Daily Current Affairs – December 27 & 28, 2023
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Daily Current Affairs - Banking - December 27 & 28, 2023
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National News
Cabinet Approval
- The Cabinet Committee on Economic Affairs chaired by the Prime Minister Narendra Modi, has given its approval for the Minimum Support Prices (MSPs) for copra for 2024 season.
- The MSP for Fair Average Quality of milling copra has been fixed at ₹11,160/- per quintal and for ball copra at ₹12,000/- per quintal for 2024 season.
- This will ensure a margin of 84 percent for milling copra and 63.26 percent for ball copra, which are well beyond 1.5 times the all India weighted average cost of production.
- The MSP for 2024 season is an increase of ₹300/- per quintal for milling copra and ₹250/- per quintal for ball copra over the previous season.
- In the last 10 years, the Government has increased MSP for milling copra and ball copra from ₹5,250 per quintal and ₹5,500 per quintal in 2014-15 to ₹11,160 per quintal and ₹12,000 per quintal in 2024-25, registering a growth of 113 percent and 118 percent, respectively.
- The cabinet also approval for Improvement & Widening to two lane with paved shoulder of road from km 101.300 (Khowai) to km 236.213 (Harina) of NH-208, covering a total length of 913 kms in the State of Tripura.
- The project involves investment of ₹2,486.78 crores which includes a loan component of ₹1,511.70 crores (JPY 23,129 Million).
- The cabinet also gave approval for the Construction of New 4556 m long, 6-Lane High Level/ Extra Dosed Cable stayed Bridge across River Ganga (Parallel to Western Side of Existing Digha-Sonepur Rail-Cum Road Bridge) and its approaches on both sides in the Districts of Patna and Saran (NH-139W) in the State of Bihar on EPC mode.
- The Total cost for the project is ₹3,064.45 crores which includes civil construction cost of ₹2,233.81 crores.
Amit Shah releases a commemorative Postal Stamp, to mark 50 years of Pandit Jasraj’s music festival
- Union Home Minister and Minister of Cooperation, Amit Shah released a commemorative Postal Stamp, to mark 50 years of Pandit Jasraj’s music festival – ‘Pandit Motiram Pandit Maniram Sangeet Samaroha’, in New Delhi.
- The commemorative stamp has been brought out by the Department of Post, Ministry of Communications.
- This music festival was started by Pandit Jasraj ji in 1972 to musically express love to the only memory he had of his Father, Sangeet Ratna Pandit Motiram ji, who passed away when Pt. Jasraj was only 4 years old and his elder brother and later his Guru, Sangeet Mahamopadhyay Pandit Maniram ji.
- Ministry of Communications – Ashwini Vaishnaw, Cabinet Minister (Rajya Sabha MP, Odisha) – Devusinh Chauhan, Minister of State (Kheda,Gujarat)
BSNL, IIT-Madras, and Anna University collaborate on telecom skill development initiatives
- Bharat Sanchar Nigam Limited (BSNL) partnered with the Indian Institute of Technology – Madras (IITM) and Anna University (AU), Chennai, for various initiatives, including courses to enhance the skill sets of both students and young professionals.
- A one-year international course in Telecom Technology & Management led by IITM in collaboration with BSNL in course design and delivery.
- This course serves as a launchpad for students and young professionals, both in India and abroad, to elevate their knowledge and skills in cutting-edge telecom technology and management, thereby enhancing their employability and career growth.
- A short-term telecom technology course will be introduced to bridge the gap between industry and academia, thereby augmenting the employability of students.
- BSNL’s initial establishment of labs at AU campuses in Chennai, Coimbatore, Trichy, Madurai and Nagercoil for conducting the short-term courses, with plans to extend the same across approximately 450 AU-affiliated/constituent colleges in Tamil Nadu in the near future.
- The MoU also includes expansion of 4G and 5G networks to cover IIT-Madras and AU campuses in Chennai, Coimbatore, Trichy, Madurai, and Nagercoil, with the intent to open doors for the remaining 450 colleges.
- Bharat Sanchar Nigam Limited (BSNL) – 15/09/2000 (Founded) – New Delhi (HQ) – Pravin Kumar Purwar (Chairman & MD)
State News
North Eastern Institute of Ayurveda and Folk Medicine Research (NEIAFMR)
- Union Minister of Ports, Shipping & Waterways and Ayush, Sarbananda Sonowal and the Chief Minister of Arunachal Pradesh, Pema Khandu laid the foundation stones for capacity expansion at the North Eastern Institute of Ayurveda and Folk Medicine Research (NEIAFMR) at Pasighat, Arunachal Pradesh.
- With a total investment of ₹53 crores, additional infrastructure will be developed at the institute.
- The North Eastern Institute of Ayurveda & Folk Medicine (NEIAFMR), Pasighat was established to strengthen and develop traditional healthcare, with special focus on the Northeast.
- It is functioning as the apex Research Centre for all aspects of Local Health Traditions (LHTs) and Ethno Medicinal Practices (EMPs).
- The Institute has also been working as a common ground for traditional healers, Ayurvedic researchers as well as scientific community in order to scientifically prove & validate the efficacy of traditional medicine towards enrichment of human lives.
- The Government aims to further strengthen NEIAFMR with infrastructure like (Regional Raw Drug Repository (RRDR) & Museum, Sophisticated Analytical Instrument Facility (SAIF), State of Art Panchakarma Treatment & Research Center, Paramedical Teaching Center, etc at NEAIFMR, Pasighat in the near future.
- Ministry of Ports, Shipping and Waterways – Sarbananda Sonowal, Union Minister (Rajya Sabha MP, Assam) – Shripad Yesso Naik, Minister of State (North Goa) & Shantanu Thakur, Minister of State (Bangaon,West Bengal)
Ayodhya railway station renamed
- The Indian Railway Conference Association released a statement announced the alteration of the railway station’s name from “Ayodhya Junction” to “Ayodhya Dham.”
- The earlier allotted alphabetical code ‘AY’ has been retained.
- Indian Railway Conference Association – 1902 (Founded) – New Delhi (HQ)
Tabla Performance Guinness World Record
- More than 1500 people performed tabla in the ‘Taal Darbar’ at Gwalior fort and set a Guinness World Record for the most numbers of people performing tabla simultaneously.
- After that Madhya Pradesh Chief Minister Mohan Yadav announced that December 25 will be celebrated as ‘Tabla Divas’.
- MadhyaPradesh – Bhopal (Capital) – Mohan Yadav (CM) – Mangubhai C. Patel (Governor) – Hindi (Language)
Schemes
Rajasthan announced Ujjwala Yojana’s LPG cylinder supply
- The new BJP government in Rajasthan announced the supply of liquefied petroleum gas (LPG) cylinders to the beneficiaries of the Centre’s much-publicised Ujjwala Yojana at ₹450 each.
- The cylinder prices under the flagship scheme, launched in May 2016, had escalated last year to ₹1,150 each.
- Rajasthan – Jaipur (Capital) – Bhajan Lal Sharma (CM) – Kalraj Mishra (Governor) – Hindi (Language)
Production-linked incentive (PLI) schemes
- The Production-linked incentive (PLI) schemes for 14 sectors have attracted over ₹95,000 crores in investment till September 2023.
- According to the Commerce and Industry Ministry, as many as 746 applications have been approved till November 2023 under these schemes.
- Incentives worth around ₹2,900 crores have been disbursed in 2022-23.
- Ministry of Commerce and Industry – Piyush Goyal,Cabinet Minister (Rajya Sabha MP,Maharashtra) – Anupriya Patel, Minister of State (Mirzapur,UP), Som Parkash, Minister of State (Hoshiarpur,Punjab)
Banking and Finance
NPCI kickstarts deployment of 'UPI Tap and Pay' facility for payment apps
- The National Payments Corporation of India (NPCI) has kick-started the process to deploy ‘UPI Tap and Pay’ across digital payment providers after the apex body released details on the feature’s roll out.
- Unified Payments Interface (UPI) members can go live with the UPI Tap and Pay functionality by January 31, 2024.
- UPI Tap and Pay feature utilises near-field communication (NFC) technology to capture details about a payee’s UPI ID or a Virtual Payment Address (VPA) without capturing a quick response (QR) code via a camera.
- Mobiles and devices, which have the NFC capability, can use the service.
- National Payments Corporation of India – 2008 (Founded) – Mumbai (HQ) – Dilip Asbe (MD & CEO)
IndusInd Bank launches ‘eSvarna’, first RuPay corporate credit card
- IndusInd Bank has launched ‘eSvarna’, the country’s first corporate credit card on the RuPay network, enabling the private sector lender to become the first to integrate UPI functionality with a corporate credit card.
- The card facilitates smooth transactions at merchant outlets and allows users the flexibility to make UPI payments by linking the card with UPI-enabled apps.
- It also comes with an array of exclusive perks and rewards.
- IndusInd Bank Limited – April 1994 (Founded) – Mumbai (HQ) – Sumant Kathpalia (MD & CEO) – “We Make You Feel Richer” (Tagline)
Bank credit to grow 12-13% in FY25 – Icra Rating
- Bank credit is expected to grow at 12-13 per cent in FY25 led by the services and retail segments.
- However, this would be lower than the 4 per cent year-on-year growth registered in FY23 and 16.5 per cent as of December 1, 2023, according to ICRA Ratings.
RBI permits lending and borrowing of G-Secs
- Reserve Bank of India (RBI) has permitted permit lending and borrowing of G-Secs.
- This move comes even as India is set to be included in the globally tracked JP Morgan’s Government Bond Index-Emerging Markets (GBI-EM) index, starting June 28, 2024.
- The RBI said G-Secs issued by the Central government excluding Treasury Bills will be eligible for lending/borrowing under a Government Security Lending (GSL) transaction.
- Further, G-Secs issued by the Central Government (including Treasury Bills) and the State Governments will be eligible for placing as collateral under a GSL transaction.
Business and Economy
India’s fiscal deficit may breach 5.9% of GDP target: India Ratings and Research
- According to India Ratings and Research fiscal deficit may breach the 9% of GDP target for this year and could hit 6%, even though tax collections have been buoyant and may offset a wide shortfall in disinvestment outcomes, due to the likelihood of revenue spending exceeding the Budget Estimate by about ₹2 lakh crores.
- The Centre has recently secured Parliamentary approval for the first supplementary demand for grants this year, involving an additional cash outgo of ₹53,378 crores, lifting its total spending commitment for 2023-24 to ₹45.6 lakh crore, including about ₹35.6 lakh crore of revenue expenditure and ₹10.1 lakh crore of capital expenditure.
Agreements and MoUs signed
Adani Total Gas signed MoU with Flipkart
- Adani Total Gas Ltd (ATGL) and Flipkart entered into a Memorandum of Understanding to collaborate on decarbonising Flipkart’s supply chain.
- The initiative aims to reduce Flipkart’s carbon footprint in the primary, secondary, and tertiary movements of goods across sourcing locations, warehouses, and customer deliveries.
- Under the MoU, ATGL will provide decarbonising solutions, supporting Flipkart’s transition to cleaner fuel options, including natural gas, and the integration of electric vehicles (EVs).
- Adani Total Energies E-Mobility Ltd (ATEL), a subsidiary of ATGL, will deploy EV charging infrastructure at Flipkart’s pan-India supply chain, encompassing warehouses and logistics locations.
India-Malaysia Sign MoU for Cooperation in Broadcasting Between Prasar Bharati and RTM
- The Union Cabinet has approved the signing of a Memorandum of Understanding (MoU) between Prasar Bharati and Radio Televisyen Malaysia for cooperation in broadcasting.
- This agreement, signed on November 7, 2023, has the potential to strengthen cooperation in broadcasting, news exchange, and audio-visual programs.
- It will also enhance India’s friendly relations with Malaysia.
- This brings the total number of MoUs signed by Prasar Bharati with different countries to
- Prasar Bharati plays a crucial role in nation building by providing meaningful and accurate content to people within and outside the country.
- These MoUs will be important for distributing content in other countries, establishing partnerships with international broadcasters, and addressing the demands of new technologies.
- The main benefits of these agreements include the exchange of programs in areas such as culture, education, science, technology, sports, news, and other fields.
- Malaysia – Kuala Lumpur (Capital) – Ringgit (Currency) – Abdullah (Monarch) – Anwar Ibrahim (Prime Minister) – Malay (Language)
Acquisitions and Mergers
RBI approved IDFC-IDFC First Bank merger
- Reserve Bank of India has given its nod for the reverse merger of IDFC Ltd with its banking subsidiary IDFC First Bank.
- As part of the composite scheme of amalgamation, IDFC FHCL would first merge with IDFC and then IDFC into IDFC First Bank Ltd.
- The scheme remains subject to other statutory and regulatory approvals, including from the National Company Law Tribunal and the respective shareholders and creditors of the companies involved under the applicable laws.
- IDFC First Bank – October 2015 (Founded) – Mumbai (HQ) – V. Vaidyanathan (MD & CEO) – “Always You First” (Tagline)
Appointments
Part time Chairman of Kotak Mahindra Bank
- The Reserve Bank of India (RBI) has approved the appointment of C S Rajan as the part-time Chairman of Kotak Mahindra Bank for a period of two years, effective 1st January 2024.
- The incumbent part-time Chairman, Prakash Apte’s term expires on 31st December 2023.
- CS Rajan was appointed as an Independent Director on the Board of the Bank, with effect from 22nd October 2022.
- An IAS officer of 1978 batch, he retired as Chief Secretary of the Government of Rajasthan in the year 2016.
- Kotak Mahindra Bank – 21/11/1985 (Founded) – Mumbai (HQ) – Ashok Vaswani (MD & CEO) – “Let’s Make Money Simple” (Tagline)
Chairman of HDFC Bank
- HDFC Bank informed that the Board of Directors has recommended the reappointment of Atanu Chakraborty as the part time non-executive chairman and independent director of the Bank to the Reserve Bank of India (RBI) for a second term of three years w.e.f. May 05, 2024 to May 04, 2027.
- HDFC Bank – August 1994 (Founded) – Mumbai (HQ) – Sashidhar Jagdishan (MD & CEO) – “We Understand Your World” (Tagline)
Mumbai Marathon ambassador
- Two-time pole vault world champion and Tokyo Olympics gold medallist Katie Moon (USA) has been roped in as event ambassador for the 19th edition of the Tata Mumbai Marathon.
- She had clinched gold medal at the 2021 Tokyo Olympics, 2022 Eugene World Athletics Championships and 2023 Budapest World Athletics Championships.
Books and Authors
ISRO’s Book
- Book Name: “Introduction to Finite Element Analysis – a textbook for engineering students”
- Author: experts in the field of finite element analysis
- Edited by: S Somanath and Dr Unnikrishnan Nair
- Released by: Professor TG Sitharam, Chairman AICTE
- Publisher: Springer Verlag, Singapore
- The book provides an overview of the fundamental principles of finite element analysis elucidating concepts and problem-solving techniques through the utilization of FEAST software.
Important Days
International Day of Epidemic Preparedness 2023
- International Day of Epidemic Preparedness is annually observed on December 27.
- This special day encourages everyone, including individuals, institutions, and governments, to participate in educational and awareness activities that suit their country’s needs.
- The United Nations General Assembly designated December 27 as the International Day of Epidemic Preparedness in its Resolution on December 7,
- United Nations General Assembly – 1945 (Founded) – New York City (HQ) – Dennis Francis (President)
Daily Current Affairs - December 27 & 28, 2023 - Consolidated
- Cabinet Approval
- Amit Shah releases a commemorative Postal Stamp, to mark 50 years of Pandit Jasraj’s music festival
- BSNL, IIT-Madras, and Anna University collaborate on telecom skill development initiatives
- North Eastern Institute of Ayurveda and Folk Medicine Research (NEIAFMR)
- Ayodhya railway station renamed
- Tabla Performance Guinness World Record
- Rajasthan announced Ujjwala Yojana’s LPG cylinder supply
- Production-linked incentive (PLI) schemes
- NPCI kickstarts deployment of ‘UPI Tap and Pay’ facility for payment apps
- IndusInd Bank launches ‘eSvarna’, first RuPay corporate credit card
- Bank credit to grow 12-13% in FY25 – Icra Rating
- RBI permits lending and borrowing of G-Secs
- India’s fiscal deficit may breach 5.9% of GDP target: India Ratings and Research
- Adani Total Gas signed MoU with Flipkart
- India-Malaysia Sign MoU for Cooperation in Broadcasting Between Prasar Bharati and RTM
- RBI approved IDFC-IDFC First Bank merger
- Part time Chairman of Kotak Mahindra Bank
- Chairman of HDFC Bank
- Mumbai Marathon ambassador
- ISRO’s Book
- International Day of Epidemic Preparedness 2023
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