Daily Current Affairs – December 06, 2023
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Daily Current Affairs - Banking - December 06, 2023
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National News
Nation-wide public awareness & training program on CPR
- Ministry of Health and Family Welfare and the National Board of Examinations in Medical Sciences organised a nation-wide public awareness and training program on Cardiopulmonary Resuscitation CPR.
- In New Delhi, Health and Family Welfare Minister Dr. Mansukh Mandaviya participated in the training program.
- The aim is to impart CPR training to maximum citizens that will help prevent cardiac deaths in the country.
- Ministry of Health and Family Welfare – Mansukh Laxmanbhai Mandaviya,Union Minister (Rajya Sabha MP,Gujarat) – Dr. Bharati Pravin Pawar,Minister of State (Dindori,Maharashtra), Satya Pal Singh Baghel ,Minister of State (Agra,UP)
International News
India announced line of credit to Kenya
- India announced a $250 million line of credit to Kenya for modernisation of its agricultural sector as Prime Minister Narendra Modi and visiting Kenyan President William Samoei Ruto agreed to strengthen bilateral ties in the field of defence, trade, energy, digital public infrastructure and healthcare.
- Kenya – Nairobi (Capital) – Kenyan shilling (Currency) – William Ruto (President) – Swahili & English (Language)
Schemes
Faster Adoption and Manufacturing of Electric Vehicles in India Phase II (FAME India Phase II) Scheme
- The Ministry of Heavy Industries formulated Faster Adoption and Manufacturing of Electric Vehicles in India Phase II (FAME India Phase II) Scheme for a period of five years commencing from 1st April, 2019 with a total budgetary support of ₹10,000 crores.
- This phase mainly focuses on supporting electrification of public & shared transportation, and aims to support through demand incentive 7090 eBuses, 5 lakh e-3 Wheelers, 55000 e-4 Wheeler Passenger Cars and 10 lakh e-2 Wheelers.
- In addition, creation of charging infrastructure is also supported under the Scheme.
- Under phase-II of FAME India Scheme, subsidy amounting to ₹5,228.00 crores has been given to electric vehicle manufactures on sale of 11,53,079 no. of electric vehicles as on 12.2023.
- Ministry of Heavy Industries – Mahendra Nath Pandey,Union Minister (Chandauli,UP) – Krishan Pal Gurjar,Minister of State (Faridabad,Harayana)
Pradhan Mantri Fasal Bima Yojana (PMFBY)
- Claims of ₹1,50,589 crores have been paid to farmers against their premium share of ₹30,800 crores under the Pradhan Mantri Fasal Bima Yojana (PMFBY) since Kharif 2016 to Rabi 2022-23.
- PMFBY was introduced in the country from Kharif 2016 and is voluntary for states and farmers.
- Comprehensive risk coverage for crop of farmers against all non-preventable natural risks from pre-sowing to post-harvest stages of the crops at very minimum premium for the farmers is provided under the scheme.
- The number of applications from farmers has grown from 22 crore in 2020-21 to 11.69 crore in 2022-23.
- The area insured under the scheme has increased from 23 lakh hectares (lh) in 2020-21 to 498.91 lh in 2022-23.
- The Pradhan Mantri fasal bima yojana launched on 18 February 2016 by Prime Minister Narendra Modi is an insurance service for farmers for their yields.
Banking and Finance
RBI cancelled licence of Shankarrao Pujari Bank
- The Reserve Bank of India (RBI) has cancelled the licence of Shankarrao Pujari Nutan Nagari Sahakari Bank Limited in Kolhapur city.
- The Commissioner for Cooperation and Registrar Cooperative Societies, Maharashtra, has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank.
- According to RBI, the licence was cancelled as the bank does not have adequate capital and earning prospects and it does not comply with the provisions of Section 11(1) and Section 22 (3) (d) read with Section 56 of the Banking Regulation Act, 1949.
- The bank has also failed to comply with various other sections of the Banking Regulation Act, 1949.
- Reserve Bank of India (RBI) – 01/04/1935 (Founded) – Mumbai (HQ) – Shaktikanta Das (Governor)
Banks write off ₹10.57 lakh crore in 5 years, make NPA recovery worth ₹7.17 lakh crores
- Banks have written off ₹10.57 lakh crore during the last five financial years, of which ₹5.52 lakh crore was in respect of loans pertaining to large industries.
- Comprehensive steps have been taken to recover NPAs, enabled by which, SCBs have made an aggregate recovery of ₹7,15,507 crores (RBI provisional data for FY 2022-23) in NPA accounts, including written-off loans, during the last five financial years.
- Scheduled commercial banks have written off an aggregate amount of ₹5.52 lakh crore in respect of loans pertaining to large industries and services during the last five financial years (FYs), i.e. from FY 2018-19 to FY 2022-23
- This includes ₹93,874 crore written off by all the banks on account of fraud during the five-year period.
- Ministry of Finance – Nirmala Sitharaman,Cabinet Minister (Rajya Sabha MP,Karnataka) – Bhagwat Karad, Minister of State (Rajya Sabha MP,Maharashtra) & Pankaj Choudhary, Minister of State (Maharajganj,UP)
Union Bank tied up with Accenture for analytics based customer services
- Union Bank tied up with Accenture.
- The tie-up will involve providing a scalable and secure enterprise data lake platform with advanced analytics and reporting capabilities.
- This program is expected to boost the bank’s operational efficiency and enhance its ability to offer customer-centric banking services and manage risk.
- Using predictive analytics, machine learning and artificial intelligence, this platform will leverage structured and unstructured data from within the bank as well as from external sources to generate business-relevant insights.
- The program will enable the bank to develop robust data visualization and reporting capabilities including interactive dashboards and reports for business, operational and regulatory purposes.
- Employees will have access to business intelligence that can enhance customer service and operational agility across the bank’s branches, contact centres and digital channels.
- As a result, the bank will be able to make informed decisions and identify new data-led opportunities for value creation.
- These will have an impact across its business portfolio including corporate, retail, and micro, small and medium enterprises (MSMEs) banking, and as well as across functions like risk management, treasury, customer service and operations, among others.
- Union Bank of India – 11/11/1919 (Founded) – Mumbai (HQ) – A. Manimekhalai (MD & CEO) – “Good People to Bank with”
LIC fourth largest insurer in the world based on reserves
- Insurance behemoth Life Insurance Corporation of India (LIC) is the fourth largest insurer in the world, according to a ranking based on life and accident & health reserves of companies in 2022 by S&P Global Market Intelligence.
- The state-owned insurer is ranked after Allianz SE, China Life Insurance Company and Nippon Life Insurance Company.
- According to the report, LIC’s reserves stood at $503.7 billion.
- Germany’s Allianz SE ($750.20 billion), China Life Insurance Company ($616.90 billion) and Japan’s Nippon Life Insurance Company ($536.80 billion) are the top three insurance companies in the world.
- The reserves of LIC and Nippon Life Insurance Company reflect the reserves of the financial year 2023 (April 2022 to March 2023).
Business and Economy
Foodgrain procurement under MSP reaches 106.27 million tonnes in 2022-23
- The procurement of foodgrains under MSP (minimum support price) scheme increased from 44 lakh tonnes (lt) (75.94 million tonnes) in 2014-15 to 1062.69 lt (106.27 million tonnes) in 2022-23.
- The expenditure incurred (at MSP values) on procurement of foodgrains increased from ₹1.06 lakh crore to ₹2.28 lakh crore, during the same period.
- More than 1.6 crore farmers have been benefitted by MSP scheme.
- Ministry of Agriculture and Farmers Welfare – Narendra Singh Tomar,Cabinet Minister (Morena,UP) – Shobha Karandlaje,Minister of State (Udupi Chikmagalur,Karnataka), Kailash Choudhary, Minister of State (Barmer,Rajasthan)
U GRO Capital, Laghu Udyog Bharati joined hands to empower MSMEs
- U GRO Capital, a DataTech NBFC focused on MSME lending, and Laghu Udyog Bharati, an organisation dedicated to supporting and promoting micro-enterprises, have joined hands to launch an awareness campaign designed to empower India’s micro-enterprises.
- Under this partnership, U GRO Capital, along with Laghu Udyog Bharati, will host a series of seminars, workshops and events in over 100 micro markets across India to educate and empower the network of small businesses empanelled with Laghu Udyog Bharati.
Acquisitions and Mergers
SBI will acquire stake in SBI Pension Funds
- The Executive Committee of the Central Board (ECCB) of State Bank of India (SBI) has accorded final approval to the Bank for acquiring 20% stake held by SBICAPS (SBI Capital Markets Ltd) in SBIPFPL (SBI Pension Funds Private Ltd) for ₹229.52 crores.
- State Bank of India (SBI) – 01/07/1955 (Founded) – Mumbai (HQ) – Dinesh Kumar Khara (Chairman) – “Pure Banking, Nothing Else” (Tagline)
Appointments
New Chief Ministers of Various States
- Revanth Reddy to be sworn in as new Chief Minister of Telangana.
- Zoram People’s Movement (ZPM) leader Lalduhoma will be the new Chief Minister of Mizoram.
UNESCO vice chair role
- Pakistan defeated India in an election at the UNESCO executive board for the post of vice chair, in which Islamabad’s candidate got 38 votes while India’s received 18.
- Pakistan’s victory of being elected as vice chair of the UNESCO Executive Board for 2023-2025 from the Asia Pacific Group, is being seen as a major setback for Indian diplomats in the UN.
- United Nations Educational, Scientific and Cultural Organization (UNESCO) – 16/11/1945 (Founded) – Paris, France (HQ) – Audrey Azoulay (Director-General)
Chairman of Max Life Insurance
- Rajiv Anand had been appointed as Chairman of Max Life Insurance, a material subsidiary of Max Financial Services after Analjit Singh stepped down from his post.
- Before this elevation, Anand, a non-executive director of Max Life, was nominated by Axis Bank Ltd as Chairman of Max Life Insurance.
- Max Life Insurance Company Limited – 2001 (Founded) – New Delhi (HQ) – Rajiv Anand (Chairman)
Chairman of World Radiocommunication Conference 2023
- United Arab Emirates’ Mohammed Al Ramsi has been appointed Chairman of World Radiocommunication Conference 2023 (WRC 23).
- The event is being held in Dubai, UAE.
- WRC is organised by International Telecommunication Union (ITU) every four years to revise the global use of radio-frequency spectrum, geostationary-satellite and non-geostationary-satellite orbits.
- This year, more than 4,000 government officials and 900 international organisations from 193 countries are attending the conference.
Ranks and Indices
Forbes' 2023 list of powerful women
- Union Finance Minister Nirmala Sitharaman has once again made it to the Forbes’ annual list of powerful women — The World’s 100 Most Powerful Women. This year she is ranked at 32nd
- The list spans diverse sectors such as politics and policy, business, finance, media and entertainment, featuring influential women from around the world.
- Other notable Indians making their mark include Roshni Nadar at number 60th in Technology, SAIL’s Soma Mondal at 70th position in Business, and Kiran Mazumdar Shaw who secured 76th spot, also in the Business sector.
- Every year, the American business magazine releases a list of 100 powerful women of the world.
- According to Forbes, it determines rankings based on four key metrics: money, media, impact and spheres of influence.
- For political leaders, the magazine weighed gross domestic products and populations; for corporate chiefs, revenues, valuations and employee counts were critical.
- Ursula von der Leyen, President, European Commission, European Union has earned the topmost spot on the list in 2023.
- On number two is Christine Lagarde, President, European Central Bank.
- US Vice President Kamala Harris is at number three position followed by Giorgia Meloni, Prime Minister, Italy.
- The list also highlights influential women across sectors, with Taylor Swift achieving her highest-ever ranking at number 5.
Reports
Mercom Capital Group's Annual Global Report
- Adani Green Energy Limited (AGEL) has been declared the second-largest global solar PV developer in the global solar energy sector, according to Mercom Capital Group’s Annual Global Report.
- Mercom Capital Group is a clean energy communications and research firm.
- In its global annual report, it has unveiled the top ten leading global large-scale solar PV developers based on data compiled from July 2022 to June 2023.
- France-based TotalEnergies, which holds a total capacity of 3 GW, was ranked number one and followed by AGEL with its total solar capacity of 18.1 GW.
- Canada-based Brookfield Renewable Partners came in third with 18 GW.
- Adani Green Energy Limited (AGEL) – 2015 (Founded) – Ahmedabad (HQ) – Vneet S. Jain (Managing Director and CEO)
Awards and Recognitions
First Real Madrid Player To Win 'Golden Boy Award'
- Star English Football player Jude Bellingham (20 years) has created a milestone by becoming the first Real Madrid player to win the ‘Golden Boy Award’ in Turin.
- The ‘Golden Boy Award’ is given to the best footballer under 21 years of age playing at a European club.
- Earlier, Bellingham won the Kopa Trophy at the Ballon d’Or gala, again recognising him as the best player under 21 footballer.
‘ISSA Vision Zero 2023’ award
- The Employees’ State Insurance Corporation (ESIC) has bagged ‘ISSA Vision Zero 2023’ award in the recently held 23rd World Congress on ‘Safety and Health at Work’ in Sydney, Australia.
- “Vision Zero” is a transformational approach for prevention of accidents at work places integrating the three dimensions of safety, health and well-being at all levels of work, the Ministry of Labour and Employment.
- The ESIC was awarded with “ISSA Vision Zero 2023” as it had great success in outreach in the field of safety and health at work places by aligning the prevention strategy besides post-accidental mechanism for medical care and cash benefits to the workers and their dependents.
- The award also underlines the improvements that have been made in the service delivery of the ESI Corporation as well as increase in its administrative and operational efficiency using IT enabled initiatives.
- Dr Rajendra Kumar, Director General, ESIC representing ESIC, received this award at the World Congress.
- Employees’ State Insurance Corporation (ESIC) – 24/02/1952 (Founded) – New Delhi (HQ) – Dr. Rajendra Kumar (Director General)
Important Days
National Microwave Oven Day 2023
- National Microwave Oven Day is annually observed on December 06.
- The Day is celebrated to create awareness about the things that a microwave oven can perform and explore ways by which we can simplify our kitchen work.
- A microwave oven uses electromagnetic waves, specifically microwaves, to heat food.
- Microwaves are a type of non-ionizing radiation, meaning they do not have enough energy to remove electrons from atoms, unlike ionizing radiation such as X-rays or gamma rays.
Daily Current Affairs - December 06, 2023 - Consolidated
- Nation-wide public awareness & training program on CPR
- India announced line of credit to Kenya
- Faster Adoption and Manufacturing of Electric Vehicles in India Phase II (FAME India Phase II) Scheme
- Pradhan Mantri Fasal Bima Yojana (PMFBY)
- RBI cancelled licence of Shankarrao Pujari Bank
- Banks write off ₹10.57 lakh crore in 5 years, make NPA recovery worth ₹7.17 lakh crores
- Union Bank tied up with Accenture for analytics based customer services
- LIC fourth largest insurer in the world based on reserves
- Foodgrain procurement under MSP reaches 106.27 million tonnes in 2022-23
- U GRO Capital, Laghu Udyog Bharati joined hands to empower MSMEs
- SBI will acquire stake in SBI Pension Funds
- New Chief Ministers of Various States
- UNESCO vice chair role
- Chairman of Max Life Insurance
- Chairman of World Radiocommunication Conference 2023
- Forbes’ 2023 list of powerful women
- Mercom Capital Group’s Annual Global Report
- First Real Madrid Player To Win ‘Golden Boy Award’
- ‘ISSA Vision Zero 2023’ award
- National Microwave Oven Day 2023
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