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Daily Current Affairs - Banking - February 14 & 15, 2024

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National News

Union Minister of Food Processing inaugurates "SUFALAM: Start-Up Forum for Aspiring Leaders and Mentors Startup Conclave 2024"

  • Union Minister of Food Processing Pashupati Kumar Paras inaugurated “SUFALAM: Start-Up Forum for Aspiring Leaders and Mentors Startup Conclave 2024” he highlighted the significance of events like SUFALAM, emphasizing their potential to enhance networking, facilitate knowledge sharing, and enable startups to leverage various government schemes.
  • This initiative stands as a testament to the government’s steadfast commitment to nurturing entrepreneurship and creating an enabling ecosystem for startups, thereby empowering aspiring entrepreneurs in the food processing domain.
  • Ministry of Food Processing Industries – Shobha Karandlaje,Minister of State (Udupi Chikmagalur,Karnataka) – Prahlad Singh Patel,Minister of State (Damoh,Madhya Pradesh)

International News

Prime Minister inaugurates Abu Dhabi’s first Hindu stone temple

  • Prime Minister Narendra Modi inaugurated Abu Dhabi’s first Hindu stone temple, describing it as a symbol of the shared heritage of humanity and thanked the UAE for scripting a new golden chapter of human history.
  • The temple built by the Bochasanwasi Shri Akshar Purushottam Swaminarayan Sanstha (BAPS).
  • The BAPS temple is built on a 27-acre site in Abu Mreikhah, near Al Rahba off the Dubai-Abu Dhabi Sheikh Zayed Highway, at a cost of around ₹700 crores.
  • No metal has been used in the construction of the temple and fly ash has been used to fill up the foundation, replacing 55 per cent of cement in the concrete mix, reducing the carbon footprint of the temple.
  • 20,000 tonnes of sandstone pieces were carved in Rajasthan and then shipped to Abu Dhabi in 700 containers.
  • The work for the structure has been going on since
  • The land for the temple was donated by the UAE government.
  • The UAE has three other Hindu temples that are located in Dubai.
  • The BAPS temple, spread over a large area with stone architecture, will be the largest of all in the Gulf region.
  • United Arab Emirates – Abu Dhabi (Capital) – UAE dirham (Currency) – Mohamed bin Zayed Al Nahyan (President) – Mohammed bin Rashid Al Maktoum (Prime Minister) – Arabic (Language) 

State News

Various Projects approved and inaugurated by Union Road and Transport Minister in Uttarakhand

  • Union Minister for Road Transport and Highways Nitin Gadkari inaugurated and laid foundation stones of 30 National Highway projects worth ₹4,755 crores in Haridwar and 8 National Highway projects worth ₹2,217 crore in Tanakpur, Uttarakhand.
  • He also sanctioned ₹382.10 crore for the construction of a new 2-lane highway with paved shoulders connecting Majuli and Jorhat on the recently designated NH 715K in
  • Additionally, a flyover on NH-715, complete with its approaches and service roads, is included in the project, spanning a total length of 479 kilometers.
  • And also sanctioned ₹1742.11 crore for the construction of the 4-lane N. Kawnpui (N.Mualvum) – Sairang section on NH-6, situated along the Silchar –Valrengte – Sairang road in the Aizawl and Kolasib districts in
  • Ministry of Road Transport and Highways – Nitin Gadkari,Union Minister (Nagpur,Maharashtra) – General Vijay Kumar Singh

Kaji nemu declared Assam’s ‘State Fruit’

  • The Assam government has declared Kaji nemu (Citrus limon) as the ‘State Fruit’.
  • The tree is found only in Assam and certain parts of the northeast.
  • The kaji nemu received the Geographical Indication tag in
  • In February 2016, the Assam government declared the one-horned rhino, the white-winged wood duck, the hollong (Dipterocarpus macrocarpus), and the foxtail orchid as the State Animal, State Bird, State Tree, and the State Flower, respectively.

Arunachal Pradesh becomes first state in North-East India to achieve 100 % saturation of Har Ghar Jal under Jal Jeevan Mission

  • Arunachal Pradesh has become the 1st state in the North-East India and 10th in the country to achieve 100 percent saturation of Har Ghar Jal under Jal Jeevan Mission.
  • Prime Minister Narendra Modi had announced the ‘Jal Jeevan Mission – Har Ghar Jal’ on August 15 2019.
  • The mission aims at improving the ‘quality of life’ and enhanced ‘ease of living’ in rural areas by making a provision of assured tap water supply to every rural household in the country by
  • Jal Jeevan Mission is being implemented in partnership with States.
  • Already six states, namely Goa, Telangana, Haryana, Gujarat, Punjab, and Himachal Pradesh and three Union Territories of Puducherry, Dadra and Nagar Haveli and Daman and Diu, and Andaman & Nicobar Islands have achieved 100% coverage.

Schemes

Tripura becomes first state in northeast to launch Chief Minister Jan Aarogya Yojana

  • Tripura became the 1st state in the northeast and 12th in entire country to launch the Chief Minister Jan Aarogya Yojana.
  • The Chief Minister Jan Aarogya Yojana which will benefit 15 lakh people of the state is on the lines of Pradhan Mantri Jan Aarogya Yojana (PMJAY) and provides a cover of ₹5 lakhs per family annually.
  • A sum of ₹69 crores has been provisioned in the Budget for implementation of the universal health insurance scheme.

Banking and Finance

RBI asks card networks to halt card-based business payments on KYC

  • Reserve Bank of India (RBI) has asked card networks such as Visa and Mastercard to stop commercial card transactions under the Business Payment Solution Providers (BPSP) business, citing concerns about the legitimacy and inadequacy of merchant KYC and the end use of funds.
  • The central bank has written to the networks on a sub-segment of B2B (business-to-business) payments called BPSP, with queries on how it works and the participants involved.
  • Meanwhile, it has also barred any such incremental transactions.
  • Typically, payments are often made by corporates through RTGS and NEFT account transfers.
  • BPSP allows businesses to accept card payments without having the required mechanisms.
  • For instance, a business can make payments to its smaller suppliers using this mechanism, even though the latter do not have the infrastructure for accepting credit payments.
  • While BPSPs are regulated and licensed by RBI under the PA-PG (Payment Aggregators and Payment Gateways) guidelines, there are concerns on transactions being carried out without proper invoicing or KYC, making it difficult to track the source of money and where it is going.

IRDAI proposes 30 days 'free look' period for policies from date of receipt

  • The Insurance Regulatory and Development Authority of India (Irdai), proposed 30 days ‘free look’ period for policies sold physically or through digital channels from the date of receipt of the policy document.
  • A ‘free look’ period is the length of time during which a policyholder can cancel the policy without paying for surrender charges.
  • Also, the insurer will refund the first premium paid if the policyholder returns the policy within the period.
  • At present, for physical policies, the ‘free look’ period is 15 days while for policies sold online, it can be up to 30 days.
  • Iradi has also suggested the companies come up with a board-approved policy for electronic forms.
  • The policies with the sum insured exceeding ₹100 or those under which the single or annual premium is not less than ₹10 will be made available to the customer in electronic form as well, irrespective of whether the policy was received in electronic or physical form.
  • Insurance Regulatory and Development Authority of India (IRDAI) – 1999 (Founded) – Hyderabad (HQ) – Debasish Panda (Chairman) – Ministry of Finance (Under)

Business and Economy

S&P Global India launches the ‘India Research Chapter’

  • S&P Global has announced the launch of the ‘India Research Chapter’.
  • It aims to provide India-oriented research and reports.
  • The chapter experts from across divisions and functions of S&P Global and CRISIL (A S&P Global company).
  • The Chapter will be led by Deepa Kumar, Head of Asia-Pacific Country Risk, S&P Global Market Intelligence and Gauri Jauhar, Executive Director, Energy Transitions and Clean Tech Consulting, S&P Global Commodity Insights.
  • This initiative brings together experts from across divisions and functions of S&P Global and CRISIL.
  • As part of the S&P Global India Leadership Council, the newly unveiled India Research Chapter will be guided by a team of experts covering a wide array of themes including economics, technology, generative AI, banking, finance, automotive, country risk, capital markets, supply chain, energy transition, infrastructure, and sustainability, among others.

Wholesale inflation eases to 0.27% in January, food inflation at 3.79%

  • The Wholesale Price Index (WPI) -based inflation in India eased to 27 per cent in January as compared to the same month last year data released by the Office of Economic Advisor.
  • This is the lowest figure in the last three months.
  • In December 2023, it was 73 per cent.
  • The wholesale food inflation cooled down to 79 per cent in January.
  • It was 39 per cent in December last year.

Agreements and MoUs signed

India signed 10 agreements with UAE

  • India and the UAE signed 10 pacts to enhance collaboration in key sectors like energy, infrastructure, investments, and management of archives.
  • The first one that was signed was an MOU on cooperation in the field of electricity connection and trade.
  • The Ministry of Investment of the UAE and India’s Ministry of Electronics and Technology (MEITY) have signed an MoU for cooperation on digital infrastructure projects.
  • The MOU on the development of the national maritime heritage complex.
  • This is a national maritime heritage complex at Lothal in Gujarat.
  • There is agreement on the cooperation protocol at the National Archives of India.
  • The objective is to promote cooperation in archives management, through the exchange of expertise, historical information, to search and studies, etc.
  • An agreement on interlinking of the instant payment platforms – UPI (India) and AANI (UAE) and an agreement on inter-linking domestic debit/credit cards – RuPay (India) with JAYWAN (UAE) have also been inked.

Summit & Conference

Union Power and New & Renewable Energy Minister inaugurates NTPC’s Indian Power Stations O&M Conference 2024

  • The Indian Power Stations O&M Conference 2024 hosted by NTPC Limited got off to a start in Raipur, Chhattisgarh.
  • The conference has been inaugurated virtually by the Union Minister for Power and New & Renewable Energy K. Singh.
  • The theme for the 2024 edition of IPS is “Operations & Maintenance Practices for Safe, Reliable & Cost-Effective Power Generation”.
  • The flagship event commemorates the historic commissioning of the first unit of NTPC at Singrauli in 1982, marking a pivotal moment in the power sector’s trajectory, leading to decades of innovation and excellence.
  • IPS 2024 serves as a platform for industry leaders to engage in collaborative discussions to explore innovative strategies to enhance safety, reliability, and cost-effectiveness in power generation.

Acquisitions and Mergers

CCI approves acquisition of 100% shareholding of Coastal Energen Private Limited by Dickey Alternative Investment Trust and Adani Power Limited

  • The Competition Commission of India (CCI) has approved the proposed combination involving acquisition of 100 per cent shareholding of Coastal Energen Private Ltd (CEPL) by Dickey Alternative Investment Trust (DAIT) and Adani Power Ltd (APL).
  • CEPL, which is engaged in the business of generation and sale of power using coal, owns and operates an imported coal based thermal power plant at Tuticorin in Tamil Nadu.
  • This company is currently undergoing corporate insolvency resolution process (CIRP) under Insolvency and Bankruptcy Code (IBC) 2016.

Appointments

Prabowo Subianto claims victory in Indonesian presidential election

  • Indonesian Defence Minister Prabowo Subianto has declared victory in the presidential election after unofficial vote counts showed him with a significant lead over his rivals.
  • Indonesia – Jakarta (Capital) – Indonesian rupiah (Currency)- Indonesian (Language)

ICAI Appoints Ranjeet Kumar Agarwal as 72nd President

  • For the Council Year 2024-25, Ranjeet Kumar Agarwal will serve as the 72nd President of ICAI, while Charanjot Singh Nanda will be the accounting body’s Vice President.
  • Earlier, Aniket Sunil Talati served as the ICAI’s president, while Ranjeet Kumar Agarwal served as vice president for the 2023–24 term.
  • Ranjeet Kumar Agarwal was elected to the Institute of Chartered Accountants of India’s central council 23rd, 24th and 25th thrice in a row.
  • He is also a company secretary and has a Diploma in Information Systems (DISA) from the Institute of Chartered Accountants of India (ICAI).
  • He has served as the Central Council Member in the Institute of Chartered Accountants of India (ICAI) since 2016 and then he was the Vice President of ICAI in the council year 2023-24.
  • Institute of Chartered Accountants of India (ICAI) – 01/07/1949 (Founded) – New Delhi (HQ) – Ranjeet Kumar Agarwal (President)

IRCTC announces appointment of Sanjay Jain as CMD

  • Indian Railway Catering and Tourism Corporation Ltd (IRCTC) appointed Sanjay Kumar Jain as its Chairman and Managing Director.
  • Prior to this role, Jain was Principal Chief Commercial Manager (PCCM) of Northern Railway.
  • Indian Railway Catering and Tourism Corporation (IRCTC) – 27/09/1999 (Founded) – New Delhi (HQ) – Sanjay Kumar Jain (Chairman & MD) 

Awards and Recognitions

National Film Awards have been renamed

  • The ‘Indira Gandhi Award for Best Debut Film of a Director’ and the ‘Nargis Dutt Award for Best Feature Film on National Integration’ which are part of the National Film Awards have been renamed on the recommendation of the Committee for Rationalization of Film Awards.
  • The cash that goes with prizes in all categories has been increased significantly.
  • The Dadasaheb Phalke Award has increased from ₹10 lakhs to ₹15 lakhs.
  • The committee recommended that the ‘Indira Gandhi Award for Best Debut Film of a Director’ be renamed as ‘Best Debut Film of a Director”, and the award money be increased to ₹3 lakhs.
  • It also recommended that the ‘Nargis Dutt Award for Best Feature Film on National Integration’, which carries a Rajat Kamal to the director and the producer with ₹1.5 lakh each, be clubbed with ‘Best Film on Social Issues (Rajat Kamal to director and producer with ₹1.5 lakh each) and Best Film on Environment Conservation/Preservation (Rajat Kamal to director and producer with ₹1.5 lakh each); and be renamed as ‘Best Feature Film Promoting National, Social and Environmental Values’ (Rajat Kamal to director and producer with ₹2 lakh each).
  • The Best Animation Film and the Best Special Effects categories have been clubbed under a new category of Best AVGC Film.
  • The awards for Best Film in AVGC are: Best Animation Film (Swarna Kamal to director, producer and animator/animation director/designer/supervisor with ₹3 lakh each); and Best Visual Effects Best VFX (Rajat Kamal to supervisor and ₹2 lakh).
  • The Best Actor award (Rajat Kamal with ₹50,000) has been renamed as ‘Best Actor in a Leading Role’ (Rajat Kamal and ₹2 lakh); and the Best Actress (Rajat Kamal with ₹50,000) to ‘Best Actress in a Leading Role’ (Rajat Kamal with ₹2 lakh).
  • As recommended, the Best Supporting Actor award (Rajat Kamal with ₹50,000) has been titled ‘Best Actor in Supporting Role’ (Rajat Kamal with ₹2 lakh) and the Best Supporting Actress award to ‘Best Actress in a Supporting Role’ (Rajat Kamal with ₹2 lakh).
  • Under the Best Audiography category, the three sub-categories of Location Sync Sound Recordist (for sync sound only), Sound Designer, and Recordist of the Final Mixed Track have been clubbed and renamed as ‘Best Sound Design’ (Rajat Kamal with ₹2 lakhs to sound designer).
  • The sub-categories of Best Music Director (Background Music) and the Best Music Director (Background Score) have been clubbed as ‘Music Director (Background Music) (Rajat Kamal with ₹2 lakh).
  • The award for ‘Best Feature Film in each of the language specified in the Schedule VIII of the Constitution’ has been renamed as ‘Best (name of the language) Feature Film’, and the award money doubled to ₹2 lakh
  • Similar changes have been made to the ‘Feature Film in each of the languages other than those specified in Schedule VIII of the Constitution’ category.

Former CJI Ranjan Gogoi receives Assam’s highest civilian award

  • Former Chief Justice of India Ranjan Gogoi was given the Assam’s highest civilian award, Assam Baibhav, in Guwahati.
  • Assam Governor Gulab Chand Kataria presented the award to Ranjan Gogoi, currently a member of Rajya Sabha, in the presence of Vice-President Jagdeep Dhankhar.
  • The award carries a cash prize of ₹5 lakh and lifelong medical treatment, the cost of which is borne by the Assam government.

City Union Bank wins IBA’s banking technology awards

  • City Union Bank (CUB) has won seven awards in various categories in the recently concluded ‘19th Banking Technology Conference, Expo & Citations 2023’ by the Indian Banks Association (IBA) in Mumbai.
  • The awards aim at recognising the best technology providers in the banking industry and instill competition to demonstrate their state-of-the-art innovative products, and sense of purpose and bring huge value addition in Best Practices for serving the bank’s clientele.
  • Along with his technology team, N Kamakodi, MD & CEO of City Union Bank received the awards from RBI’s Deputy Governor T Rabi Sankar.
  • CUB received awards in all the seven categories where nominations were called for by IBA.
  • City Union Bank – 1904 (Founded) – Kumbakonam, Tamil Nadu (HQ) – Dr. N. Kamakodi (MD & CEO) – “Trust and Excellence since 1904” (Tagline)

CP Gurnani gets Lifetime Achievement Award from HYSEA

  • CP Gurnani, who has recently retired from Tech Mahindra as its CEO and Managing Director, received the Lifetime Achievement Award from the Hyderabad Software Enterprises’ Association (HYSEA) at the 31st edition of national summit and awards
  • Infosys, Tata Consultancy Services, and Tech Mahindra have won the top IT/ITES Exporter award, while Microsoft India (R&D); Accenture Solutions and Amazon Development Centre (India) won the award in the MNC category.
  • EY Global Delivery Services India and Value Momentum Software Services bagged the top Indian IT/ITES Exporters from the State in the ₹1,000-crore category.
  • Among the MNCs, the award was given to ZF India.
  • CriticalRiver Technology and ECLAT Health Solutions received the Fastest Growing Indian IT/ITES company in the 100-crore

Obituary

Prof I C Verma passed away

  • Padma Shri awardee Dr Ishwar Chander Verma passed away.
  • He received the prestigious Padma Shri in 2023 for his groundbreaking research contributions.
  • He was awarded the BC Roy National Award in
  • Under his exemplary guidance, the Institute of Medical Genetics and Genomics at Sir Ganga Ram Hospital (SGRH) garnered the esteemed FICCI 9th Annual Healthcare Excellence Award in 2017.
  • He set up the first Genetic centre in India at AIIMS Delhi in

Sports News

ICC Player of the Month for January 2024

  • Women – Amy Hunter (Ireland)
  • Men – Shamar Joseph (West Indies)

Union Sports Minister hands over Chess Olympiad Torch to Budapest

  • Union Minister for Youth Affairs and Sports Anurag Singh Thakur handed over the Chess Olympiad Torch to Budapest, Hungary, the official host of the 45th edition of the Chess Olympiad in New Delhi.
  • The handoff ceremony took place at Major Dhyanchand National Stadium, where the minister, along with Indian Grand Master Vishwanathan Anand played also a friendly game of Chess against FIDE President, Arkady Dvorkovich and Hungarian Grand Master Judit Polgár before handing over the Olympiad torch to the FIDE President and Budapest.
  • The 44th edition of the Chess Olympiad was held in Chennai in the year 2022. More than 2500 players and 7000 had taken part in the global event at that time.
  • The next edition of the FIDE Chess Olympiad will now take place in Budapest, Hungary this year with the official announcement for the same being made earlier this year.

Important Days

World Hippo Day 2024

  • World Hippo Day is annually observed on February 15.
  • The day is celebrated to raise awareness about the plight of hippos, which are one of the most endangered large mammals on the planet.

International Childhood Cancer Day 2024

  • International Childhood Cancer Day is annually observed on February 15.
  • The day is celebrated to raise awareness around the unique challenges of childhood cancers.
  • The Day was established in 2002 by Childhood Cancer International.
  • As per WHO (World Health Organization), the most common types of childhood cancers include leukaemia, brain cancers, lymphomas and solid tumours, such as neuroblastoma and Wilms tumours.

Defence

Ministry of Defence signs contract worth ₹1,752 Crores with AWEIL for 463 Stabilised Remote Control Guns for Indian Navy & Indian Coast Guard

  • The Ministry of Defence has signed a contract with Advanced Weapon Equipment India Ltd. (AWEIL), Kanpur for manufacturing & supply of a total of 463 indigenously manufactured 12.7 mm Stabilised Remote Control Guns (SRCG) for the Indian Navy & Indian Coast Guard at a total cost of ₹1752.13 crores, with Indigenous Content (IC) of more than 85%.
  • The SRCG will enhance the capability of Indian Navy and Indian Coast Guard to accurately engage small targets that post a threat to ships in an asymmetric environment, both by day and night.
  • This acquisition will provide further boost to the vision of “Aatmanirbharta in Defence”.
  • This contract will also open up a large avenue in defence manufacturing for over 125 Indian Vendors and DPSUs for over a period of 5 years.

Daily Current Affairs - February 14 & 15, 2024 - Consolidated

  • Union Minister of Food Processing inaugurates “SUFALAM: Start-Up Forum for Aspiring Leaders and Mentors Startup Conclave 2024”
  • Prime Minister inaugurates Abu Dhabi’s first Hindu stone temple
  • Various Projects approved and inaugurated by Union Road and Transport Minister in Uttarakhand
  • Kaji nemu declared Assam’s ‘State Fruit’
  • Arunachal Pradesh becomes first state in North-East India to achieve 100 % saturation of Har Ghar Jal under Jal Jeevan Mission
  • Tripura becomes first state in northeast to launch Chief Minister Jan Aarogya Yojana
  • RBI asks card networks to halt card-based business payments on KYC
  • IRDAI proposes 30 days ‘free look’ period for policies from date of receipt
  • S&P Global India launches the ‘India Research Chapter’
  • Wholesale inflation eases to 0.27% in January, food inflation at 3.79%
  • India signed 10 agreements with UAE
  • Union Power and New & Renewable Energy Minister inaugurates NTPC’s Indian Power Stations O&M Conference 2024
  • CCI approves acquisition of 100% shareholding of Coastal Energen Private Limited by Dickey Alternative Investment Trust and Adani Power Limited
  • Prabowo Subianto claims victory in Indonesian presidential election
  • ICAI Appoints Ranjeet Kumar Agarwal as 72nd President
  • IRCTC announces appointment of Sanjay Jain as CMD
  • National Film Awards have been renamed
  • Former CJI Ranjan Gogoi receives Assam’s highest civilian award
  • City Union Bank wins IBA’s banking technology awards
  • CP Gurnani gets Lifetime Achievement Award from HYSEA
  • Prof I C Verma passed away
  • ICC Player of the Month for January 2024
  • Union Sports Minister hands over Chess Olympiad Torch to Budapest
  • World Hippo Day 2024
  • International Childhood Cancer Day 2024
  • Ministry of Defence signs contract worth ₹1,752 Crores with AWEIL for 463 Stabilised Remote Control Guns for Indian Navy & Indian Coast Guard

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