Daily Current Affairs – February 07 & 08, 2024
Share on facebook
Share on whatsapp
Share on twitter
Share on telegram
Share on linkedin
Share on email
Daily Current Affairs - Banking - February 07 & 08, 2024
Dear Banking Aspirants,
Prepare for the Daily Current Affairs with Veranda Race who is the pioneer in the Banking Exam Coaching. Current Affairs section is one of the important Scoring section in the Mains of many Banking Exams like SBI PO, SBI CLERK, IBPS PO, IBPS CLERK, IBPS RRB PO, IBPS RRB CLERK and multiple Insurance Exams.
Veranda Race is committed to provide Daily Current Affairs for all the days for the students who are preparing for Banking & Insurance Exams.
Check Daily for the Daily Current Affairs and also for the Quizzes to prepare for the upcoming Banking & Insurance Exams in 2023.
Download – LEGEND Monthly Current Affairs Magazine
National News
Centre launches sale of ‘Bharat’ Rice at an MRP of ₹29/kg in 5Kg and 10Kg packs
- Union Minister for Consumer Affairs, Food and Public Distribution, Textiles and Commerce and Industry, Piyush Goyal launched the sale of Rice under ‘Bharat’ brand and flagged off 100 mobile vans.
- ‘Bharat’ Rice will be available at all physical and mobile outlets of Kendriya Bhandar, National Agricultural Cooperative Marketing Federation of India (NAFED) and National Cooperative Consumers’ Federation of India (NCCF) from today and will be expanded to other retail outlets and e- commerce platforms. ‘Bharat’ brand rice will be sold in family friendly 5 Kg and 10 Kg Bags.
- Bharat Rice will be sold at maximum retail price (MRP) of ₹29/kg.
- Bharat Atta is already being sold by these 3 agencies at ₹27.50 per Kg in 5Kg and 10 Kg packs from their physical retail outlets, mobile vans as well as through some other retail networks and e commerce platforms.
- Similarly, Bharat Dal (chana dal) is also being sold by these 3 agencies at ₹60 per kg for 1kg pack and ₹55 per kg for 30 kg pack along with onions at ₹25 per kg.
- Apart from these 3 agencies, state- controlled cooperatives of Telangana, Maharashtra and Gujarat are also involved in retail sale of Bharat Dal.
India has visa-free access to just 62 nations in the world
- The Indian passport ranks 80th in the world’s most powerful passport list for 2024, with citizens allowed to travel to only 62 countries without a visa.
- Angola, Barbados, Bhutan, Bolivia, British Virgin Island, Burundi, Cambodia, Cape Verde Islands, Comoro Islands, Cook Islands, Jamaica, Iran, Indonesia, Haiti, Guinea-Bissau, Grenada, Gabon, Fiji, Ethiopia, El Salvador, Djibouti, Dominica, Jordan, Kazakhstan, Kenya, Kiribati, Laos, Malaysia, Maldives, Macao (SAR China), Madagascar, Marshall Islands, Mauritania, Mauritius, Micronesia, Montserrat, Mozambique, Myanmar, Nepal, Niue, St. Vincent and the Grenadines, St. Kitts and Nevis, St. Lucia, Sri Lanka, Somalia, Seychelles, Sierra Leone, Senegal, Rwanda, Samoa, Qatar, Palau Islands, Oman, Tanzania, Thailand, Timor-Leste, Togo, Trinidad and Tobago, Tunisia, Tuvalu, Vanuatu and
137 research projects approved under National Technical Textiles Mission with an outlay of ₹474.7 Crore
- National Technical Textiles Mission (NTTM) has been approved with an outlay of ₹1,480 crores; from Financial Year 2020-21 and valid upto 31.03.2026.
- The Mission has 4 components.
- Under Component I of NTTM, ₹1,000 crores have been earmarked for funding the research projects awarded to the Government Organizations/Premier Research Institutes/Textiles Research Associations (TRAs) of the country.
- So far, 137 research projects have been approved under NTTM.
- The total cost approved of the said projects by the Government is ₹474.7 crore (approx.).
- Ministry of Textile – Piyush Goyal,Cabinet Minister (Rajya Sabha MP,Maharashtra) – Darshana Jardosh, Minister of State (Surat,Gujarat)
International News
India pays $32.89 million to UN Regular Budget for 2024
- India has paid $32.89 million to the United Nations Regular Budget for 2024, joining the “honour roll” of 36 Member States who have paid their regular budget dues in full to the UN on time.
- The UN Committee on Contributions said that as of January 31, 2024, 36 Member States have paid their regular budget assessments in full, within the 30 days due period specified in UN financial regulations.
Iran's 4 Conditions for Indian Tourists Who Wish To Travel Visa-Free
- Iran has announced a visa-waiver programme for Indians visiting the country for tourism.
- The visa-free entry is effective for Indian citizens as of February 4 subject to four conditions.
- Indian tourists can now visit Iran for a maximum of 15 days without a visa.
- Indians holding ordinary passports will be allowed to enter the country without a visa once every six months, with a maximum stay of 15 days.
- This 15-day stay period cannot be extended.
- The visa-free rule applies to individuals entering Iran for tourism purposes only.
- If Indians wish to stay for a longer period or make multiple entries within a six-month period, they must get a visa.
- The visa-free rule specifically applies to Indians entering the country by air.
- Iran – Tehran (Capital) – Iranian rial (Currency) – Ali Khamenei (Supreme Leader) – Ebrahim Raisi (Prime Minister) – Võ Văn Thưởng (President) – Persian (Language)
State News
Various Projects inaugurated by Prime Minister in Goa
- The Prime Minister, Narendra Modi inaugurated and laid the foundation stone for development projects worth over ₹1330 crores in Viksit Bharat, Viksit Goa 2047 program in
- He also inaugurated the integrated Sea Survival Training Centre, ONGC Institute in
Nitin Gadkari inaugurates Road Projects in Arunachal Pradesh
- Union Minister of Road Transport & Highways, Nitin Gadkari has approved a fund of ₹2,248.94 crores for the construction of the Lada-Sarli section of NH-913 (Frontier Highway) on EPC mode, spanning 105.59 km across Packages 1, 2, 3, & and ₹626.92 crore for the construction of package-1, encompassing the Sarli-Huri section of NH-913 (Frontier Highway) and also ₹1014.59 crore for the construction of the Kharsang-Miao-Vijaynagar – Gandhigram section of NH-913 (Frontier Highway) in Arunachal Pradesh.
Banking and Finance
RBI MPC Meeting February 2024 Key Highlights & Outcomes
- Repo rate kept unchanged at 5%
- GDP growth for FY25 projected at 7%, lower than 7.3% this fiscal
- Retail inflation to average 4% this fiscal, to come down to 4.5% in FY25
- Monetary transmission by financial institutions still remains incomplete
- Current economic momentum to sustain in the next fiscal
- Recovery in rabi sowing, sustained profitability in manufacturing, resilience of services to support economic activity in FY25
- Investment cycle gaining steam, signs of revival in private sector capex
- Indian economy making confident progress on strong, sustained growth path
- Rural demand continues to gather pace, urban consumption remains strong.
- Government adhering to fiscal consolidation path; domestic economic activity strong.
- Uncertainty in food prices continue to impinge on headline inflation.
- Increasing geopolitical tensions are impacting supply chain, putting pressure on commodity prices.
- Forex reserve at $622.5 billion; comfortable for meeting foreign obligations
- Domestic financial system remains resilient with a healthy balance sheet.
- Regulated entities should accord highest priority to compliance, consumer interest protection.
- RBI to introduce an offline functionality in CBDC-Retail for transactions in areas with poor or limited internet connectivity.
- Exchange rate of Indian rupee remained fairly stable in the current fiscal.
- RBI will review regulatory framework for electronic trading platforms to enable market makers access offshore ETPs offering permitted Indian Rupee products.
- RBI asked lenders to provide key fact statement (KFS) about the terms of the loan agreement, including all-inclusive interest cost, to borrowers for retail as well as MSME loans.
Juspay, Zoho, Decentro secure RBI nod for payment aggregator business
- Fintech startups Juspay and Decentro have received the final licence to operate as payment aggregators
- Software as a service startup Zoho also got the payment aggregator licence.
- Zoho is the first enterprise Saas player to get the payment aggregator nod from the RBI.
- Food delivery major Zomato, and fintech firms Stripe and Tata Pay were among the companies to have bagged the licence in January.
- They joined the likes of Razorpay, Cashfree Payments, and EnKash, among others, who got approval last year.
RBI imposes ₹8.80 lakh fine on Power Finance Corp for norm violation
- The Reserve Bank of India (RBI) imposed a monetary fine of ₹8.80 lakh on the state-owned Power Finance Corporation (PFC) for contravening Liquidity Coverage Ratio (LCR) norms by including ineligible high-quality liquid assets.
- PFC did not adhere to specific provisions of the RBI’s directives on ‘Liquidity Risk Management Framework for Non-Banking Financial Companies and Core Investment Companies’.
- The Risk Assessment Report and Inspection Report with reference to the company indicated that it failed to maintain the prescribed LCR of 60 per cent as of March 31, 2022, due to the inclusion of ineligible assets as High-Quality Liquid Assets (HQLA) in the computation of the LCR.
SBI ties up with Flywire to make payments easier for foreign students
- State Bank of India has partnered with Flywire Corporation to ease Indian student’s international education payments.
- The partnership aims to offer Indian students an advanced digital checkout experience for their international educational payments.
- Flywire is an easy-to-use payment solution that provides international payers with a streamlined payment experience.
- The company is headquartered in Boston and has offices around the globe.
- Under this partnership, the services will range from application to tuition fees.
- This partnership is a step towards a digital transformation that ensures enhanced transparency and compliance with the Reserve Bank of India’s Liberalised Remittance Scheme (LRS) guidelines.
Acquisitions and Mergers
HDFC Bank Group gets RBI approval to acquire 9.5% stake each in six banks
- HDFC Bank Group has received the Reserve Bank of India’s (RBI) approval to acquire “aggregate holding” of up to 5 per cent of the paid-up share capital or voting rights in six banks.
- These banks include Axis Bank, Survoday Small Finance Bank, ICICI Bank, Bandhan Bank, YES Bank and IndusInd Bank.
- RBI’s approval is valid for a period of one year from the date of RBI’s letter, i.e., till February 4, 2025.
- Further, HDFC Bank shall ensure that the ‘aggregate holding’ in the above-mentioned banks does not exceed 9.50 per cent of the paid‐up share capital or voting rights of the respective banks, at all times.
CCI approves acquisition of 70% stake by Zurich Insurance Company Ltd. in Kotak Mahindra General Insurance Company Limited
- The Competition Commission of India (CCI) has approved acquisition of 70% stake by Zurich Insurance Company Ltd. (Acquirer) in Kotak Mahindra General Insurance Company Limited (Target).
- The Proposed Combination involves an acquisition of a majority stake in Target by the Acquirer from Kotak Mahindra Bank Limited.
- Pursuant to the Proposed Combination, the Acquirer will acquire a 51% stake in Target (through a combination of fresh growth capital and share purchase).
- In addition to the above, the Acquirer will also acquire an additional stake of up to 19% in the Target, over a period of time.
- Competition Commission of India (CCI) – 14/10/2003 (Founded) – New Delhi (HQ) – Ravneet kaur (Chairperson)
Appointments
ADB Appoints Mio Oka as Country Director for India
- The Asian Development Bank (ADB) has appointed Mio Oka as its new Country Director for India, succeeding Takeo Konishi who has been promoted as ADB Director General for South Asia at the Manila headquarters.
- She will lead the implementation of ADB’s country partnership strategy, 2023–2027 that is designed to catalyze robust, climate-resilient, and inclusive private sector-led growth in India.
- India is currently ADB’s fourth largest shareholder and one of its largest borrowers since
- In 2023, ADB committed $2.59 billion in sovereign lending to India in addition to $16.31 million in technical assistance and $5.25 million in grants under the sovereign portfolio.
- The current India sovereign portfolio comprises 73 projects worth a total of $15.7 billion.
- Asian Development Bank (ADB) – 19/12/1966 (Founded) – Mandaluyong, Philippines (HQ) – Masatsugu Asakawa (President) – 49 countries (Regional members) & 19 countries (non regional members)
LIC Mutual Fund Asset Management appoints Ravi Kumar Jha as MD & CEO
- LIC Mutual Fund Asset Management announced the appointment of Ravi Kumar Jha as its Management Director and Chief Executive.
- He was serving as executive of corporate strategy till December 2023 at the company.
El Salvador's President Bukele wins re-election
- Nayib Bukele was re-elected as President of El Salvador for the 2nd
- He previously won the election in
- El Salvador – San Salvador (Capital) – United States dollar & Bitcoin (Currency) – Nayib Bukele (President) – Spanish (Language)
Olzhas Bektenov was appointed as Prime Minister of Kazakhstan
- Kazakhstan President Kassym-Jomart Tokayev named his chief of staff, Olzhas Bektenov, prime minister of the country.
- Olzhas Bektenov will be the 12th PM by replacing Älihan Smaiylov.
- Kazakhstan – Astana (Capital) – Tenge (Currency) – Kassym-Jomart Tokayev (President) – Olzhas Bektenov (Prime Minister) – Kazakh & Russian (Language)
Tata AIA Life Insurance appoints Venkatachalam H as new CEO and MD
- Tata AIA Life Insurance Company Limited has announced the appointment of Venkatachalam H as its new chief executive officer and managing director by replacing Naveen Tahilyani.
- He joined Tata AIA in 2016 and served as president and chief distribution officer in his previous role.
PhonePe adds former revenue secretary, 2 Walmart executives to its board
- Walmart-owned fintech firm PhonePe has appointed former Revenue Secretary Tarun Bajaj to its board and chosen him as the chairman of its risk committee.
- The company has also welcomed two senior Walmart executives—John D Rainey, Executive Vice President and Chief Financial Officer, and Donna Morris, Executive Vice President and Chief People Officer, as non-executive directors.
Reports
‘LNG as a Transportation Fuel in Medium and Heavy Commercial Vehicle’ Report
- NITI Aayog and the Embassy of the Kingdom of the Netherlands released report titled ‘LNG as a Transportation Fuel in Medium and Heavy Commercial Vehicle’, at India Energy Week.
- NITI Aayog and the Embassy of the Kingdom of the Netherlands have been actively collaborating in the field of energy transition under the Statement of Intent (SoI) partnership since
- The report was released as the first outcome of the cooperation.
- The report was jointly launched by Suman Bery, Vice Chairperson, NITI Aayog, Government of India, and E. Frederik Wisselink, Energy Envoy, Ministry of Economic Affairs and Climate Policy, Government of the Kingdom of the Netherlands, in the presence of Praveen Mal Khanooja, Additional Secretary, Ministry of Petroleum and Natural Gas H.E. Mrs. Marisa Gerards, Ambassador, Embassy of the Kingdom of the Netherlands in India, Nepal, and Bhutan; and Ms. Mansi Tripathy, Chairman, SHELL Group of companies, India & VP, Lubricants, Asia Pacific and Kamal Kishore Chatiwal, Managing Director, Indraprastha Gas Limited.
- The report explores different challenges and barriers for LNG adoption in India and recommends a roadmap of actionable solutions.
- The report further highlights the need for the development of a transparent implementation framework for these recommendations, driven by near-term goals of demand creation and market seeding.
- Netherlands – Amsterdam (Capital) – Euro & United States dollar (Currency) – Willem-Alexander (Monarch) – Mark Rutte (Prime Minister) – Dutch (Language)
Obituary
Former Chilean President Sebastián Piñera passed away
- Sebastián Piñera, the two-time former President of Chile who faced social upheaval followed by a pandemic in his second term passed away at 74.
- He served as President from 2010 to 2014 and again from 2018 to 2022.
- Chile – Santiago (Capital) – Chilean peso (Currency) – Gabriel Boric (President) – Spanish (Language)
Sports News
Union Sports Minister Anurag Singh Thakur kicks off 1st BIMSTEC Aquatics Championships
- Union Minister for Youth Affairs and Shri Sports Anurag Singh Thakur kicked off BIMSTEC Aquatics Championships 2024 in New Delhi.
- The BIMSTEC Aquatics Championships is being held for the first time.
- The 1st BIMSTEC Aquatics Championships is being held at Delhi’s Syama Prasad Mookerjee Swimming Pool Complex with competitions being held for Under 20 age category in Swimming, Water Polo and Diving events.
- A total of 39 medals will be given out across three sporting events along with a total of 9 trophies that will be at stake.
- Over 500 personnel are expected at the events, including 268 athletes from various BIMSTEC member countries.
- BIMSTEC (The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) constitutes a unique link between South and South-East Asian countries with five members from South Asia (Bangladesh, Bhutan, India, Nepal and Sri Lanka) and two members from South-East Asia (Myanmar & Thailand).
- Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) – 06/06/1997 (Founded) – Dhaka, Bangladesh (Secretariat) – Thailand (Chairman) – Indra Mani Pandey Secretary General (SG) – Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka & Thailand (Members)
Jasprit Bumrah becomes first Indian pacer to reach No. 1 in ICC Test rankings
- Jasprit Bumrah became the first Indian pacer to top the ICC Test rankings after a stellar performance against England in
- The 30-year-old’s nine-wicket match haul has helped him leapfrog Pat Cummins, Kagiso Rabada and Ravichandran Ashwin, making him only the fourth from his country to attain number one position.
- International Cricket Council (ICC) – 15/06/1909 (Founded) – Dubai,UAE (HQ) – Greg Barclay (Chairman) – 108 countries
Important Days
International Day of Zero Tolerance for Female Genital Mutilation 2024
- International Day of Zero Tolerance for Female Genital Mutilation is annually observed on February 06.
- It provides an opportunity to forge stronger ties and take concerted action to reinforce our commitments to eliminate this harmful practice which continues to impact the lives of millions of women and girls.
- In 2012, the UN General Assembly designated February 6th as the International Day of Zero Tolerance for Female Genital Mutilation.
- Theme – Her Voice. Her Future
Daily Current Affairs - February 07 & 08, 2024 - Consolidated
- Centre launches sale of ‘Bharat’ Rice at an MRP of ₹29/kg in 5Kg and 10Kg packs
- India has visa-free access to just 62 nations in the world
- 137 research projects approved under National Technical Textiles Mission with an outlay of ₹474.7 Crore
- India pays $32.89 million to UN Regular Budget for 2024
- Iran’s 4 Conditions for Indian Tourists Who Wish To Travel Visa-Free
- Various Projects inaugurated by Prime Minister in Goa
- Nitin Gadkari inaugurates Road Projects in Arunachal Pradesh
- RBI MPC Meeting February 2024 Key Highlights & Outcomes
- Juspay, Zoho, Decentro secure RBI nod for payment aggregator business
- RBI imposes ₹8.80 lakh fine on Power Finance Corp for norm violation
- SBI ties up with Flywire to make payments easier for foreign students
- HDFC Bank Group gets RBI approval to acquire 9.5% stake each in six banks
- CCI approves acquisition of 70% stake by Zurich Insurance Company Ltd. in Kotak Mahindra General Insurance Company Limited
- ADB Appoints Mio Oka as Country Director for India
- LIC Mutual Fund Asset Management appoints Ravi Kumar Jha as MD & CEO
- El Salvador’s President Bukele wins re-election
- Olzhas Bektenov was appointed as Prime Minister of Kazakhstan
- Tata AIA Life Insurance appoints Venkatachalam H as new CEO and MD
- PhonePe adds former revenue secretary, 2 Walmart executives to its board
- ‘LNG as a Transportation Fuel in Medium and Heavy Commercial Vehicle’ Report
- Former Chilean President Sebastián Piñera passed away
- Union Sports Minister Anurag Singh Thakur kicks off 1st BIMSTEC Aquatics Championships
- Jasprit Bumrah becomes first Indian pacer to reach No. 1 in ICC Test rankings
- International Day of Zero Tolerance for Female Genital Mutilation 2024
Do you wish to crack Banking Exams in 2024? - Register Now
Take your first step to your DREAM GOVERNMENT JOB
Enquire for Next Batch.