Daily Current Affairs – August 24, 2023
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Daily Current Affairs - Banking - August 24, 2023
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National News
Aadhaar-Based Payment for MGNREGS Will Become Mandatory From September 1
- The deadline for implementing Aadhaar-based payment system as the only mode of payment to workers under national rural job guarantee scheme Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) will not be extended beyond August 31.
- The Union government in January this year made the use of Aadhaar-based payment system (ABPS) mandatory for paying wages to those enrolled under the MGNREGS.
- The initial deadline for the mandatory adoption of ABPS mode was February 1, which was later extended to March 31, then till June 30, and eventually till August 31.
54th Network Planning Group Meeting
- The 54th Network Planning Group (NPG) meeting chaired by Special Secretary, Logistics, Department for Promotion of Industry and Internal Trade (DPIIT), Smt. Sumita Dawra was held in New Delhi.
- The meeting saw active participation from member Departments and Ministries of Ministry of Road Transport and Highways, Ministry of Railways, Ministry of Ports, Shipping and Waterways, Ministry of Petroleum and Natural Gas, and Ministry of Power.
- During the meeting, two projects of the Ministry of Road Transport and Highways and two projects of the Ministry of Railways with a total cost of ₹7, 693.17 crores were assessed.
- NPG examined four-lane Thiruvananthapuram Outer Ring Road (ORR), under Bharatmala Pariyojana, in Kerala worth ₹4,767.20 Crores.
- Another road project, Dahod-Bodeli-Vapi Corridor with a project outlay of ₹1,179.33 Crores was assessed by the NPG.
- NPG also deliberated on a new broad gauge railway Line between Pushkar – Merta in Rajasthan with a project cost of ₹799.64 Crores.
- Another rail project in Rajasthan, a new broad-gauge line between Merta City-Ras Railway Stations worth ₹947 Crores was assessed by the NPG.
International News
India-Romania pact on defence to help promote cooperation, says senion Romanian official Simona Cojocaru
- The defence cooperation agreement signed between India and Romania will enhance collaboration through the exchange of expertise and knowledge on subjects of mutual interest including co-development and co-production of military hardware, said State Secretary and Chief of the Department for Defence Policy, Planning and International Relations of Romania, Simona Cojocaru.
- Romania – Bucharest (Capital) – Romanian leu (Currency) – Klaus Iohannis (President) – Nicolae Ciucă (Prime Minister) – Romanian (Language)
Banking and Finance
RBI Imposed Penalty on 4 Cooperative Banks
- Reserve Bank of India (RBI) has imposed monetary penalties on four cooperative banks.
- A penalty of ₹4 lakhs, the highest among the banks, on Walchand Nagar Sahakari Bank, Maharashtra.
- A penalty of ₹3 lakhs on Devika Urban Cooperative Bank, Udhampur, Jammu Kashmir or non-compliance with the directions on sanction of loans and advances to directors, relatives and firms or concerns in which they are interested.
- A penalty of ₹1 lakh on Dahanu Road Janata Cooperative Bank, Maharashtra for non-compliance with specific directions issued by RBI under the supervisory action framework (SAF).
- A penalty of ₹50,000 on Shree Cooperative Bank, Vadodara, Gujarat for non-compliance with direction issued by RBI on loans and advances to directors, relatives, firms or concerns in which they are interested.
Transaction limit for small value payments in offline mode raised to Rs 500 by RBI
- The Reserve Bank enhanced the upper limit of an offline payment transaction to Rs 500 from the existing Rs 200 to promote the use of UPI-Lite wallet in areas where internet connectivity is weak or not available.
- However, the total limit for offline transactions on a payment instrument remains Rs 2,000 at any point in time.
- Reserve Bank of India (RBI) – 01/04/1935 (Founded) – Mumbai (HQ) – Shaktikanta Das (Governor)
Bank credit will grow 13-13.5% in FY24
- According to CARE Ratings, Scheduled commercial banks’ (SCBs) credit growth is expected to be in the range of 13.0-13.5% for FY24, excluding the impact of the merger of HDFC with HDFC Bank.
- Credit offtake experienced robust growth of 16.2% in Q1FY24 and the outlook remains positive for FY24, per the rating agency’s analysis of 30 banks, including 12 public sector banks and 18 private sector banks.
- The positive credit growth outlook is driven by economic expansion, increased capital expenditure, the implementation of the PLI (production linked incentive) scheme, and a push for retail credit.
Bank of Baroda UAE Marked 50th Year of Excellence in the United Arab Emirates
- Bank of Baroda UAE, the sole Indian bank in the UAE offering comprehensive banking services, commemorated its golden jubilee, marking its 50th year of glorious presence in the UAE.
- Having established its presence in UAE in 1974, the bank has traversed a remarkable journey over the past five decades, emerging as a premier provider of financial solutions to both the Indian diaspora and the local populace.
- 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)
Business and Economy
Government e-Marketplace surpassed INR 1 lakh crore Gross Merchandise Value milestone in record time
- Accelerated growth, increased efficiency and unwavering trust propel Government e-Marketplace (GeM) to achieve an impressive milestone, crossing ₹1 lakh crore in Gross Merchandise Value (GMV) within a remarkable span of 145 days in the current financial year, FY 2023-24.
- This outstanding achievement underscores GeM’s commitment to revolutionizing government procurement and signifies a substantial improvement compared to the previous year, where this GMV landmark was reached in 243 days.
- The average GMV per day has also witnessed significant growth from ₹412 crore per day in FY 22-23 to ₹690 crore per day in FY 23-24.
- This notable milestone firmly establishes GeM as one of the largest public procurement portals globally, both in terms of transaction value and the breadth of the buyer-seller network within its unified digital ecosystem.
- Since inception, GeM has crossed ₹4.91 Lakh Crore in GMV and has facilitated over 1.67 crore orders on the platform.
- Among the noteworthy contributors to this remarkable GMV achievement, the contribution of Central Public Sector Enterprises (CPSEs), Central Ministries and State Governments has been 54%, 26% and 20% respectively.
CCI slapped Rs 55 lakh penalty on ADIA, TPG Group for false declarations
- The Competition Commission of India has levied fines totalling Rs 55 lakh on Abu Dhabi Investment Authority (ADIA) and TPG Group for making false declarations before the regulator while availing the green channel facility in a deal related to the acquisition of a stake in UPL Sustainable Agri Solutions Ltd (UPL SAS).
- The acquirers, ADIA and TPG Group, shall pay the penalty jointly and severally.
- Competition Commission of India (CCI) – 14/10/2003 (Founded) – New Delhi (HQ) – Ravneet kaur (Chairperson)
Summit and Conference
26th National Conference on e-Governance
- Madhya Pradesh Micro, Small & Medium Enterprises, Science & Technology Minister Om Prakash Sakhalecha inaugurated the 26th National Conference on e-Governance began in Indore to deliberate on providing better facilities to the citizens.
- The two-day conference is being organized by the Department of Administrative Reforms and Public Grievances and the Ministry of Electronics and Information Technology in collaboration with the Government of Madhya Pradesh.
- The conference is being brainstormed on the topic ‘Developing India: Empowering Citizens’.
- Representatives from 28 states and 9 union territories as well as industry are participating in the conference.
- Eleven themes including district-level initiatives, emerging technologies for providing citizen centric services, role of R&D in citizen centric services are being discussed in the conference.
- National e-Governance Awards 2023 in 5 categories will also be presented during the conference.
- Madhya Pradesh – Bhopal (Capital) – Shivraj Singh Chouhan (CM) – Mangubhai C. Patel (Governor) – Hindi (Language)
Science and Technology
Nasscom unveiled portal for talent connect
- The Sector Skill Council at Nasscom unveiled a ‘Nasscom Talent Connect’ portal.
- The platform will serve as an exclusive portal for enterprises looking to hire digitally skilled and certified industry-ready talent for both IT and non-IT sectors and aspiring tech candidates looking to head-start their careers in the technology industry.
- The platform also enables freshers and professionals with career breaks to enter the workforce.
- India, currently at 23.9%, has the lowest tech demand-supply gap among top tech locations such as the U.S., China and the U.K. With a supply of 2.14 million STEM graduates per annum, the country stood second globally, next only to China.
- In the tech sector some 2 million of the total 5.4 million tech employees in the country, had been digitally trained as of March 2023.
- The industry was rapidly closing in on the tech talent pool demand with a high reskillability index and a large share of adjacent tech talent.
Government will launch Tele-Law – 2.0 Integrates Tele-Law and Nyaya Bandhu App
- Government will launch Tele-Law – 2.0 that Integrates Tele-Law and Nyaya Bandhu App to ensure access to Justice in New Delhi.
- This will enable the common citizen to access legal advice, legal assistance and legal representation through a single registration and single gateway of Tele-Law.
- The event marks the achievement of providing 50 lakhs legal advice to the beneficiaries.
- During the programme, the frontline functionaries who are the grassroot soldiers and ensure delivery of legal services at its doorstep will be felicitated.
- Shri Arjun Ram Meghwal – Minister of State (Independent Charge) (Bikaner,Rajasthan) for the Ministry of Law and Justice
Power
Shell Energy India will set up renewable energy facility in Gujarat
- Shell Energy India will invest Rs 3,500 crore in Gujarat to set up a renewable energy facility, charging stations for electric vehicles, and an LNG regasification terminal, which would create nearly 4,300 jobs.
- A memorandum of understanding (MoU) in this regard was signed between the Gujarat government and Shell Energy India in Gandhinagar.
- The agreement has been signed as part of the upcoming 10th edition of the Vibrant Gujarat Global Summit to be held in January next year.
- Under this MoU, Shell Energy India will invest Rs 2,200 crore to set up a renewable energy production facility on 1,200 acres in Banaskantha district of north Gujarat.
- The facility will provide direct and indirect employment to more than 1,000 people, and it is expected to commence commercial production by 2026.
GAIL will Invest 30000 Crore in 3 Years
- State-owned Gail India Ltd (Gail) is mulling a capital expenditure Rs 30,000 crore, mainly in pipelines, petrochemical projects and city gas distribution, over the next three years, while its total capital expenditure for FY23 was Rs 10,000 crore.
- However, Gail is also hoping that its natural gas transmission volumes to expand 12 per cent and polymer sales to double this financial year.
- GAIL will set up small filling stations for liquefied natural gas (LNG) as India’s largest gas utility aims to tap the growing market for use of the commodity, particularly in the long haul heavy duty logistics sector.
- The development assumes importance as LNG is considered a greener alternative to diesel-run vehicles and can help reduce pollution and emissions.
- Besides, it will help in increasing use of natural gas and raising its share in India’s energy mix to 15 per cent from around 6.7 per cent currently.
- GAIL (India) Limited (formerly known as Gas Authority of India Ltd.) – 1984 (Founded) – New Delhi (HQ) – Sandeep Kumar Gupta (Chairman & MD)
Appointments
Brand Ambassador
- Bharat Petroleum Corporation Ltd. (BPCL) has announced cricketer Rahul Dravid as its new brand ambassador.
- Infosys announced a three-year partnership with Rafael Nadal, onboarding the global tennis star as ambassador for the brand and Infosys’ Digital Innovation.
- Casio India announced cricketer Shubman Gill as brand ambassador for watch brand G-SHOCK.
Obituary
Veteran actor Seema Deo passed away
- Veteran actor Seema Deo passed away at the age of 83.
- The senior actor was seen in films like Anand, Koshish and Kora Kagaz.
- Apart from appearing in several Hindi films, Seema Deo was a renowned actor in Marathi cinema.
Sports News
ICC Men's Cricket World Cup 2023
- The International Cricket Council (ICC) has revealed a significant collaboration with Mastercard, marking the financial giant as a Global Partner for the highly anticipated ICC Men’s Cricket World Cup 2023.
- The Board of Control for Cricket in India (BCCI) announced BookMyShow as the ticketing platform for the prestigious ICC Men’s Cricket World Cup 2023.
- The tournament will feature 58 matches, including 10 warm-up fixtures and will be held across 12 prominent venues throughout the nation.
- International Cricket Council (ICC) – 15/06/1909 (Founded) – Dubai,UAE (HQ) – Greg Barclay (Chairman) – 108 countries
- Board of Control for Cricket in India (BCCI) – December 1928 (Founded) – Wankhede Stadium,Mumbai (HQ) – Roger Binny (President) – Hemang Amin (CEO)
Junior Hockey Tournament
-
4 Nations Junior Men’s and Women’s Invitational Tournament was held at Düsseldorf, Germany.
Men’s Junior
Women’s Junior
Position
Team
Position
Team
1
Germany
1
Germany
2
India
2
Spain
3
Spain
3
India
4
England
4
England
Shri Anurag Singh Thakur inaugurated 33 Khelo India Centres across Rajasthan
- The Union Minister of Youth Affairs and Sports, Shri Anurag Singh Thakur inaugurated 33 Khelo India Centres at the Sawai Mansingh Stadium in Jaipur, Rajasthan.
- The Union Minister announced that a National Center of Excellence with a dedicated Sports Science Centre will be set up in Rajasthan along with additional 18 Khelo India centres, thus taking the total number of Khelo India centres in the State to 51.
- Ministry of Youth Affairs and Sports – Anurag Singh Thakur,Union Minister (Hamirpur, Himachal Pradesh) – Nisith Pramanik,Minister of State (Cooch Behar, West Bengal)
Defence
LCA Tejas successfully test-fires indigenous ASTRA Beyond Visual Range air-to-air missile off Goa coast
- Tejas, Light Combat Aircraft (LCA) LSP-7 successfully fired the ASTRA indigenous Beyond Visual Range (BVR) air-to-air missile off the coast of Goa.
- The missile release was successfully carried out from the aircraft at an altitude of about 20,000 ft.
- All the objectives of the test were met and it was a perfect text book launch.
- The test launch was monitored by the Test Director and scientists of Aeronautical Development Agency (ADA), Defence Research and Development Organisation (DRDO), Hindustan Aeronautics Limited (HAL) along with officials from Centre for Military Airworthiness and Certification (CEMILAC) and Directorate General of Aeronautical Quality Assurance (DG-AQA).
- The aircraft was also monitored by a Chase Tejas twin seater aircraft.
- ASTRA, a state-of-the-art BVR air-to-air missile to engage and destroy highly maneuvering supersonic aerial targets, is designed and developed by Defence Research and Development Laboratory (DRDL), Research Centre Imarat (RCI) and other laboratories of DRDO.
- The indigenous Astra BVR firing from home grown Tejas fighter is a major step towards ‘Aatmanirbhar Bharat’.
- Defence Research and Development Organisation (DRDO) – 1958 (Founded) – New Delhi (HQ) – Dr Sameer V Kamath (Chairman)
Daily Current Affairs - August 24, 2023 - Consolidated
- Aadhaar-Based Payment for MGNREGS Will Become Mandatory From September 1
- 54th Network Planning Group Meeting
- India and Kuwait bilateral trade touches all-time high of USD 12.5 billion
- RBI Imposed Penalty on 4 Cooperative Banks
- Transaction limit for small value payments in offline mode raised to Rs 500 by RBI
- Bank credit will grow 13-13.5% in FY24
- Bank of Baroda UAE Marked 50th Year of Excellence in the United Arab Emirates
- Government e-Marketplace surpassed INR 1 lakh crore Gross Merchandise Value milestone in record time
- CCI slapped Rs 55 lakh penalty on ADIA, TPG Group for false declarations
- 26th National Conference on e-Governance
- Nasscom unveiled portal for talent connect
- Government will launch Tele-Law – 2.0 Integrates Tele-Law and Nyaya Bandhu App
- Shell Energy India will set up renewable energy facility in Gujarat
- GAIL will Invest 30000 Crore in 3 Years
- Brand Ambassador
- Veteran actor Seema Deo passed away
- ICC Men’s Cricket World Cup 2023
- Junior Hockey Tournament
- Shri Anurag Singh Thakur inaugurated 33 Khelo India Centres across Rajasthan
- LCA Tejas successfully test-fires indigenous ASTRA Beyond Visual Range air-to-air missile off Goa coast
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