Daily Current Affairs – August 19, 2023
Daily Current Affairs - Banking - August 19, 2023
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MoS Rajeev Chandrasekhar held Bilateral Meetings with Ministerial Delegations of Bangladesh, South Korea, France and Türkiye
- Union Minister of State for Skill Development and Entrepreneurship and Electronics and IT, Shri Rajeev Chandrasekhar held bilateral meetings with the ministerial delegations and other senior representatives from Bangladesh, South Korea, France and Türkiye at the Fourth Meeting of G20 Digital Economy Working Group.
- A range of potential areas of collaboration such as Digital Public Infrastructures, India Stack, Artificial Intelligence, skilling and cybersecurity were explored.
- Ministry of Electronics and Information Technology – Ashwini Vaishnaw, Cabinet Minister (Rajya Sabha MP, Odisha) – Rajeev Chandrasekhar, Minister of State (Rajya Sabha MP, Karnataka)
National SC-ST Hub Mega Conclave for Creating Awareness Among SC-ST Entrepreneurs
- The Ministry of Micro, Small & Medium Enterprises (MSME), organized National SC-ST Hub (NSSH) Conclave at Town Hall, Gumla, Jharkhand to promote entrepreneurship culture and spread awareness of the NSSH Scheme and other Schemes.
- Around 650 SC-ST aspiring and existing entrepreneurs participated in the event.
- Ministry of Micro, Small and Medium Enterprises – Narayan Rane,Union Minister (Rajya Sabha MP,Maharashtra) – Bhanu Pratap Singh Verma,Minister of State (Jalaun,UP)
Shri Nitin Gadkari inaugurated Nandura to Chikhli section on National Highway 53 at Malkapur in Buldhana district, Maharashtra
- The Union Minister for Roads Transport and Highways, Shri Nitin Gadkari inaugurated the quadranglement of Nandura to Chikhli section of 45 km length on National Highway 53 worth Rs.800 crores at Malkapur in Buldhana district, Maharashtra.
- The inauguration of 45 km long four-lane project on National Highway 53 will boost the progress and prosperity of the people of Buldhana.
- Under the Bharatmala Yojana, Amravati-Chikhali Section Package-4 on National Highway 53 four-lane construction has been completed.
- This project includes 6 km long Nandura Greenfield Bypass, Malkapur ROB, 4 Major Bridges, 18 Minor Bridges, 11 Culverts, 3 Circular Underpasses, 4 Pedestrian Underpasses, Includes 11.53 km long double-lane service road, 20 bus sheds and 1 truck lay-by.
- Ministry of Road Transport and Highways – Nitin Gadkari,Union Minister (Nagpur,Maharashtra) – General Vijay Kumar Singh
Tamil Nadu Chief Minister announcement ₹926.88 crore for fishermen
- Tamil Nadu Chief Minister M.K. Stalin announced of ₹926.88-crore package for fishermen.
- The government would enhance the financial assistance for fishermen during the annual fishing ban from ₹5,000 to ₹8,000.
- Around 15,000 fishermen, aged above 60, would also benefit from the package.
- Considering the appeals made in the past, the government would give loans to 45,000 fishermen through cooperative societies for buying fishing gear.
- Tamil Nadu – Chennai (Capital) – MK Stalin (CM) – RN Ravi (Governor) – Tamil (Language)
Rajasthan government planned to allocate Rs 5,200 crores to strengthen road network
- The Rajasthan government plans to allocate over Rs 5,200 crore to strengthen the road network in the state during this financial year.
- The state government has sanctioned around Rs 462 crore for 323 road projects, including development and repairs in urban and rural areas.
- These works will take place in various districts, including Dholpur, Barmer, Jaisalmer, Alwar, Bharatpur, Jaipur, Hanumangarh, Ajmer, and Sriganganagar.
- Chief Minister Ashok Gehlot laid the foundation stone for roads covering a length of 3,910 km, amounting to Rs 4,430 crore, and inaugurated roads and bridges spanning 383 km, valued at Rs 387 crore.
- Rajasthan – Jaipur (Capital) – Ashok Gehlot (CM) – Kalraj Mishra (Governor) – Hindi (Language)
Bhagwan Birsa Munda Road Scheme
- The Maharashtra Cabinet announced the implementation of Bhagwan Birsa Munda Road Scheme that aims to enhance road connectivity in tribal areas of the 17 districts of the state.
- The scheme aims to connect remote tribal areas to the main roads.
- Cabinet also decided to repeal the 45-year-old Maharashtra Casinos (Control and Tax) Act, 1976, announcing that the state will not have casinos in the future.
- Cabinet also decided to give special ration during the upcoming Ganeshotsav and Diwali festivals under the Antyodaya food scheme.
- This ration of one kg each of semolina, chana dal, sugar, and one liter of cooking oil will be given to Antyodaya food scheme and family ration card holders and other eligible beneficiaries in 100 rupees.
- More than 1 crore 65 lahks 60 thousand ration card holders will get this festive ration.
- Maharashtra – Mumbai (Capital) – Eknath Shinde (CM) – Ramesh Bais (Governor) – Marathi (Language)
Research-linked-incentive (RLI) scheme
- The Centre has rolled out a Rs 5,000 crore research-linked-incentive (RLI) scheme for pharmaceuticals and med-tech sector to strengthen the research infra in the country and promote more industry-academia linkages for research and development (R&D).
- The government feels that with the right growth enablers, the Indian pharma industry can touch a 5 per cent share of the global market by 2030 from the 3.4 per cent now.
- The scheme has two components; the first being strengthening the research infrastructure by setting up Centres of Excellence at National Institute of Pharmaceutical Education & Research (NIPERs).
- The Centres of Excellence will strengthen the research infrastructure in pharma and med-tech sectors by providing advanced facilities to conduct research and will help in nurturing talent pool by promoting industry academia linkage.
- This has an outlay of Rs 700 crore over a period of five years.
- The second component deals with promotion of research in the pharma and med-tech sector in six priority areas.
- The first product area is for new chemical or biological or phytopharmaceuticals (natural) entities.
- This apart the product areas include complex generics, precision medicine (targeted innovative therapeutics), medical devices, orphan drugs (drugs for rare diseases), and drug development for antimicrobial resistance (AMR).
Banking and Finance
RBI issued fresh guidelines asking banks, NBFCs not to levy penal interest on borrowers in case of default
- Reserve Bank of India (RBI) has issued fresh guidelines to the Regulated Entities (REs) such as commercial and other banks, Non-Banking Finance Companies (NBFCs) and other lenders to ensure reasonableness and transparency in disclosure of penal interest.
- This follows findings that many REs are using penal rates of interest, over and above the applicable interest rates, in case of defaults/non-compliance by the borrower with the terms on which credit facilities were sanctioned.
- According to the new directive, penalty if charged for non-compliance of material terms and conditions of loan contract by the borrower would be treated as ‘penal charges’ and shall not be levied in the form of ‘penal interest’ that is added to the rate of interest charged on the advances.
- Reserve Bank of India (RBI) – 01/04/1935 (Founded) – Mumbai (HQ) – Shaktikanta Das (Governor)
Competition Commission of India slapped ₹40 lakhs penalty on Axis Bank
- Competition Commission of India (CCI) has imposed a penalty of ₹40 lakhs on Axis Bank for its failure to notify the competition watchdog on its 9.91 percent stake buy in CSC e-governance.
- No notice was given to CCI on the Axis-CSC e-Governance acquisition, which was closed on November 23, 2020, despite the Competition law requirement that any person or enterprise who or which proposes to enter into a combination should give notice to the Commission.
- Axis Bank is required to pay the penalty within 60 days from August 9.
- CSC e-Governance is a special purpose vehicle (SPV) established to oversee implementation of the Common Service Centre (CSC) scheme.
- CSC Scheme is a project under the Digital India programme of the Ministry of Electronics and Information Technology (MeitY) to provide access points for the delivery of essential public utility services, social welfare schemes, healthcare, financial, education and agriculture services and a host of business-to-consumer services to the people in rural and remote areas.
- Competition Commission of India (CCI) – 14/10/2003 (Founded) – New Delhi (HQ) – Ravneet kaur (Chairperson)
Business and Economy
Moody's affirms India's Baa3 rating
- Moody’s Investors Service has affirmed India’s long-term local and foreign-currency issuer ratings at Baa3 and retained a stable outlook.
- Baa3 lowest rating of investment grade Moody’s Long-term Corporate Obligation Rating.
- Obligations rated Baa3 are subject to moderate credit risk.
- They are considered medium grade and as such may possess certain speculative characteristics.
- Rating one notch higher is Baa2.
- Rating one notch lower is Ba1.
Crisil Forecasted 6% GDP Growth for India in FY24
Crisil forecasted India’s gross domestic product (GDP) growth to reach 6% in the fiscal year 2024.
Agreements and MoUs signed
Nepal signed preliminary bilateral agreement with India for Power export
- Nepal government planned to increase the export of electricity to neighbouring India from 450 MW to 10,000 MW in the next 10 years.
- Nepal – Kathmandu (Capital) – Nepalese rupee (Currency) – Ram Chandra Poudel (President) – Pushpa Kamal Dahal (Prime Minister) – Nepali (Language)
Acquisitions and Mergers
Titan will acquire additional 27.2% in CaratLane
Jewellery maker Titan announced increasing stake in its subsidiary and new-age jewellery brand CaratLane to 98.28% by acquiring an additional 27.18% share for ₹4,621 crores.
India clinch mixed team air pistol gold in ISSF World Championship at Baku, Azerbaijan
- Shooters Esha Singh and Shiva Narwal brought cheers to the India camp, clinching the 10m air pistol mixed team gold by defeating Ilayda Tarhan and Yusuf Dikec of Turkey in the final of the ISSF World Championship at Baku, Azerbaijan.
- India are currently placed second on the medals table with a gold and a bronze medal, while China is leading the tally with five gold and two bronze medals.
World humanitarian day 2023
- World Humanitarian Day is annually observed on August 19 in a bid to save and protect lives around the world.
- United Nations General Assembly adopted a resolution designating 19 August as World Humanitarian Day to honour the memory of those who lost their lives in the Baghdad bombings in 2008.
- On 19 August 2003 attack on the Canal Hotel in Baghdad, Iraq, killed two humanitarian workers, including the UN Special Representative of the Secretary-General for Iraq, Sergio Vieira de Mello.
- Theme – No matter what
- United Nations General Assembly – 1945 (Founded) – New York City (HQ) – Dennis Francis (President)
World Photography Day 2023
- World Photography Day is annually celebrated on August 19.
- The Day commemorates the announcement of the daguerreotype process to the public on August 19, 1839, by the French Academy of Sciences.
- In August 19, 2010, when Australian photographers Korske Ara and Tim Harvey launched the initiative.
India handed over Indian Navy Dornier aircraft to Sri Lanka Air Force
- The Indian Navy Dornier aircraft was handed over to the Sri Lanka Air Force (SLAF) by the Indian High Commissioner to Sri Lanka, Gopal Baglay to Sagala Ratnayaka, the Chief of Staff and Senior Adviser to the President on National Security of Sri Lanka during a ceremony held at SLAF Base Katunayake, Western Province of Sri Lanka.
- 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)
Daily Current Affairs - August 19, 2023 - Consolidated
- MoS Rajeev Chandrasekhar held Bilateral Meetings with Ministerial Delegations of Bangladesh, South Korea, France and Türkiye
- National SC-ST Hub Mega Conclave for Creating Awareness Among SC-ST Entrepreneurs
- Shri Nitin Gadkari inaugurated Nandura to Chikhli section on National Highway 53 at Malkapur in Buldhana district, Maharashtra
- Tamil Nadu Chief Minister announcement ₹926.88 crore for fishermen
- Rajasthan government planned to allocate Rs 5,200 crores to strengthen road network
- Bhagwan Birsa Munda Road Scheme
- Research-linked-incentive (RLI) scheme
- RBI issued fresh guidelines asking banks, NBFCs not to levy penal interest on borrowers in case of default
- Competition Commission of India slapped ₹40 lakhs penalty on Axis Bank
- Moody’s affirms India’s Baa3 rating
- Crisil Forecasted 6% GDP Growth for India in FY24
- Nepal signed preliminary bilateral agreement with India for Power export
- Titan will acquire additional 27.2% in CaratLane
- India clinch mixed team air pistol gold in ISSF World Championship at Baku, Azerbaijan
- World humanitarian day 2023
- World Photography Day 2023
- India handed over Indian Navy Dornier aircraft to Sri Lanka Air Force
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