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Daily Current Affairs – February 24 & 25, 2024

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Daily Current Affairs - Banking - February 24 & 25, 2024

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National News

Various Development Projects inaugurated by Prime Minister

  • Prime Minister Narendra Modi dedicated to the nation five All India Institute of Medical Sciences (AIIMS) at Rajkot (Gujarat), Bathinda (Punjab), Raebareli (Uttar Pradesh), Kalyani (West Bengal) and Mangalagiri (Andhra Pradesh), and inaugurated, laid foundation stone of, and dedicated to the nation a total of 202 Health Care Infrastructure Projects worth more than ₹11,700 crores across 23 States and UTs.
  • He inaugurated and laid the foundation stone for multiple development projects worth more than ₹13,000 crores in Varanasi, Uttar Pradesh.
  • He also laid the foundation stone for the construction of Varanasi-Ranchi-Kolkata Expressway Package-1, National Institute of Fashion Technology (NIFT) in Varanasi, new Medical College in Varanasi and National Centre of Ageing at BHU.
  • Also inaugurated multiple urban development projects in Varanasi including Urban waste to Charcoal Plant by NTPC at Ramana; upgradation of water supply network in sis-Varuna area; and online effluent monitoring and SCADA automation of STPs and Sewerage Pumping Stations and the Sigra Sports Stadium Phase-1 and District Rifle Shooting Range.
  • Prime Minister laid foundation stone of Stage-II (2×800 MW) of NTPC’s Lara Super Thermal Power Project in Raigarh district of Chhattisgarh, through video-conferencing.
  • Thus, no additional land would be required for the expansion.
  • Stage-II will entail an investment of ₹15,530 crores.
  • Prime Minister laid the foundation stone and dedicated to the nation multiple development projects worth more than ₹4150 crores in Dwarka, Gujarat.
  • He dedicated to the nation country’s longest, about 32 km. long, signature stayed bridge ‘Sudarshan Setu’ connecting Okha mainland and Beyt Dwatka island, pipeline project at Vadinar and Rajkot-Okha, Rajkot-Jetalsar-Somnath and Jetalsar-Wansjaliya Rail Electrification projects.
  • He laid the foundation stone for the widening of Dhoraji-Jamkandorna-Kalavad section of NH-927, Regional Science Center at Jamnagar and Flue Gas Desulphurization (FGD) system installation at Sikka Thermal Power Station, Jamnagar.
  • He virtually dedicated 300 bedded satellite Centre of Postgraduate Institute of Medical Education and Research (PGIMER) in Sangrur, Punjab from Rajkot, Gujarat and also lay the foundation stone of 100 bedded Satellite Centre of PGIMER at Ferozpur, Punjab.

International News

India and Netherlands reaffirm their commitment to expand their bilateral defence cooperation

  • India and Netherlands have reaffirmed their commitment to expand their bilateral defence cooperation particularly in maritime and industrial domains.
  • Defence Minister Rajnath Singh held a bilateral meeting with the Netherlands Defence Minister Kajsa Ollongren in New Delhi.
  • Both the leaders expressed keenness to work together to enhance maritime security in the Indian Ocean Region.
  • Netherlands – Amsterdam (Capital) – Euro & United States dollar (Currency) – Willem-Alexander (Monarch) – Mark Rutte (Prime Minister) – Dutch (Language)

State News

Union road transport and highway minister inaugurated road projects in Maharashtra

  • Union Minister for Road Transport & Highway Nitin Gadkari inaugurated 6 National Highway Projects worth ₹3,946 crore in Ahmedpur and 3 National Highway Projects worth ₹122.9 crore in Dharashiv at Ahmedpur, Maharashtra.
  • Ministry of Road Transport and Highways – Nitin Gadkari,Union Minister (Nagpur,Maharashtra) – General Vijay Kumar Singh

Maharashtra Deputy CM inaugurates 'Maharashtra MSME Defense Expo'

  • Maharashtra Deputy Chief Minister Devendra Fadnavis inaugurated country’s largest and state’s first ‘Maharashtra MSME Defense Expo’ at International Exhibition and Convention Center at Moshi near
  • A new policy will be formulated to promote the defence industry in Maharashtra and efforts will be made to develop micro, small and medium enterprises in this sector.

Banking and Finance

RBI allows banks, non-banks to issue PPIs for public transport systems

  • The Reserve Bank of India (RBI) allowed banks and non-banks to issue prepaid payment instruments (PPIs) for public transit services such as metro, buses, rail, waterways, tolls, and parking.
  • The regulator amended the guidelines for PPIs for mass transit systems (MTS).
  • Such PPIs could be issued without a “know your customer” (KYC) verification of the holder.
  • PPIs are instruments that facilitate purchases of goods and services, financial services, remittance facilities, among others, against the value stored in them.
  • PPIs for the “Mass Transit System” (MTS) would contain the “Automated Fare Collection” application related to transit services, toll collection, and parking.
  • The outstanding amount will not exceed ₹3,000.
  • While these instruments can be reloaded, withdrawing cash, refund, or fund transfer will not be permitted in PPIs.
  • Before the amendment, a PPI-MTS was issued by operators of the MTS after receiving authorisation.
  • PPIs that require RBI approval before issuance are classified into two types. These include small PPIs and full-KYC PPIs.
  • Small PPIs are issued by banks and non-banks after obtaining minimal detail on the holder.
  • These are authorised only for purchasing goods and services.
  • Fund transfer or cash withdrawal from such PPIs is not allowed.
  • Full-KYC PPIs are issued by banks and non-banks after completing the KYC of the PPI holder.
  • These can be used for purchasing goods and services, funds transfer or cash withdrawal.

Business and Economy

Bank of Baroda: India's GDP to grow at around 6.75-6.8% in FY25

  • The Bank of Baroda (BoB) has projected India’s gross domestic product (GDP) to grow at around 75 to 6.8 per cent in FY25 and 6.8 per cent for FY 24.
  • The bank expects the growth for the third quarter of the current financial year to moderate by 4 per cent against an increase of 7.6 per cent in the previous quarter due to subdued growth in agriculture and industry sectors.
  • The report projected a growth of 1 per cent for the agriculture sector in the third quarter of FY24, which is slower than initially anticipated, after the first Advance Estimates for kharif crops showed lower food grain production this year.
  • The industrial sector, after registering a 2 per cent growth in the second quarter, is expected to grow at 8 per cent in Q3FY24.
  • Bank of Baroda (BOB or BoB) – 20/07/1908 (Founded) – Vadodara, Gujarat (HQ) – Debadatta Chand (MD & CEO) – “India’s International Bank” (Tagline)

Irdai retains obligatory cession of business to GIC Re at 4% for FY25

  • The Insurance Regulatory and Development Authority (IRDAI) has maintained the status quo on obligatory cession of business for the financial year 2024-25 at 4 per cent in favour of General Insurance Corporation of India (GIC Re), except for terrorism and nuclear pool related premium.
  • Obligatory cession refers to the part of the business that general insurance companies have to mandatorily cede to the national reinsurer.
  • The regulator has been gradually reducing the obligatory cession from 20 per cent to 4 per cent in FY23-24.
  • The regulator further added that there will be no limit on the sum insured during
  • The Indian re-insurer may require the ceding insurer to give immediate notice of underwriting information of any cession exceeding an amount as specified by GIC Re.
  • Insurance Regulatory and Development Authority of India (IRDAI) – 1999 (Founded) – Hyderabad (HQ) – Debasish Panda (Chairman) – Ministry of Finance (Under)

India to be the third largest economy by 2027 by Global investment advisory firm Jefferies

  • Global investment advisory firm Jefferies has projected an optimistic outlook for the Indian economy and its equity markets.
  • In the last ten years, India has seen fundamental structural reforms which have created the framework for the country to realise its full potential.
  • Over the next four years, India’s GDP will likely touch five trillion US dollars making it the third largest economy by 2027, overtaking Japan and Germany, maintaining the status of fastest-growing large economy.

Agreements and MoUs signed

Kalyani Steels signs MoU with Odisha government to set up manufacturing unit

  • Kalyani Steel Ltd signed an MoU with the Odisha government to set up a manufacturing facility with an investment of ₹11,750 crores.
  • The project for manufacturing titanium metal, aerospace and automotive components and advanced speciality steel at Gajamara in Dhenkanal district will create 10,000 job opportunities.

Summit & Conference

Union Minister of State for Health and Family Welfare inaugurates three-day National Public Health India Conference

  • Union Minister of State for Health and Family Welfare S.P. Singh Baghel inaugurated the first National Public Health India Conference (NPHICON-2024) in the presence of Dr. V. K. Paul, Member NITI Aayog.
  • This three-day long conference is being organized by the National Centre for Disease Control (NCDC) under the Directorate General of Health Services.
  • The conference will provide a common platform for exchanging experiences and best practices on public health concerns and relevant allied health practices in the country.
  • There will be seven scientific sessions focusing on Recent Public Health Initiatives in India; Advance Tools & Technologies for Public Health Surveillance and Response; one health; disease elimination; Implementation of International Health Regulations in India; Research Integrity and Ethics in Research and Current Curriculum in Medical Education to Public Health Implementation in India –Barriers and Opportunities.
  • More than 100 oral and poster presentations will be made by public health professionals from 30 states and UTs of India.
  • 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)

Science and Technology

Nokia partnered with IISc to research 6G tech and use cases

  • Nokia has announced a partnership with the Indian Institute of Science (IISc), Bangalore to jointly research on 6G technologies and its use cases that will have a direct societal impact on India.
  • Nokia will work with IISc at the telecom company’s newly inaugurated 6G Lab in Bengaluru to pursue 6G radio technologies, 6G architecture and the application of machine learning into the 6G air interface.
  • The collaboration will help develop reference architectures, software frameworks and algorithms, with the goal of contributing their joint research to 6G technology and standards.

Power

SJVN commissions 50 MW Gujrai Solar Power Station in Uttar Pradesh

  • SJVN Limited, a Mini Ratna, Category-I and Schedule ‘A’ Central public sector enterprise under the administrative control of Ministry of Power, has begun the successful commercial operation of its 50 MW Gujrai Solar Power Station in Kanpur Dehat, Uttar Pradesh.
  • With this milestone, the total installed power capacity of SJVN stands at 2,277 MW, with ten power stations currently operational.
  • The 50 MW Gujrai Solar Power Station has been executed by SJVN through its renewable arm, SJVN Green Energy Limited (SGEL) at a cost of ₹281 crores.
  • The annual revenue from energy generated is expected to be approximately ₹32 crores.
  • The project will generate 107 million units in the first year and the cumulative energy generation over a period of 25 years is estimated to be 2,477 million units.
  • SJVN, formerly known as Satluj Jal Vidyut Nigam – 1988 (Founded) – Shimla (HQ) – Nand Lal Sharma (Chairman & MD)

SECI unveils India's largest solar-battery project in Chhattisgarh

  • The Solar Energy Corporation of India Limited (SECI), under the aegis of the Ministry of New and Renewable Energy, has successfully commissioned India’s largest Battery Energy Storage System (BESS), which stores energy using solar energy.
  • The 40 megawatts (MW) / 120MWh BESS with a solar photovoltaic (PV) plant which has an installed capacity of 325 megawatt hour (MWh) and dispatchable capacity of 100MW AC (155.02 MW peak DC) is located in Rajnandgaon, Chhattisgarh.
  • The project has been dedicated to the nation by Prime Minister Narendra Modi via video conferencing.
  • Through a tripartite land-use permission agreement among the Energy Department of the Government of Chhattisgarh, Chhattisgarh State Power Distribution Company Limited (CSPDCL), and SECI, 451 acres of waste land across 9 villages in Tehsil Dongargarh and Dongargaon, District Rajnandgaon, Chhattisgarh, have been repurposed.
  • The project has thus adopted a sustainable approach to energy project development, while minimizing environmental impact.
  • Solar Energy Corporation of India Ltd. (SECI) – 09/09/2011 (Founded) – New Delhi (HQ) – Ajay Yadav (MD) – Ministry of New and Renewable Energy (Under)

Acquisitions and Mergers

Zurich Insurance to acquire 70% stake in Kotak General Insurance

  • Private sector lender Kotak Mahindra Bank informed that Zurich Insurance will acquire a 70 per cent stake in the bank’s general insurance arm, Kotak Mahindra General Insurance, for ₹5,560 crores, in a single tranche.
  • In November 2023, the bank had announced the sale of a 51 per cent stake in Kotak Mahindra General Insurance to Zurich Insurance for ₹4,051 crores through a combination of fresh capital infusion and share purchase, followed by a 19 per cent stake sale within a period of three years.
  • Zurich Insurance Group Ltd – 1872 (Founded) – Zürich, Switzerland (HQ) – Mario Greco (CEO)

Appointments

Various appointments in Ministry

Ministry

Position

Appointed

Others

Ministry of Skill Development and Entrepreneurship

Director

Tatung Padi

Appointed under the Central Staffing Scheme for a period of five years from the date of taking over charge of the post until further orders, whichever is earlier.

Department of School Education & Literacy,

Ministry of Education

Director

Sunil Sharma

Appointed under the Central Staffing Scheme (CSS) for a period of five years with effect from the date of taking over charge of the post or until further orders, whichever is earlier

Ministry of Steel

Deputy Secretary

Nitin Jain

Appointed under the Central Staffing Scheme for a period up to March 15, 2025 (combined tenure of four years at ex-cadre deputation and CSS deputation posts put together) or untill further orders, whichever event takes place earlier.

Ministry of Heavy Industries

Director

Sureshwar Singh Bonal

Appointed under the Central Staffing Scheme for a period of five years with effect from the date of taking over charge of the post or until further orders, whichever is earlier.

Bhupinder Kumar appointed as DCR of J&K and Ladakh

  • The Central Government has approved the appointment of Bhupinder Kumar (IAS) for the post of Director of Census Operations (DCO)/Director of Citizen Registration (DCR) (Deputy Secretary level) of Jammu & Kashmir and Ladakh.
  • He is appointed under the Central Staffing Scheme on additional charge basis with effect from the date of taking over charge of the post and for a period up to December 31, 2025 or until further orders, whichever is earlier.

Sports News

India bagged 14 medals at 2024 Archery Asia Cup

  • India finished the Archery Asia Cup 2024 with 14 medals, including nine golds, four silvers and one bronze in Baghdad, Iraq.
  • Around 106 archers from 16 countries are expected to feature at the Asia Cup 2024.

  • Winner

    Medal & Event

    Prathamesh Jawkar, Priyansh and Kushal Dalal

    gold medal (men’s compound team)

    Prathamesh Jawkar

    gold medal (men’s compound individual)

    Kushal Dalal

    silver medal (men’s compound team)

    Aditi Swami, Priya Gurjar and Parneet Kaur

    silver medal (women’s compound team)

    Parneet Kaur

    gold medal (women’s compound individual)

    Aditi Swami

    bronze medal (women’s compound individual)

    Prathamesh Jawkar and Aditi Swami

    gold medal (compound mixed team)

    Dhiraj Bommadevara, Pravin Ramesh Jadhav and Tarundeep Rai

    gold medal (men’s recurve team)

    Dhiraj Bommadevara

    gold medal (men’s recurve individual)

    Tarundeep Rai

    silver medal (men’s recurve individual)

    Simranjeet Kaur, Deepika Kumari and Bhajan Kaur

    gold medal (women’s recurve team)

    Deepika Kumari

    gold medal (women’s recurve individual)

    Simranjeet Kaur

    silver medal (women’s recurve individual)

    Simranjeet Kaur and Dhiraj Bommadevara

    gold medal (recurve mixed team)

Abhay Singh wins Goodfellow Classic squash in Toronto

  • Indian Squash player Abhay Singh clinched the Goodfellow Classic PSA Challenger Tour Title in Toronto, Canada by defeating Elliott Morris Devred of Wales.
  • This is his 8th PSA World Tour title.
  • He also won gold medal in men’s team event and bronze medal in Mixed doubles at 2022 Asian Games held at the Hangzhou Olympic Sports Park Expo Center Squash Venue, Hangzhou, China.

Important Days

Central Excise Day 2024

  • The Central Excise Day is annually observed on February 24.
  • The day commemorates the establishment of the Central Excise and Salt Act, which came into effect in
  • The day, also honour the contributions of the Central Board of Indirect Taxes and Customs (CBIC) to the Indian economy.
  • CBIC, which was previously known as the Central Board of Excise and Customs, is a major part of the Department of Revenue under the Ministry of Finance.

Defence

Joint Military Exercise ‘DHARMA GUARDIAN’ between India and Japan

  • The 5th edition of 14-days Joint Military Exercise ‘DHARMA GUARDIAN’ between the Indian Army and the Japan Ground Self Defence Force commenced at Mahajan Field Firing Ranges in Rajasthan.
  • Exercise ‘DHARMA GUARDIAN’ is an annual exercise and conducted alternatively in India and Japan.
  • The contingent of both sides comprises of 40 personnel each.
  • The Japanese contingent is being represented by troops from the 34th Infantry Regiment and Indian Army contingent is being represented by a Battalion from the Rajputana Rifles.
  • Aim of the Exercise is to foster Military Cooperation and enhance combined capabilities to execute joint operations in semi-urban environment under Chapter VII of United Nations Charter.
  • The Exercise would focus on high degree of physical fitness, joint planning, joint tactical drills and basics of special arms skills.
  • Japan – Tokyo (Capital) – Japanese yen (Currency) – Naruhito (Emperor) – Fumio Kishida (Prime Minister) – Japanese (Language)

Government approves financial incentive for Armed Forces personnel who bagged medals in Hangzhou Asian Games and 4th Asian Para Games last year

  • Defence Minister Rajnath Singh has approved a financial incentive for the Armed Forces personnel who bagged medals in the 19th Asian Games and 4th Asian Para Games held in Hangzhou, China last year.
  • Gold medal winners will receive a cash reward of ₹25 lakh each, Silver medal winners ₹15 lakh each and Bronze medal winners will get ₹10 lakh each, for both Asian Games as well as Asian Para Games.
  • These include athletes who won 80 medals in the Asian Games and seven medals in the Asian Para Games.
  • Ministry of Defence – Rajnath Singh,Union Minister (Lucknow,UP) – Ajay Bhatt,Minister of State (Nainital–Udhamsingh Nagar,Uttarakhand)

Daily Current Affairs - February 24 & 25, 2024 - Consolidated

  • Various Development Projects inaugurated by Prime Minister
  • India and Netherlands reaffirm their commitment to expand their bilateral defence cooperation
  • Union road transport and highway minister inaugurated road projects in Maharashtra
  • Maharashtra Deputy CM inaugurates ‘Maharashtra MSME Defense Expo’
  • RBI allows banks, non-banks to issue PPIs for public transport systems
  • Bank of Baroda: India’s GDP to grow at around 6.75-6.8% in FY25
  • Irdai retains obligatory cession of business to GIC Re at 4% for FY25
  • India to be the third largest economy by 2027 by Global investment advisory firm Jefferies
  • Kalyani Steels signs MoU with Odisha government to set up manufacturing unit
  • Union Minister of State for Health and Family Welfare inaugurates three-day National Public Health India Conference
  • Nokia partnered with IISc to research 6G tech and use cases
  • SJVN commissions 50 MW Gujrai Solar Power Station in Uttar Pradesh
  • SECI unveils India’s largest solar-battery project in Chhattisgarh
  • Zurich Insurance to acquire 70% stake in Kotak General Insurance
  • Various appointments in Ministry
  • Bhupinder Kumar appointed as DCR of J&K and Ladakh
  • India bagged 14 medals at 2024 Archery Asia Cup
  • Abhay Singh wins Goodfellow Classic squash in Toronto
  • Central Excise Day 2024
  • Joint Military Exercise ‘DHARMA GUARDIAN’ between India and Japan
  • Government approves financial incentive for Armed Forces personnel who bagged medals in Hangzhou Asian Games and 4th Asian Para Games last year

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