Daily Current Affairs – February 26 & 27, 2024
Daily Current Affairs - Banking - February 26 & 27, 2024
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National News
Prime Minister inaugurates 9th edition of the Raisina Dialogue
- Prime Minister Narendra Modi inaugurated the 9th edition of Raisina Dialogue in New Delhi.
- It was Organised by the Ministry of External Affairs in collaboration with the Observer Research Foundation (ORF).
- Prime Minister of Greece, Kyriakos Mitsotakis joined the inaugural session as the Chief Guest.
- The theme of this edition is “Chaturanga: Conflict, Contest, Cooperate, Create”.
- The three-day Dialogue is witnessing participation of representatives from over 100 countries including Ministers, former Heads of State and Heads of Government, Military Commanders, Captains of Industry, Technology Leaders, Academics, Journalists, and Scholars on Strategic Affairs.
- Raisina Dialogue is India’s flagship conference on geopolitics and geoeconomics, committed to addressing the most challenging issues facing the global community.
- Every year, leaders in politics, business, media, and civil society converge in New Delhi to discuss the state of the world and explore opportunities for cooperation on a wide range of contemporary matters.
- The 1st Raisina Dialogue was held from March 1–3 2016 with the theme “Asia: Regional and Global Connectivity”.
- Observer Research Foundation (ORF) – 05/09/1990 (Founded) – New Delhi (HQ) – Sunjoy Joshi (Chairman)
President inaugurate day long ‘Purple Fest’ at Amrit Udyaan in Rashtrapati Bhawan
- President Droupadi Murmu inaugurated a day-long ‘Purple Fest’ at Amrit Udyaan in Rashtrapati Bhawan.
- Department of Empowerment of Persons with Disabilities under the Ministry of Social Justice and Empowerment is organizing the Purple Fest after the success of ‘International Purple Fest, 2024’ at Goa in January.
- More than ten thousand Divyangjan, accompanied by their escorts, will also converge at Amrit Udyan for the Fest.
- The ‘Purple Fest’ will have fully inclusive and interactive stalls of organizations working in the field of accessibility, inclusion and disability rights.
- The key activities at ‘Purple Fest’ will be Amrit Udyaan visit, Know your Disabilities, Purple Cafe, Purple Kaleidoscope, Purple Live Experience Zone, and Purple Sports.
Prime Minister laid foundation stone for Rail & Road Projects
- Prime Minister Narendra Modi laid the foundation stone for the redevelopment of 553 railway stations across 27 states and Union Territories at a cost of more than ₹19,000 crores under Amrit Bharat Station scheme.
- The Prime Minister also laid the foundation stone, inaugurated and dedicated to the nation 1500 Road Over Bridges and Underpasses.
- These Road Over Bridges and Underpasses spread across 24 States and Union Territories, the total cost of these projects is around ₹21,520 crores.
- These projects will reduce congestion, enhance safety and connectivity, improve capacity, and efficiency of rail travel.
- The Amrit Bharat Station Scheme was launched by Prime Minister in February 2023 to which stations are being identified and shortlisted for redevelopment for better passenger facilities and amenities.
Prime Minister launches ‘world’s largest agri storage plan’
- Prime Minister Narendra Modi announced a plan to set up the “world’s largest grain storage plan in the cooperative sector”.
- He inaugurated a pilot project being undertaken in 11 Primary Agricultural Credit Societies (PACS) in 11 states under the largest grain storage plan.
- 700 lakh tonne storage capacity will be created in the next five years, with an investment of ₹1.25 lakh crore.
- Under the scheme, thousands of warehouses and godowns will be constructed across the country.
- He also laid the foundation stone for additional 500 PACS for construction of godowns and other agri infrastructure and further inaugurated a project for computersation in 18,000 PACS across the country, aligning farming with cutting edge technology and shifting to fully digital payments.
International News
Dubai's 5-year multiple-entry tourist visa for Indians
- Dubai has rolled out a five-year multiple-entry visa to enhance the ease of travel between India and the Gulf region.
- Travellers under this visa category can visit the UAE multiple times over five years, with a maximum stay of 180 days per year.
- This allows for a total of 900 days in the UAE within five years, though not consecutively.
- Additionally, the visa is issued within just 48 hours, adding to its convenience.
- As per the commitment, the visa is to be issued within two working days upon receipt and acceptance of the application.
- This would allow the visa holder to stay in the country for 90 days, which is further extendable once for 90 days, with total period of stay in a year not exceeding 180 days.
- United Arab Emirates – Abu Dhabi (Capital) – United Arab Emirates Dirham (Currency) – Mohammed bin Zayed Al Nahyan (President) – Arabic (Official Language)
Mauritius Cabinet approves amending India-Mauritius DTAA for BEPS Minimum Standards compliance
- Mauritius Government has decided to amend Double Taxation Avoidance Agreement (DTAA) with India in order to go with OECD’s proposal on Base Erosion and Profit Shifting.
- Experts say these amendments will result in more challenging norms for multinationals investing in India.
- The primary aim of this amendment is to forestall opportunities for tax avoidance or minimisation through exploitative tactics.
- This modification would now elevate the India-Mauritius tax treaty to the status of a covered tax agreement under BEPS MLI (Multilateral Instrument), ushering in a new era of anti-abuse and limitation of benefit rules, principal-purpose test and inclusion of arbitration in the mutual agreement procedure.
- Mauritius – Port Louis (Capital) –Mauritian rupee (Currency) – Prithvirajsing Roopun (President) – Pravind Jugnauth (Prime Minister) – English & French (Official Language)
State News
Sikkim government to create fixed deposits of ₹10,800 in name of newborns
- Sikkim Chief Minister Prem Singh Tamang announced a new scheme under which the government will make a fixed deposit of ₹10,800 in the name of a newborn. Addressing the ‘Jan Bharosa Sammelan’ in Soreng district.
- The fixed deposit will mature and the money can be withdrawn when the child turns
- The state has the lowest population in the country at 10 lakh, according to the 2011 census.
- Government has been taking a slew of measures to encourage couples to have more babies to fend off concerns over the aging population.
Amit Shah inaugurated and laid foundation stone of 53 different projects in Silvassa
- Union Home Minister and Minister of Cooperation Amit Shah inaugurated and laid foundation stone of 53 different projects worth about ₹2448 crore and addressed the Labharthi Sammelan in Daman & Diu’s Silvassa.
- 10 projects of Daman at a cost of ₹191 crores, 10 projects worth ₹340 crores at Diu and 33 projects at Dadra and Nagar Haveli at a cost of ₹1916 crores are being inaugurated and their bhoomi pujan being done.
Banking and Finance
RBI imposes monetary penalty on SBI, Canara Bank & City Union Bank
- Reserve Bank of India has imposed a penalty of ₹2 crores on State Bank of India for “contravention of provisions of sub-section (2) of Section 19 of the Banking Regulation Act, 1949 (the BR Act), and sub-section (2) of Section 26A of the BR Act read with the Depositor Education Awareness Fund Scheme, 2014.”
- The central bank also imposed a fine of ₹32.30 lakh on Canara Bank for non-compliance with certain directions on ‘Data Format for Furnishing of Credit Information to Credit Information Companies and other Regulatory Measures’, ‘Resolution Framework 2.0 – Resolution of Covid-19 related stress of Micro, Small and Medium Enterprises (MSMEs)’ and ‘Resolution Framework – 2.0: Resolution of Covid-19 Related Stress of Individuals and Small Businesses’.
- City Union Bank also faced a penalty of ₹66 lakhs for non-compliance with certain directions on ‘Prudential Norms on Income Recognition, Asset Classification and Provisioning Pertaining to Advances – Divergence in NPA Accounts’ and KYC guidelines.
- In addition, RBI also imposed a fine of ₹16 lakhs on Odisha-based NBFC Ocean Capital Market for non-compliance with certain regulatory provisions for NBFCs, and certain specific directions issued by RBI to the company on submission of returns on XBRL platform.
Amazon Pay gets final approval from RBI to operate as payment aggregator
- Amazon Pay, the fintech arm of e-commerce major Amazon India, has received a payment aggregator licence from the Reserve Bank of India (RBI).
- The fintech firm joins a list of companies that the central bank has granted authorisation to operate as payment aggregators (PA) recently.
Agreements and MoUs signed
Bihar signed MoU with SIDBI to collaborate on enhancing startup ecosystem
- The Bihar government have signed an MoU with Small Industries Development Bank of India (SIDBI) in a bid to boost the startup ecosystem in the eastern state.
- The initiative is aimed at creating a conducive environment for startups and transforming Bihar into a startup hub.
- The Bihar Startup Fund Trust (BSFT) and SIDBI entered into an MoU to administer the ₹50-crore Bihar Startup Scale-up Financing Fund’ (BSSFF).
- The BSFT is the nodal agency constituted by the Industries Department for implementation of the Bihar Startup Policy.
- Under the policy, the state government has set up the BSFT with an initial corpus of ₹500 crores.
- Out of this, BSSFF has been established with an initial corpus of ₹50 crores for scale-up funding support to startups.
- Small Industries Development Bank of India (SIDBI) – 02/04/1990 (Founded) – Lucknow,UP (HQ) – Sivasubramanian Ramann (Chairman & MD)
Ministry of Women and Child Development signed an MoU with Ministry of AYUSH to achieve improvement in nutritional status of adolescent girls
- The Ministry of Women and Child Development and the Ministry of AYUSH signed an MOU in New Delhi to achieve improvement in the nutritional status of adolescent girls in five Utkarsh Districts.
- The districts to be covered include; Dhubri (Assam), Bastar (Chhattisgarh), Paschimi Singhbhum (Jharkhand), Gadchiroli (Maharashtra) and Dholpur (Rajasthan).
- The event was chaired by Women and Child Development Minister Smriti Irani and AYUSH Minister Sarbananda Sonowal was part of a wider collaboration between the ministries to leverage traditional knowledge, promotion of wellness through joint yoga protocols, and promote diet diversity through the consumption of locally grown wholesome foods.
- This collaboration aims to leverage traditional knowledge and promote wellness through joint yoga protocols, as well as encourage diet diversity by promoting the consumption of locally grown wholesome foods.
- Ministry of Women and Child Development – Smriti Zubin Irani,Union Minister (Amethi,UP) – Dr. Mahendra Munjpara,Minister of State (Surendranagar,Gujarat)
- Ministry of Ayush – Sarbananda Sonowal,Union Minister (Rajya Sabha MP,Assam) – Dr. Mahendra Munjpara,Minister of State (Surendranagar,Gujarat)
Election Commission sign MoUs with Bank association and Post Office for voter outreach
- The Election Commission signed Memorandum of Understanding (MoU) with the Indian Banks’ Association (IBA) and the Department of Posts (DoP) to amplify its outreach to electors ahead of the upcoming Lok Sabha elections.
- As part of the agreement, the IBA and DoP with its members and affiliated institutions or units will extend support in promoting voter education through their extensive network on a pro-bono basis, employing various interventions to empower citizens with knowledge about their electoral rights, processes and steps for registration and voting.
- Affiliated institutions of these organisations will display voter education messages prominently on their websites, voter education content will be disseminated through various promotional channels such as social media and customer outreach platforms and voter education messages will be displayed in the form of posters, flex, and hoardings at office infrastructure or premises at major locations.
- Additionally, the Department of Posts will affix a special cancellation stamp (bearing voter education messages) on the postal articles.
- Election Commission of India – 25/01/1950 (Founded) – New Delhi (HQ) – Rajiv Kumar, IAS (Retd.) (Chief Election Commissioner of India)
Pee Safe signs MoU with Indian Navy, NWWA to offer wellness products to women
- Personal hygiene and wellness brand Pee Safe has partnered with the Indian Navy and Navy Welfare and Wellness Association (NWWA) to offer products for women hygiene to the serving women personnel.
- This collaboration is part of the Memorandum of Understanding that was signed by the Indian Navy and NWWA with Pee Safe as part of the former’s wellness initiative for ‘Women in White.’
- Indian Navy – 26/01/1950 (Founded) – New Delhi (HQ) – Navy Day (December 4) – Admiral R. Hari Kumar (Chief of Naval Staff) – ‘May the Lord of Water be auspicious unto us’ (Motto)
MCX signed MoU with JFX for knowledge sharing and regional development
- Multi Commodity Exchange of India (MCX) and Jakarta Futures Exchange (JFX) signed a memorandum of understanding (MoU) to enhance collaboration in key areas such as knowledge sharing, research, education, training, awareness creation, and other market development initiatives.
- The MoU was formalised at the MCX headquarters in Mumbai.
- P S Reddy, MD and CEO of MCX, and Stephanus Paulus Lumintang, President Director of JFX, signed the agreement in the presence of senior colleagues from both organisations.
- Indonesia – Jakarta (Capital) – Indonesian rupiah (Currency) – Joko Widodo (President) – Indonesian (Official Language)
NICDC signed MoU with IIT Delhi to Collaborate on Assessment of Location Optimality for the National Industrial Corridor Development Programme
- National Industrial Corridor Development Corporation Limited (NICDC) under Department for Promotion of Industry & Internal Trade (DPIIT), Ministry of Commerce & Industry and the Foundation for Innovation and Technology Transfer at the Indian Institute of Technology, Delhi (FITT-IITD) signed a Memorandum of Understanding (MOU) at Vanijya Bhawan, New Delhi with an objective to evaluate optimality of locations for development of Greenfield Industrial Smart Cities in India leveraging the principles and framework of PM GatiShakti.
- The collaboration marks an important move towards using advanced technology and research to strengthen India’s industrial infrastructure.
- This will also help both the organizations leverage each other’s strength in their respective domains.
- National Industrial Corridor Development Corporation Limited (NICDC) – January 07 2008 (Incorporated as Delhi Mumbai Industrial Corridor Development Corporation (DMICDC) Limited & renamed in February 2020 as NICDC) – New Delhi (HQ) – Rajat Kumar Saini (CEO & MD)
Science and Technology
IIT Guwahati researchers develop cost-effective motion sensor for healthcare applications
- Researchers from the Indian Institute Technology- Guwahati have successfully engineered a cost-effective, gel-based wearable device that is capable of recording motion signals.
- The Organohydrogel sensor, placed on the bodies of patients in comatose states or facing similar conditions, through a wireless device and a smartphone can monitor subtle movements over an extended period.
- This provides healthcare professionals with invaluable insights into patient conditions and appropriate interventions can be taken.
- This innovative material exhibits remarkable characteristics, including exceptional stretchability (1000% at strain, sustained for over 100 cycles), self-healing capabilities, anti-freezing, conductivity, as well as outstanding mechanical strength and adhesive properties even after it is kept at -20 °C for a long time.
Prime Minister inaugurates ISRO facilities in Kerala
- Prime Minister Narendra Modi dedicated three facilities of the Indian Space Research Organisation (ISRO) to the nation.
- These facilities are crucial for the Gaganyaan Mission, India’s first human space flight program.
- They will enhance India’s technical capabilities in the space sector and support its vision for space exploration.
- The projects, developed at a cost of about ₹1800 crore, include the PSLV Integration Facility (PIF) at the Satish Dhawan Space Centre, Sriharikota; a Semi-Cryogenics Integrated Engine And Stage Test facility at ISRO Propulsion Complex at Mahendragiri; and Trisonic Wind Tunnel at VSSC,
- Indian Space Research Organisation (ISRO) – 15/08/1969 (Founded) – Bangalore, India (HQ) – Sreedhara Somanath (Chairman)
Appointments
Tuvalu names Feleti Teo as its new prime minister
- Lawmakers in Tuvalu have named former Attorney General Feleti Teo as its new prime minister.
- He is the 14th Prime Minister of the country and replaces Kausea Natano.
- Tuvalu – Funafuti (Capital) – Riel (Currency) – Charles III (Monarch) – Feleti Teo (Prime Minister) – Tuvaluan & English (Official Language)
Jana Small Finance Bank gets RBI nod to re-appoint Ajay Kanwal as MD & CEO
- Jana Small Finance Bank has got approval from the Reserve Bank of India to re-appoint Ajay Kanwal as its managing director and chief executive officer for three years from March 21, 2024.
- His tenure will be till March 20, 2027.
- Janalakshmi Financial Services became Jana Small Finance Bank in March 2018.
Reports
IFFCO retains top position in World Cooperative Monitor (WCM) Report 2023
- The Indian Farmers Fertiliser Cooperative Limited (IFFCO) has been ranked again as Number 1 Cooperative among top 300 cooperatives in the world, sustaining its position from last year.
- The ranking is based on the ratio of turnover over Gross Domestic Product (GDP) per capita.
- It signifies that IFFCO is contributing significantly to the GDP and economic growth of the nation.
- It relates the turnover of the enterprise to the wealth of the country according to the 2023 edition of the 12th Annual World Cooperative Monitor (WCM) report published by International Cooperative Alliance (ICA).
- IFFCO has also stepped up to 72nd Position in overall Turnover ranking from 97th position in last financial year.
- IFFCO along with its 35,500-member cooperative societies, 25,000 PACS and 52,400 PMKSK centres progressing towards ‘Atmanirbhar Bharat’ and ‘Atmanirbhar Krishi’ is a testimony of prosperity through cooperatives.
- The World Cooperative Monitor (WCM) is a project designed to collect robust economic, organizational, and social data about cooperatives worldwide.
- It is the only report of its kind collecting annual quantitative data on the global cooperative movement.
- Indian Farmers Fertiliser Cooperative Limited (IFFCO) – 03/11/1967 (Founded) – New Delhi (HQ) – Dr U S Awasthi (MD & CEO)
Awards and Recognitions
Aditi Sen De received the 2023 GD Birla Award for Scientific Excellence
- Dr Aditi Sen De, a physicist with the Harish Chandra Research Institute, Prayagraj, has won the 2023 GD Birla Award for Scientific Excellence.
- The award, given annually by the KK Birla Foundation since 1991, recognises outstanding contributions by Indian scientists who are under the age of 50 and living and working in India in honour of the Indian philanthropist Ghanshyam Das Birla.
- She is the 33rd scientist, and the first woman, to receive the award.
- Asis Datta is the 1st recipient of the award in 1991 in the field of Molecular Biology.
Vellayan Subbiah bags EY Entrepreneur of the year award for 2023
- Vellayan Subbiah, Chairman of Cholamandalam Investment and Finance Co. Ltd. and Executive Vice Chairman of Tube Investments of India Ltd., was conferred the 2023 EY Entrepreneur of the Year Award at a function held in Mumbai.
- Tata Sons Chairman Chandrasekaran was conferred the Special Jury Award for his outstanding leadership of the Tata Group and contributions to nation-building.
- TVS Chairman Emeritus Venu Srinivasan was given ‘The 2023 Lifetime Achievement Award’ for his decades of entrepreneurial excellence in revolutionising the two-wheeler industry in India.
Sports News
Khelo India Winter Games 2024
- The Khelo India Winter Games 2024 was conducted in two phases.
- The first, from February 2 to 6, was held in Leh, Ladakh while the second was scheduled from February 21 to 25, in Gulmarg, Jammu and Kashmir.
- It was the fourth edition of the grassroots-level multi-sport competition under the aegis of the Indian government’s Khelo India programme.
- All three previous editions, in 2020, 2021 and 2023, were hosted and won by Jammu and Kashmir.
- The Union Territory of Ladakh made its debut as a host this year.
- In the Ladakh leg of the competition, two sports – ice hockey and speed skating – were held at the NDS Sports Stadium, Gupuks Pond and Ladakh Scout Regimental Centre (LSRC) rink.
- The remaining sports – ski mountaineering, alpine skiing, snowboarding, Nordic skiing and gandola – were held in Gulmarg, where 361 more athletes
Rank
State/UT/Team
Gold medals
Silver medals
Bronze medals
Total medals
1
Army
10
5
6
21
2
Karnataka
9
2
0
11
3
Maharashtra
7
8
7
22
4
Himachal Pradesh
4
4
9
17
5
Uttarakhand
3
3
1
7
6
Ladakh
2
6
7
15
Important Days
World NGO Day 2024
- World NGO Day is annually observed on February 27.
- The day celebrate the global contributions made by non-governmental organisations (NGOs) and honours the tireless efforts of NGOs and the people who support them in their mission to improve everyone’s quality of life.
- The day was formally proposed and recognised in 2010 and announced in
- World NGO Day was observed for the first time by the United Nations, the European Union and other global organisations in
- Theme – ‘Building a Sustainable Future: The Role of NGOs in Achieving the Sustainable Development Goals (SDGs).’
Defence
Adani Group unveils country’s first ammunition-missile manufacturing complex in Uttar Pradesh
- Adani Defence and Aerospace in a first in the private sector, two facilities for the manufacture of ammunition and missiles were opened in
- The twin-facility complex, spread over 500 acres, was inaugurated by Army Chief Gen. Manoj Pande and Uttar Pradesh Chief Minister Yogi Adityanath.
- 32 variants of ammunition in 12 categories were identified for manufacture by the Indian industry in phase one.
- The facility has started rolling out small calibre ammunition, starting with 150 million rounds estimated at 25% of India’s annual requirement.
- The Kanpur complex is set to become one of the largest integrated ammunition manufacturing complexes in South Asia.
- With a planned investment of over ₹3,000 crores, the complex will create over 4,000 jobs, with five times the multiplier effect on MSMEs, and the local ecosystem benefiting from it indirectly.
- Adani Defence and Aerospace – 2015 (Founded) – Ahmedabad (HQ) – Ashish Rajvanshi (President)
Daily Current Affairs - February 26 & 27, 2024 - Consolidated
- Prime Minister inaugurates 9th edition of the Raisina Dialogue
- President inaugurate day long ‘Purple Fest’ at Amrit Udyaan in Rashtrapati Bhawan
- Prime Minister laid foundation stone for Rail & Road Projects
- Prime Minister launches ‘world’s largest agri storage plan’
- Dubai’s 5-year multiple-entry tourist visa for Indians
- Mauritius Cabinet approves amending India-Mauritius DTAA for BEPS Minimum Standards compliance
- Sikkim government to create fixed deposits of ₹10,800 in name of newborns
- Amit Shah inaugurated and laid foundation stone of 53 different projects in Silvassa
- RBI imposes monetary penalty on SBI, Canara Bank & City Union Bank
- Amazon Pay gets final approval from RBI to operate as payment aggregator
- Bihar signed MoU with SIDBI to collaborate on enhancing startup ecosystem
- Ministry of Women and Child Development signed an MoU with Ministry of AYUSH to achieve improvement in nutritional status of adolescent girls
- Election Commission sign MoUs with Bank association and Post Office for voter outreach
- Pee Safe signs MoU with Indian Navy, NWWA to offer wellness products to women
- MCX signed MoU with JFX for knowledge sharing and regional development
- NICDC signed MoU with IIT Delhi to Collaborate on Assessment of Location Optimality for the National Industrial Corridor Development Programme
- IIT Guwahati researchers develop cost-effective motion sensor for healthcare applications
- Prime Minister inaugurates ISRO facilities in Kerala
- Tuvalu names Feleti Teo as its new prime minister
- Jana Small Finance Bank gets RBI nod to re-appoint Ajay Kanwal as MD & CEO
- IFFCO retains top position in World Cooperative Monitor (WCM) Report 2023
- Aditi Sen De received the 2023 GD Birla Award for Scientific Excellence
- Vellayan Subbiah bags EY Entrepreneur of the year award for 2023
- Khelo India Winter Games 2024
- World NGO Day 2024
- Adani Group unveils country’s first ammunition-missile manufacturing complex in Uttar Pradesh