bharat Digital Mission (ABDM) till December 31, 2023.
  • Under the DHIS, incentives are provided to hospitals and diagnostic labs and to the providers of digital health solutions such as Hospital/ Health Management Information System (HMIS) and Laboratory Management Information System (LMIS) for adopting and enabling transformative digitisation under the ABDM.
  • This incentive can be availed by the health facilities (hospitals, diagnostic labs) and Digital Solution Companies, registered with ABDM’s Health Facility Registry (HFR) and fulfilling the eligibility criterion specified under the scheme.
  • It is anticipated that the DHIS advantages offered to the DSCs will contribute to cost reduction or will be transmitted further to the relevant healthcare facilities to pay their digitisation costs, etc.
  • As on date, 1,205 health facilities have registered under this scheme with 567 public and 638 private hospitals/ clinics/ diagnostic labs.
  • Further, out of the 25 digital solution companies registered, 22 are from the private sector.
  • Till June 2023, close to 120 health facilities and seven health tech companies have received incentives totalling to ₹4.84 crore.
  • The incentive recipients include government hospitals like AIIMS Delhi, AIIMS Raipur, AIIMS Bhopal, Lok Bandhu Rajnarayan Combined Hospital, Lucknow, KC General Hospital, Bengaluru and private hospitals like KGMU, Lucknow, KIMS Hubbali, Bengaluru among others.
  • National Health Authority (NHA) – 23/05/2018 (Founded) – New Delhi (HQ) – Dr. R.S. Sharma (CEO)

Naya Savera Scheme

  • Ministry of Minority Affairs implemented ‘Naya Savera’ scheme (‘Free Coaching and Allied’ scheme).
  • The Ministry implemented ‘Naya Savera’ scheme (‘Free Coaching and Allied’ scheme) to assist students/candidates belonging to the six notified minority communities namely Sikh, Jain, Muslim, Christian, Buddhist and Parsi by way of special coaching for qualifying examinations for admission in technical/professional courses and competitive examination for recruitment to Group Á, ‘B’, & ‘C’ services and other equivalent posts under the Central and State Governments including public sector undertakings, banks and railways.
  • The scheme was implemented across the country through empaneled Project Implementing Agencies (PIAs).
  • More than 1.19 lakh beneficiaries have been benefited under the scheme since inception, out of which 12,155 beneficiaries were from state of Andhra Pradesh.
  • The duration of the coaching period under the scheme were from 3 months to 2 years depending upon the coaching programme allocated to the PIAs.
  • The scheme has been discontinued w.e.f. 2022-23.
  • Ministry of Minority Affairs – Smriti Zubin Irani,Union Minister (Amethi,UP) – John Barla,Minister of State (Alipurduars,West Bengal)

Banking and Finance

Net collections under small savings schemes dip for first time in 11 years

  • Net collections under small savings schemes such as National Savings Certificate (NSC) and Public Provident Fund (PPF) dipped for the first time in 11 years in the last fiscal year (FY23). 
  • Net small savings collections (deposits minus withdrawals by the subscribers) in FY23 stood at Rs 3.04 trillion, witnessing a decline of 8.5 per cent from Rs 3.33 trillion in FY22.
  • The top 5 states with the highest net collections in FY23 were West Bengal, Maharashtra, Uttar Pradesh, Tamil Nadu, and Karnataka.
  • States and union territories (UTs) with an increase in net collections were Bihar, Assam, Arunachal Pradesh, Chhattisgarh, Puducherry, Telangana, Mizoram, and Himachal Pradesh.
  • All other states and UTs, except Dadra and Nagar Haveli, witnessed a decline in net collections.
  • All deposits under small savings schemes are credited to the ‘National Small Savings Fund’ (NSSF), established in the Public Account of India with effect from April 1, 1999.
  • The dip comes despite the Finance Ministry sharply raising small savings rates for the March quarter of FY23.
  • Small savings deposit rates for one year, two years, and three years were raised by 110 basis points to 6.6 per cent, 6.8 per cent and 6.9 per cent, respectively, for Q4FY23.

Business and Economy

World rice price index jumps to near 12-year high in July, says FAO

  • The price of rice has seen sharp increase in recent months, reaching its highest level in nearly 12 years.
  • The Food and Agriculture Organization of the United Nations (FAO) said that the FAO All Rice Price Index rose 2.8 per cent in July from a month ago, to an average of 129.7 points.
  • This is almost 20 per cent higher than the same time last year, and the highest level since September 2011.
  • There are a number of factors contributing to the rising price of rice such as strong demand for rice.
  • Another factor is the recent move by India to curb exports, which has reduced the supply of rice on the global market.
  • Moreover, erratic weather conditions in some rice-producing countries have also led to lower yields, which has further tightened the supply.
  • Food and Agriculture Organization of the United Nations (FAO) – 16/10/1945 (Founded) – Rome (HQ) – Qu Dongyu (Director General)

India can achieve $5-trn economy target within 18 months: NaBFID chairman

  • During the annual Maharashtra Green Infrastructure Conclave 2023 K V Kamath, chairman of the National Bank for Financing Infrastructure and Development (NaBFID), expressed his confidence in India’s potential to achieve the $5-trillion economy target within 18 months.
  • Between 2003 and 2008, we doubled our growth, which was the fastest growth till now.
  • Now, we are confidently talking of taking our $3.5 or $4 trillion (economy), somewhere in between, to $5 trillion in the next 18 months or so.
  • National Bank for Financing Infrastructure and Development – 2021 (Founded) – Mumbai (HQ) – K V Kamath (Chairman)

Summit and Conference

1st India-Japan Skill Connect Conference

  • Minister of State for Electronics and Information Technology Rajeev Chandrasekhar has described the India-Japan partnership as pivotal for the future of Asia, Indo-Pacific region, and the world.
  • Virtually addressing the first India-Japan Skill Connect Conference held in Tokyo at the Indian Embassy, he highlighted the ongoing transformative shifts in the global landscape due to digitization and technology.
  • The government’s commitment to collaborating with Japanese industries to establish skill hubs tailored to their needs, including language skills.
  • This approach aims to equip Indian professionals to seamlessly integrate into the Japanese workforce without additional certification or training.
  • Japan – Tokyo (Capital) – Japanese yen (Currency) – Naruhito (Emperor) – Fumio Kishida (Prime Minister) – Japanese (Language)

Science and Technology

ISRO transfers satellite bus technology to private firm

  • ISRO has transferred the IMS-1 Satellite Bus Technology to Alpha Design Technologies Pvt. Ltd in a step towards enhancing private industry participation in the country’s space sector.
  • New Space India Limited (NSIL), the commercial arm of ISRO, facilitated the technology transfer through an agreement signed during an event held at the NSIL headquarters.
  • ADTL is one of the two private players identified to receive the transfer of this technology through Interest Exploratory Note (IEN) published by NSIL.
  • This transfer marks the beginning of satellite bus technologies developed by ISRO being transferred to private industries. Further, the PSLV is under productionisation by a consortium of industries.
  • ISRO has been enabling private players to develop space technologies by facilitating and extending the expertise thus ensuring both out-bound and in-bound approaches.
  • Indian Space Research Organisation (ISRO) – 15/08/1969 (Founded) – Bangalore, India (HQ) – Sreedhara Somanath (Chairman)

Power

PNGRB partners with World Bank to chalk out roadmap for hydrogen blending in natural gas

  • Petroleum and Natural Gas Regulatory Board (PNGRB) has collaborated with the World Bank to prepare a roadmap for hydrogen blending in natural gas and their transmission through gas pipelines in the country.
  • The regulatory frameworks will be amended to help achieve the national target of 5 million metric tonnes per annum of hydrogen consumption by 2030.
  • PNGRB has also permitted three city gas distributors to undertake hydrogen blending in natural gas in their respective licensed areas.
  • World Bank – December 1944 (Founded) – Washington DC (HQ) – Ajay Banga (President)

Appointments

Axis MF appoints Shreyas Devalkar as new equity head

  • Axis Mutual Fund has appointed Shreyas Devalkar as the new Head of Equities.
  • He will succeed Jinesh Gopani, who after 14 years with the fund house, has decided to move on.
  • Axis Mutual Fund has also roped in Shatadru Chakraborty, a Citibank veteran, as the Chief Risk Officer.
  • Shreyas, having been an integral part of Axis Mutual Fund for seven years, has consistently demonstrated astute investment acumen and a deep understanding of the Indian equity market.

Obituary

N Vittal passed away

  • The Padma Bhushan awardee and IAS officer of the Gujarat cadre, 1960 batch, N Vittal passed awayat 85.
  • He received the Padma Bhushan in 2012.
  • He was former Telecom Secretary and Central Vigilance Commissioner (CVC).

Sports News

World Archery Championships in Berlin

  • In Archery, the Indian women’s team created history when the trio of V. Jyothi Surekha, Aditi Swami, and Parneet Kaur clinched their first-ever gold medal over top-ranked Mexico in the compound women’s team final in the World Archery Championships in Berlin.
  • This is the first time Indian archers became world champions after the country made its World Archery Championships debut in Punta Ala (Italy) in 1981.
  • Germany – Berlin (Capital) – German (Language) – Frank-Walter Steinmeier (President) – Olaf Scholz (Chancellor) – Euro (Currency)

Second edition of Inter-Ministry Bar & Bench Badminton Championship

  • Ministry of Law and Justice organised the second edition of the Inter-Ministry Bar & Bench Badminton Championship at the Thyagaraj Sports Complex.
  • The tournament witnessed enthusiastic participation from judges, lawyers, and officials of various ministries of the government of India.
  • The event was inaugurated by Union Minister of Law and Justice Arjun Ram Meghwal.
  • The event saw his spirited participation and impressive stroke-making in a short exhibition match.
  • The tournament saw participation of 128 players, with 64 teams competing in men’s and women’s doubles categories.
  • The event was curated by ex-badminton player Abantika Deka in partnership with the Ministry of Law and Justice and Fit India Mission.
  • Shri Arjun Ram Meghwal – Minister of State (Independent Charge) (Bikaner,Rajasthan) for the Ministry of Law and Justice

Alex Hales retires from international cricket

  • England cricketer Alex Hales has announced retirement from international Cricket.
  • The powerful top-order player represented England in 156 matches across all three international formats Tests, one-day internationals and T20 internationals.

Defence

IAF Receives Spike NLOS Anti-tank Missiles From Israel To Conduct Trials

  • In a major boost to India’s missile capabilities, the Indian Air Force has received the Israeli Spike Non-Line Of Sight (NLOS) anti-tank guided missiles.
  • It is a fire-and-forget anti-tank missile which can hit targets up to 30 km away.
  • Manufactured by Israel’s defence major Rafael, the Spike missiles can be fired from the ground or even from helicopters.
  • The weapon fulfils the capabilities of a high-precision guided tactical ground-to-ground battlefield missile for Indian forces.
  • It uses a fibre optic link similar to other Spike versions for up to 8 KM after which it employs a radio data link for command guidance.
  • In 2020, the US Army announced its intention to procure Spike NLOS missiles to be mounted on AH-64E Apache attack helicopters.
  •  In March 2021, an Apache fired a Spike NLOS at a target from 32 kilometres away and made a direct hit.
  • It has a salvo feature which can launch up to four missiles at a time and the ability to hand over control after firing to another platform and also has a Target Image Acquisition Capability which can prioritise important targets for strike.
  • Indian Air Force (IAF) – 26/01/1950 (Founded) – New Delhi (HQ) – Airforce Day (October 08) – Air Chief Marshal Vivek Ram Chaudhari (Chief of Air Staff) – ‘Touch the sky with Glory’ (Motto)

Daily Current Affairs - August 05, 2023 - Consolidated

  • 38th meeting of the Committee of Parliament on Official Language
  • India hands over ₹45 crores to Sri Lanka to fund its digital identity project
  • India-Lesotho agrees to hold Joint Bilateral Commission for Cooperation in New Delhi
  • India, Peru to resume FTA discussions to promote commerce, investment
  • Rajasthan Cabinet approves formation of 19 new districts, 3 divisions in state
  • Finance Minister Nirmala Sitharaman laid foundation stone for world-class museum in Adichanallur
  • 4-day international plastic expo
  • Amit Shah, CM Patnaik launch national highway projects in Odisha
  • Digital Health Incentive Scheme (DHIS)
  • Naya Savera Scheme
  • Net collections under small savings schemes dip for first time in 11 years
  • World rice price index jumps to near 12-year high in July, says FAO
  • India can achieve $5-trn economy target within 18 months: NaBFID chairman
  • 1st India-Japan Skill Connect Conference
  • ISRO transfers satellite bus technology to private firm
  • PNGRB partners with World Bank to chalk out roadmap for hydrogen blending in natural gas
  • Axis MF appoints Shreyas Devalkar as new equity head
  • N Vittal passed away
  • World Archery Championships in Berlin
  • Second edition of Inter-Ministry Bar & Bench Badminton Championship
  • Alex Hales retires from international cricket
  • IAF Receives Spike NLOS Anti-tank Missiles From Israel To Conduct Trials

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