Daily Current Affairs – December 13 & 14, 2023
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Daily Current Affairs - Banking - December 13 & 14, 2023
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National News
Workshop on “Investor Education and Protection Policy in India: Claiming the Unclaimed”
- The Investor Education and Protection Fund Authority (IEPFA) and the National Council of Applied Economic Research (NCAER) jointly organized a dedicated workshop for youth, engaging college students on “Investor Education and Protection Policy in India: Claiming the Unclaimed” at the NCAER Auditorium in New Delhi.
- The workshop emphasised claimants’ awareness of unclaimed funds like provident funds, shares, and dividends.
- It showcased IEPFA’s role in raising awareness, securing unclaimed shares, and simplifying investor processes within the authority.
- This initiative involved university students, fostering financial inclusion at the grassroots level and encouraging innovative ideas about unclaimed funds.
International News
Ninth edition of Jaffna International Cinema Festival
- The ninth edition of Jaffna International Cinema Festival will begin at the Jaffna Cultural Centre, Jaffna, Sri Lanka.
- The six-day event will showcase films from various countries in general and the subcontinent in particular.
- Several debut and short films will also be premiered during the festival.
- The works of noted Indian filmmaker Mrinal Sen will be screened in Mrinal Sen Retrospective section.
- The Indian films that will be premiered at the festival include Bhagwan Bharose, Whispers of Fire and Water, Faded Memories, Main Hoon Lallu Singh and Chhaad.
- 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)
Schemes
"Bhagwant Mann Sarkar Tuhade Dwar" scheme
- AAP national convenor Arvind Kejriwal and Punjab Chief Minister Bhagwant Mann launched the “Bhagwant Mann Sarkar Tuhade Dwar” scheme, aimed at providing citizen-centric services to people at their doorstep.
- Under the scheme, people will get 43 services, including issuance of certificates of birth, marriage, death, income, residence, caste, rural area, border area, backward area, pension, payment of electricity bills and land demarcation.
Indian Forest & Wood Certification Scheme
- The Ministry of Environment, Forests and Climate Change has launched the Indian Forest & Wood Certification Scheme.
- This national forest certification scheme offers voluntary third-party certification designed to promote sustainable forest management and agroforestry in the country.
- The scheme includes forest management certification, tree outside forest management certification, and chain of custody certification.
- The Indian Forest and Wood Certification Scheme can provide market incentives to various entities that adhere to responsible forest management and agroforestry practices in their operations.
- This includes state forest departments, individual farmers, or Farmer Producer Organizations engaged in agroforestry and farm forestry, as well as other wood-based industries in the value chain.
- The Forest Management certification is based on the Indian Forest Management Standard, consisting of 8 criteria, 69 indicators and 254 verifiers, which is an integral part of the National Working Plan Code 2023, launched earlier this year.
- A separate Trees Outside Forests Standard, is now introduced as a part of the newly launched Indian Forest & Wood Certification Scheme.
- Ministry of Environment, Forest and Climate Change (MoEFCC) – Bhupender Yadav, Cabinet Minister (Rajya Sabha MP,Rajasthan) – Ashwini Kumar Choubey, Minister of State (Buxar,Bihar)
PLI scheme in Food Processing Industry
- The Ministry of Food Processing has said that beneficiaries of the Production Linked Incentive (PLI) Scheme have made an investment of ₹7,126 crores and have reported cumulative sales of ₹49,825 crores up to the April-September period.
- The PLI scheme for the food processing sector is being implemented from FY 2021-22 to FY 2026-27 with an outlay of ₹10,900 crores.
- The scheme focuses on incentivising manufacturing in four categories: ready-to-cook & ready-to-eat products, processed fruits & vegetables, marine products, and mozzarella cheese.
- The scheme also focuses on enabling SMEs to promote innovative or organic products and incentivising branding and marketing abroad of Indian brands in the global market.
- Additionally, the PLI Scheme for promoting Millet-based Products was launched in the FY 2022-23 with an outlay of ₹800 crores, utilising the scheme’s savings.
- Ministry of Food Processing Industries – Shobha Karandlaje,Minister of State (Udupi Chikmagalur,Karnataka) – Prahlad Singh Patel,Minister of State (Damoh,Madhya Pradesh)
Banking and Finance
Asian Development Bank provide loan to Uttarakhand
- The Government of India and the Asian Development Bank (ADB) signed agreement for availing of a $200 million loan from the Asian Development Bank (ADB), to improve the quality, efficiency, and reliability of power supply in the state of
- The project will modernise Dehradun city’s power network infrastructure by introducing an advanced and climate-resilient underground cable system comprising 537 km subterranean cables, 354 ring main units, and 99 compact substations.
- The project will involve nongovernmental organizations in implementing and monitoring the livelihood activities.
- The Japan Fund for Prosperous and Resilient Asia and the Pacific, financed by the Government of Japan through ADB, will provide a $2 million grant to support livelihood enhancement, training, and awareness-raising activities of the project.
Bad loans transferred to the National Asset Reconstruction Company Ltd (NARCL) by Public Sector Bank
- Ten public sector banks transferred ₹11,617 crore worth of bad loans to the National Asset Reconstruction Company Ltd (NARCL) by November end.
- Of this, State Bank of India assigned the largest amount of debt worth ₹4,508 crores, followed by Punjab National Bank which transferred ₹2,138 crores, Canara Bank that assigned ₹1,858 crores of debt and Union Bank that transferred ₹1,831 crore
- Other PSBs such as Bank of Maharashtra has assigned ₹796 crores of debt to NARCL while Indian Bank has transferred ₹233 crores.
- Other PSBs that have transferred NPAs to NARCL include Bank of Baroda (₹114 crore), Central Bank of India (₹70 crore), Bank of India (₹49 crore) and Indian Overseas Bank (₹20 crore).
- In all, these 10 PSBs had NPAs amounting to ₹3.77 lakh crore as on September 30, 2023.
- NARCL has recovered ₹16.64 crore, as on November 30, 2023.
- National Asset Reconstruction Company (NARCL) – 07/07/2021 (Founded) – Mumbai (HQ) – Shri Karnam Sekar (Chairman & Independent Director) – Shri Natarajan Sundar (MD & CEO)
Intellect signed deal with Indian Bank
- Intellect Design Arena Ltd, the Chennai-based FinTech company for financial and insurance clients, has signed ₹80 crores, five-year deal with Indian Bank to deploy Intellect’s eMACH.ai powered Cash Management System.
- This will bolster the bank’s corporate banking modernisation.
- The partnership is a pivotal moment – adding another feather to Intellect’s growing footprint in the Indian BFSI industry, rendering the capabilities of a cognitive enterprise for revolutionising transaction banking.
- Indian Bank – 15/08/1907 (Founded) – Chennai (HQ) – Shanti Lal Jain (MD & CEO) – “Your Own Bank”
Reliance Industries Ltd partnered with DBS Bank to finance CBG projects
- Reliance Industries has partnered with DBS Bank India to launch a financing program for compressed biogas (CBG) plants.
- The collaboration aims to facilitate the development of an ecosystem for vendor partners to aggregate agricultural residue as inputs for Reliance’s CBG production plants across India.
- The financing program is designed to make the CBG supply chain competitive and achieve enhanced commercial scale.
- The financing will enable the ecosystem development for vendor partners to aggregate agri-residue as inputs for the Reliance Compressed Biogas (CBG) production plants across India.
- The funding structure will ensure that the logistics are designed in a way that this new stream remains competitive and achieves enhanced commercial scale.
Business and Economy
India FY24 GDP forecast by Asian Development Bank
- Asian Development Bank (ADB) had predicted that India’s economy would grow 6.7% in Financial Year 2023-24 (FY24) raising the estimate from 6.3% it made in September.
- Asian Development Bank (ADB) – 19/12/1966 (Founded) – Mandaluyong, Philippines (HQ) – Masatsugu Asakawa (President) – 68 countries
Agreements and MoUs signed
HCCB signed MoU with Gujarat government
- Hindustan Coca-Cola Beverages (HCCB) signed a Memorandum of Understanding (MoU) with the Gujarat government for setting up a ₹3,000-crore Juice and Aerated Beverages facility at Rajkot in Gujarat.
- This project is projected to commence operations in 2026 and will take employee strength in the State to over 1,500.
- This facility will be in addition to HCCB’s facility at Sanand in Ahmedabad district and Goblej in Kheda district.
- HCCB’s network in Gujarat also includes approximately 285 distributors and over 2.24 lakh retailers, highlighting its extensive reach and impact in the State.
- This investment is expected to create a considerable industrial footprint, fostering substantial economic and social growth in the region.
- The Government of Gujarat, in turn, has assured comprehensive support to facilitate HCCB in obtaining all necessary permissions, registrations, approvals, and clearances, in a time-bound manner, as per the State’s policies and regulations.
NITI Aayog signed Statement of Intent IFPRI
- The National Institution for Transforming India (NITI Aayog) signed a Statement of Intent (SoI) with the International Food Policy Research Institute (IFPRI), aiming to fortify policy and program frameworks contributing to India’s developmental objectives.
- The five-year SoI grants IFPRI a broad mandate to support NITI’s Agriculture Vertical in crucial areas.
- The SoI activities include developing and tracking Rural Transformation Indicators, supporting the design and evaluation of flagship programs, providing policy analytical tools, and generating evidence on India’s agri-food trade in regional and global contexts.
- To ensure sustainable and inclusive agricultural and rural transformation, NITI Aayog has been actively guiding India’s development programs through periodic monitoring and evaluation with a specific focus on agriculture.
Acquisitions and Mergers
Bain Capital sold stake in Axis Bank
- Private equity firm Bain Capital sold 08% stake worth ₹3,737 crores in private sector lender Axis Bank.
- Three affiliate firms BC Asia Investments VII, BC Asia Investments III and Integral Investments South Asia IV sold a total of 38 million shares at ₹1,119.7 apiece.
- Axis Bank – 03/12/1993 (Founded) – Mumbai (HQ) – Amitabh Chaudhry (MD & CEO) – “Badhti Ka Naam Zindagi” (Tagline)
Appointments
Prime Minister of Guinea-Bissau
- Guinea-Bissau’s President Umaro Sissoco Embalo has reappointed Geraldo Martins as prime minister.
- Geraldo Martins was first appointed prime minister in August
- As a former senior executive at the World Bank, he served as minister of finance under the presidency of former President Jose Mario Vaz.
- Guinea-Bissau – Bissau (Capital) – West African CFA franc (Currency) – Umaro Sissoco Embaló (President) – Geraldo Martins (Prime Minister) – Portuguese (Language) – Africa
Part-time member of PFRDA board
- The Centre has appointed Parama Sen, Additional Secretary, Department of Expenditure in the Finance Ministry, as a part-time member in Pension Fund Regulatory and Development Authority (PFRDA).
- All three part-time member posts in PFRDA board are now filled.
- Sen, a 1994 batch Indian Audit and Accounts Services (IAAS) officer, replaces Anne George Mathew, Additional Secretary in Finance Ministry, who demitted office this year.
- PFRDA has a chairman besides three whole-time members and three part-time members.
- The post of Member (Law), which fell vacant in May 2022, remains to be filled.
- The two other part-time members — Rahul Singh (Department of Personnel and Training) and Pankaj Sharma (Department of Financial Services) — were appointed last year.
- Pension Fund Regulatory and Development Authority (PFRDA) – 23/08/2003 (Founded) – New Delhi (HQ) – Deepak Mohanty (Chairman)
Honorary Consul General of the Republic of Albania to India
- Renowned architect and urban planner, Dikshu C Kukreja, has been appointed as the Honorary Consul General of the Republic of Albania to India.
- This prestigious appointment comes as a testament to Mr. Kukreja’s exceptional contributions to the fields of architecture and urban planning, as well as his commitment to fostering international relations.
- Albania – Tirana (Capital) – Lek (Currency) – Bajram Begaj (President) – Edi Rama (Prime Minister) – Albanian (Language) – Europe
Awards and Recognitions
Padmapani Lifetime Achievement Award
- Renowned poet, lyricist, and screenwriter Javed Akhtar is set to be honored with the prestigious Padmapani Lifetime Achievement Award at the esteemed Ajanta Ellora Film Festival.
- The festival, celebrated for its recognition of cinematic excellence, will bestow this accolade upon Akhtar for his monumental contributions to Indian cinema and literature.
- Akhtar, an eminent figure in the realm of arts and culture, has been a luminary presence in the Indian film industry for decades.
Ban Ki-Moon honored with Lifetime Achievement Award at The Power of One Award 2023 ceremony
- Former United Nations Secretary-General Ban Ki-Moon was honoured with Lifetime Achievement Award at The Power of One Award 2023 ceremony, organised by the Diwali Foundation USA.
- The awards are granted to selfless individuals for their help to form a peaceful and secure world for all.
- They are hailed as the ‘Oscars of diplomacy’.
- Other awardees include former permanent representative of Bosnia and Herzegovina to the UN, Ambassador Mirsada Colakovic; former permanent representative of South Korea to the UN Ambassador, Kim Sook; and 72nd UN General Assembly president and EU Special Representative for the Belgrade-Pristina Dialogue, Miroslav Lajcak.
2023 Climate Assessment for Financial Institutions (CAFI) Awards
- International Finance Corporation (IFC), a World Bank Group has recognised Federal Bank as the top performer of the 2023 Climate Assessment for Financial Institutions (CAFI) Awards for Climate Reporting.
- Out of the 258 financial institutions globally participating in climate reporting through the CAFI tool, Federal Bank emerged as a standout performer.
- Federal Bank secured two positions on the global stage i.e. Highest Climate Loan Amount Reported and Most GHG Mitigated category.
- Furthermore, in the South Asian region, Federal Bank clinched four prestigious recognitions in the following categories:
- Most Transactions Reported
- Highest Climate Loan Amount Reported
- Most GHG Mitigated
- Best Achievement vs Climate Targets
- International Finance Corporation (IFC) – 20/07/1956 (Founded) – Washington, D.C, USA (HQ) – Makhtar Diop (Managing Director)
Sports News
International Tennis Hall of Fame
- Olympic medallist and multiple Grand Slam champion Leander Paes, along with two-time Davis Cup finalist Vijay Amritraj, has made it into the International Tennis Hall of Fame.
- Leander makes it in the player category and Vijay in the contributor category for his multi-faceted role in the game.
- They are the first two Indians to be inducted into the Hall of Fame.
- The induction ceremony is scheduled to be held in Newport, Rhode Island, on July 20, 2024.
- International Tennis Hall of Fame – 1880 (Established) 1954 (Hall of fame and museum) – Jimmy Van Alen (Founder) – Patrick McEnroe (President)
Important Days
National Energy Conservation Day 2023
- The National Energy Conservation Day is annually celebrated on December 14.
- The aim of the Day is to drive mass awareness about the importance of energy efficiency and conservation.
- Since 1991, the day is being celebrated by Bureau of Energy Efficiency (BEE).
- Bureau of Energy Efficiency (BEE) – 01/03/2002 (Founded) – New Delhi (HQ) – Ministry of Power (Under)
Defence
Ministry of Defence has cleared a proposal to buy semi-automatic assault rifles from USA based Sig Sauer
- The Ministry of Defence has cleared a proposal to purchase 70,000 more semi-automatic assault rifles from US-based Sig Sauer for Indian Army which is already using them from 2019
- The repeat order for acquisition of Sig Sauer is valued at ₹800 crores.
- So far, India has already purchased over 72,400 7.62 x 51mm calibre Sig Sauer assault rifles, of which Army got 66,400, Air Force 4000 and Navy 2000, offering an alternative to indigenously made INSAS and Kalishnikov rifles.
- Ministry of Defence – Rajnath Singh,Union Minister (Lucknow,UP) – Ajay Bhatt,Minister of State (Nainital–Udhamsingh Nagar,Uttarakhand)
Daily Current Affairs - December 13 & 14, 2023 - Consolidated
- Workshop on “Investor Education and Protection Policy in India: Claiming the Unclaimed”
- Ninth edition of Jaffna International Cinema Festival
- “Bhagwant Mann Sarkar Tuhade Dwar” scheme
- Indian Forest & Wood Certification Scheme
- PLI scheme in Food Processing Industry
- Asian Development Bank provide loan to Uttarakhand
- Bad loans transferred to the National Asset Reconstruction Company Ltd (NARCL) by Public Sector Bank
- Intellect signed deal with Indian Bank
- Reliance Industries Ltd partnered with DBS Bank to finance CBG projects
- India FY24 GDP forecast by Asian Development Bank
- HCCB signed MoU with Gujarat government
- NITI Aayog signed Statement of Intent IFPRI
- Bain Capital sold stake in Axis Bank
- Prime Minister of Guinea-Bissau
- Part-time member of PFRDA board
- Honorary Consul General of the Republic of Albania to India
- Padmapani Lifetime Achievement Award
- Ban Ki-Moon honored with Lifetime Achievement Award at The Power of One Award 2023 ceremony
- 2023 Climate Assessment for Financial Institutions (CAFI) Awards
- International Tennis Hall of Fame
- National Energy Conservation Day 2023
- Ministry of Defence has cleared a proposal to buy semi-automatic assault rifles from USA based Sig Sauer
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