Daily Current Affairs – August 10, 2023
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Daily Current Affairs - Banking - August 10, 2023
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International News
India extends support amounting to USD 246,852.71 to enhance flood resilience in Suriname
- India has extended support amounting to USD 246,852.71 for project aimed at bolstering early flood warning services to communities in Suriname.
- The support extended by the India-UN Development Partnership Fund is in direct response to a request from the Government of Suriname, as part of their efforts to enhance resilience against flooding resulting from excessive rainfall.
- Suriname – Paramaribo (Capital) – Surinamese dollar (Capital) – Chan Santokhi (President) – Dutch (Language)
State News
Godrej Consumer Products to set up new Rs 515 crore plant in Tamil Nadu
- Godrej Consumer Products Ltd (GCPL) will set up a new manufacturing facility in Tamil Nadu with an investment of Rs 515 crore over the next five years.
- The company has signed a memorandum of understanding (MoU) with Tamil Nadu’s government for the same.
- The plant will be strategically located in Chengalpattu near Chennai.
- Moreover, the plant is expected to create jobs for 400 people.
- Tamil Nadu – Chennai (Capital) – MK Stalin (CM) – RN Ravi (Governor) – Tamil (Language)
Assam Govt to organise 'Khel Maharan' across state from November 1
- The Assam government led by Chief Minister Himanta Biswa Sarma is all set to organise ‘Khel Maharan’ from November 1.
- The decision was taken in the state cabinet meeting held in New Delhi.
- The state government has taken the decision that Khel Maharan will be held for identifying and nurturing sports talents at the grassroots level.
- The Khel Maharan will be held in the state in different stages – Gram Panchayat/ULB/Wards level and Village Council Development Committee/MAC level of Bodoland Territorial Region, Karbi Anglong Autonomous Council, Dima Hasao Autonomous Council; assembly constituencies level; district level and state level.
- It will be commenced from November 1 this year to January 10 next year.
- The state cabinet has approved sufficient funds to organize Khel Maharan.
- Assam– Dispur (Capital) – Himanta Biswa Sarma (CM) – Gulab Chand Kataria (Governor) – Assamese & Boro (Language)
Gujarat CM Bhupendra Patel virtually launches Lion Anthem and unveils Sinh Suchna' Web App
- In Gujarat, World lion day is being celebrated with great enthusiasm in over 8500 educational institutions across the ten districts of Saurashtra.
- On the occasion of, World Lion Day, Gujarat Chief Minister Bhupendra Patel virtually launched Lion Anthem and unveiled the Sinh Suchna’ Web App.
- PM Narendra Modi has launched “Lion @ 47: Vision for Amrutkal” which aims to secure & restore lions’ habitats.
- Under project lion which has been launched to protect Asiatic lions in Gir, various infrastructure facilities are being developed for the rescue and treatment of lions and better monitor their movement with the help of technology.
- Gujarat – Gandhinagar (Capital) – Bhupendrabhai Patel (CM) – Acharya Devvrat (Governor) – Gujarati & Hindi (Language)
Schemes
Indira Gandhi smartphone scheme
- Rajasthan Chief Minister Ashok Gehlot distributed smartphones among women under a new scheme.
- The devices were handed over to the beneficiaries of the Indira Gandhi smartphone scheme at the Birla auditorium.
- Under this scheme, smartphones equipped with internet connectivity will be distributed to women heads of families
- Knowledge is power.
- With this theme, smartphones are being given to women.
- The scheme will empower women.
- The beneficiaries will have the liberty to choose their preferred smartphones during the distribution camps, facilitated by a deposit of Rs 6,800 through Direct Benefit Transfer (DBT) by the state government.
- In the initial phase of the scheme, 40 lakh beneficiaries will receive smartphones and SIM cards complete with data connectivity from telecom service providers authorized by the Telecom Regulatory Authority of India (TRAI).
- Rajasthan – Jaipur (Capital) – Ashok Gehlot (CM) – Kalraj Mishra (Governor) – Hindi (Language)
Pradhan Mantri Jan Dhan Yojana (PMMY)
- Bihar, Uttar Pradesh and Tamil Nadu are the top three states with the highest number of beneficiaries of Pradhan Mantri Jan Dhan Yojana (PMMY) in 2022-23.
- During 2022-23, a total of 6.23 crore Jan Dhan accounts were opened.
- Bihar tops the list of states with maximum beneficiaries of the scheme, which stood at 84,89,231 in 2022-23.
- Uttar Pradesh held the second position with 68,08,721 beneficiaries, while Tamil Nadu stood third with a total of 64,06,513 PMMY beneficiaries.
- Under PMMY, collateral-free institutional credit of up to Rs 10 lakh is provided by the member lending institutions (MLIs), i.e., scheduled commercial banks (SCBs), non-banking financial companies (NBFCs) and micro finance institutions (MFIs).
Banking and Finance
Highlights of RBI monetary policy
- Policy repo rate retained at 6.5 pc.
- Cash reserve ratio (CRR) remains unchanged at 4.5 pc.
- Marginally revises upwards inflation forecast to 5.4 pc.
- Focus on withdrawal of accommodative policy stance to ensure that inflation progressively aligns with target, while supporting growth.
- Retains GDP growth projection for FY’24 at 6.5 pc.
- Spike in vegetable prices, led by tomatoes, may exert sizeable upside pressures on near-term inflation trajectory
- Vegetable prices likely to correct with fresh market arrivals.
- RBI to ensure greater transparency in interest rate reset of EMI-based floating interest loans.
- Borrowers to get options of switching to fixed rate loans or foreclosure of loans.
- RBI proposes use of Artificial Intelligence (AI) in UPI payments.
- Near Field Communication (NFC) technology to be used in offline payments in UPI-Lite.
- Proposes to enhance transactions limits for small value digital payments to Rs 500 from Rs 200 in UPI Lite.
- Announces measure to absorb surplus liquidity generated by various factors, including return of Rs 2000 notes to the banking system.
- Current account deficit to remain eminently manageable during current financial year.
- Foreign portfolio investment flows have remained buoyant in 2023-24 so far, net FPI inflows at USD 20.1 bn up to Aug 8, highest since 2014-15.
- Net FDI fell to USD 5.5 bn during Apr-May 2023, compared to USD 10.6 bn in year-ago period.
- Next meeting of the RBI rate setting panel (MPC) scheduled during October 4-6.
- Banks have to maintain a 10 per cent additional cash reserve ratio (CRR) from August 12.
- Reserve Bank of India (RBI) – 01/04/1935 (Founded) – Mumbai (HQ) – Shaktikanta Das (Governor)
SBI Card enables RuPay credit cards on UPI
- SBI Card and National Payments Corporation of India (NPCI) have announced the linking of SBI credit card on RuPay platform with UPI starting from August 10, 2023.
- Customers of SBI Card will be able to use their credit cards issued by RuPay to conduct UPI transactions.
- By registering the credit card with third-party UPI apps, the capability can be used.
- The credit card must be registered with third-party UPI apps in order to use the capability.
- For customers, RuPay Credit Cards on UPI will offer a seamless, digitally enabled credit card lifecycle experience.
- RuPay Credit cards can now be linked to a UPI ID, thus directly enabling safe, and secure payment transactions.
PSBs, top private banks collected over Rs 35,000 crore in penalties since 2018
- Public sector banks and five major private sector banks, including Axis Bank, HDFC Bank, IndusInd Bank, ICICI Bank and IDBI Bank, collected over Rs 35,000 crore in charges since 2018 on account of non-maintenance of minimum balance, additional ATM transactions and SMS Services.
- These banks collected over Rs 21,000 crore on account of non-maintenance of minimum balance, while over Rs 8,000 crore was generated due to additional ATM transactions, and SMS services added over Rs 6,000 crore.
Unclaimed deposits of Rs 48,461 crore transferred to Depositor Education & Awareness Fund
- Unclaimed deposits worth Rs 48,461.44 crore pertaining to 16,79,32,112 accounts have been transferred by the banks to Depositor Education & Awareness Fund.
- Ministry of Corporate Affairs has informed that the amount lying with Investor Education and Protection Fund, as on March 31, 2023, is Rs 5,714.51 crore.
- Ministry of Corporate Affairs – Nirmala Sitharaman, Union Minister (Rajya Sabha MP, Karnataka) – Raja Rao Inderjit Singh Yadav, Minister of State (Gurgaon,Haryana)
Airtel Payments Bank launches r-PVC-based eco-friendly debit card
- Airtel Payments Bank announced the launch of an eco-friendly debit card for its customers with savings bank accounts, underlining the company’s ‘commitment to sustainability and promoting eco-friendly practices within the financial sector.’
- The company will manufacture these debit cards from r-PVC (recycled polyvinyl chloride) material, which it claims to be eco-friendly.
- Moreover, the payments bank stated that every batch of 50,000 cards produced would reduce carbon emissions by 350 kilograms, compared to conventional PVC cards in the market.
- Producing these eco-friendly debit cards will also diminish petroleum consumption during manufacturing, cutting hydrocarbon usage by 43 per cent.
- The company further asserts that this manufacturing approach will conserve 6.6 million litres of water for every batch of r-PVC produced.
- Airtel Payments Bank Limited – 23/11/2016 (Founded) – New Delhi (HQ) – Anubrata Biswas (MD & CEO) – “Banking Is Now At Your Fingertips India’s First Payment Bank” (Tagline)
Business and Economy
Centre picks TCS to transform e-Marketplace platform
- Tata Consultancy Services (TCS) announced that it has been chosen as a strategic partner to transform the Government e-Marketplace (GeM) by bringing in more transparency and efficiency into the public procurement process.
- This is the second government project the software exporter has bagged since winning the BSNL contract earlier this year.
- The second deal win makes TCS one of the preferred IT services firms for public scale work.
- The company plans to redesign the platform for interoperability and cloud neutrality, making it technology-agnostic and vendor-independent.
- It will be built in an open-API-based architecture to make it highly scalable and sufficiently flexible to accommodate the anticipated six-fold growth in GMV over the next six years.
- The design also aims to ease onboarding of new sellers, to get more diverse vendor base, especially SMEs /MSMEs, resulting in greater inclusivity and a more democratised access to the public sector market.
- The platform will have data analytics capabilities too to forecast demand and improve supply chain management along with better overall security.
- The GeM platform in its current form, despite the architectural and scalability issues, is an end-to-end online marketplace for central and state government bodies, including public sector undertakings, for procurement of common use goods and services in a transparent and efficient manner.
Science and Technology
Tata Play adds 3rd Made-in-India satellite to its fleet
- Tata Play will commence the use of the GSAT-24 satellite, which is now in its orbital position.
- Tata Play had collaborated with NewSpace India Limited (NSIL) for the launch of the satellite.
- The increased bandwidth will enable Tata Play to provide its users with a sharper picture and sound quality, and an ability to carry 50 per cent more channels.
- This would place it as the largest satellite bandwidth provider among DTH platforms.
- The inauguration ceremony was held at Tata Play’s Broadcast Centre in Chhatarpur, New Delhi.
- The GSAT-24, a four-tonne class communication satellite built by Isro for providing DTH services, was fully operational at its maximum satellite capacity, following exhaustive in-orbit testing.
Appointments
Government extended Prem Sagar Mishra tenure as South Eastern Coal Fields CMD
- The government has extended the tenure of Prem Sagar Mishra as Chairman-cum-Managing Director (CMD) of South Eastern Coal Fields (SECL) till January 31, 2025.
- The Director, Ministry of Coal has conveyed the approval of Appointment Committee of the Cabinet for extension of tenure of Mishra beyond August 19, 2023 till date of his superannuation till January 31, 2025.
Obituary
Former Chairman of Karnataka Bank P Jayarama Bhat passes away
- P Jayarama Bhat (72), former Chairman of Karnataka Bank Ltd, passed away at 71.
- He joined the services of Karnataka Bank as a Probationary Officer in January 1973.
- He was appointed by RBI as Non-executive Chairman of the Bank in April 2017 as 10th Chairman of the Bank and retired on November 13, 2021.
- He served Karnataka Bank for a record number of over 48 years from April 1973 to November 2021.
- Karnataka Bank – 18/02/1924 (Founded) – Mangalore,Karnataka (HQ) – Sekhar Rao (MD & CEO)– “Your Family Bank Across India” (Tagline)
Important Days
World Lion Day 2023
- World Lion Day is observed on August 10 each year.
- World Lion Day was first established in 2013 by Big Cat Rescue, the world’s largest accredited sanctuary dedicated to lions and it was co-founded by Dereck and Beverly Joubert, a husband-and-wife team who recognised the need to draw attention to the declining lion populations and the threats they were facing in the wild.
World Biofuel Day 2023
- World Biofuel Day is observed every year on August 10 to spread awareness about the importance of non-fossil fuels as an alternative for humanity.
- The day also attempts to highlight the government’s efforts to encourage the biofuel sector.
- The day honours Rudolf Diesel, the individual who invented the diesel engine.
- The Ministry of Petroleum and Natural Gas has been celebrating the day since 2015 with a theme.
- This year theme is not announced.
- 2022 Theme – “Biofuels for Sustainability and Rural Income”
Defence
India, Japan, US, Australia hold first Malabar naval exercise off Australia
- India, Japan, the United States and Australia will hold the Malabar navy exercise off the coast of Sydney, the first time the war games previously held in the Indian Ocean have taken place in Australia.
- United States and India held the first Malabar Exercise in 1992 at the end of the Cold War.
- Australia participated for the first time in 2007.
- Australia dropped out of the so-called Quad in 2008 after protests from China over its participation in Malabar.
- The Quad was revived and Australia rejoined Malabar in 2020.
INS Visakhapatnam and INS Trikand arrive at Dubai for a bilateral exercise with UAE Navy
- Two Indian Navy ships, INS Visakhapatnam and INS Trikand, arrived at Port Rashid in Dubai for a bilateral exercise with the UAE Navy.
- The exercise, aims to share best practices and increase synergies between the two navies.
- Under Rear Admiral Vineet McCarty’s command, the ships will engage in professional interactions with the UAE Naval Force, focusing on maritime operations.
- ‘Zayed Talwar,’ a bilateral exercise, is scheduled to enhance interoperability and synergy between the two navies, contributing to regional security.
- Led by Captains Ashok Rao and Pramod G Thomas, INS Visakhapatnam, and INS Trikand showcase advanced maritime capabilities.
- This visit underscores growing diplomatic collaboration between the Indian and UAE navies.
- United Arab Emirates – Abu Dhabi (Capital) – UAE dirham (Currency) – Mohamed bin Zayed Al Nahyan (President) – Mohammed bin Rashid Al Maktoum (Prime Minister) – Ahmad Nawaf Al-Ahmad Al-Sabah (Prime Minister) – Arabic (Language)
Daily Current Affairs - August 10, 2023 - Consolidated
- India extends support amounting to USD 246,852.71 to enhance flood resilience in Suriname
- Godrej Consumer Products to set up new Rs 515 crore plant in Tamil Nadu
- Assam Govt to organise ‘Khel Maharan’ across state from November 1
- Gujarat CM Bhupendra Patel virtually launches Lion Anthem and unveils Sinh Suchna’ Web App
- Indira Gandhi smartphone scheme
- Pradhan Mantri Jan Dhan Yojana (PMMY)
- Highlights of RBI monetary policy
- SBI Card enables RuPay credit cards on UPI
- PSBs, top private banks collected over Rs 35,000 crore in penalties since 2018
- Unclaimed deposits of Rs 48,461 crore transferred to Depositor Education & Awareness Fund
- Airtel Payments Bank launches r-PVC-based eco-friendly debit card
- Centre picks TCS to transform e-Marketplace platform
- Tata Play adds 3rd Made-in-India satellite to its fleet
- Government extended Prem Sagar Mishra tenure as South Eastern Coal Fields CMD
- Former Chairman of Karnataka Bank P Jayarama Bhat passes away
- World Lion Day 2023
- World Biofuel Day 2023
- India, Japan, US, Australia hold first Malabar naval exercise off Australia
- INS Visakhapatnam and INS Trikand arrive at Dubai for a bilateral exercise with UAE Navy