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Daily Current Affairs – January 13 & 14, 2024

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Daily Current Affairs - Banking - January 13 & 14, 2024

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National News

India’s First National Highway Steel Slag Road section on NH- 66 Mumbai-Goa National Highway was inaugurated

  • V.K. Saraswat, Member (S&T), NITI AAYOG inaugurated India’s First National Highway Steel Slag Road section on NH- 66 Mumbai-Goa National Highway.
  • The Steel Slag Road Technology, developed by CSIR-Central Road Research Institute (CSIR-CRRI) is transforming the waste of steel industries into wealth and is helping the National Highways Authority of India (NHAI) to build stronger and ecofriendly national highways in the country.
  • JSW Steel, under the CSIR-CRRI technological guidance, has constructed the 1 km long four lane steel slag road section on Indapur-Panvel Section of NH-66 Mumbai-Goa.
  • For construction of this road around 80,000 tons of CONARC Steel slag were converted as processed steel slag aggregates at JSW Steel Dolvi, Raigad plant.
  • The processed steel slag aggregates are superior to natural aggregates in terms of various mechanical properties and utilized for steel slag road construction in all layers of the road in place of natural aggregates.

14th Ministerial-level meeting of the India-United States Trade Policy Forum (TPF) held in New Delhi

  • The 14th Ministerial-level meeting of the India- United States Trade Policy Forum (TPF) was held in New Delhi, India.
  • Minister of Commerce and Industry, India, Piyush Goyal and U.S. Trade Representative, Ambassador Katherine Tai co-chaired the TPF meeting.
  • The Ministers highlighted that the effective implementation of the TPF plays a pivotal part in fortifying resilient bilateral trade and in elevating the overall economic partnership between the nations.
  • 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)

Festival of harvest Uttarayan, Bhogali Bihu and Bhogi being celebrated in different parts of the country

  • Assam is celebrating the Magh Bihu, the vibrant harvest festival, also known as Bhogali Bihu and Maghor Domahi.
  • It is called Pongal in Tamil Nadu, Lohri in Punjab, and Makar Sankranti in Northern parts of India.
  • In Telangana, Makara Sankranti festivities commenced with people celebrating Bhogi with traditional fervour and gaiety.

State News

Prime Minister inaugurates, dedicates to nation and lays the foundation stone of multiple development projects in Navi Mumbai

  • The Prime Minister Narendra Modi inaugurated, dedicated to the nation and laid the foundation stone of multiple development projects worth more than ₹12,700 crore in Navi Mumbai, Maharashtra.
  • The development projects being inaugurated include sectors of road and rail connectivity, drinking water, gems and jewellery and women empowerment.
  • Later he inaugurated Atal Bihari Vajpayee Sewri-Nhava Sheva Atal Setu built at a cost of more than ₹17,840 crores in Navi Mumbai.
  • The steel used in the project is sufficient to construct 4 Hawara Bridges and 6 Statue of Liberty.
  • It is about a 8 km long 6-lane bridge having about 16.5 km length over the sea and about 5.5 km on the land.

Dr Mansukh Mandaviya inaugurates National Institute of Pharmaceutical Education and Research in Guwahati, Assam

  • Union Minister of Chemicals and Fertilizers & Health and Family Welfare, Dr Mansukh Mandaviya virtually inaugurated the permanent campus of National Institute of Pharmaceutical Education and Research (NIPER) in Guwahati, Assam.
  • He also laid the foundation stone of NIPER Hyderabad and NIPER Raebareli.
  • In a significant boost to healthcare infrastructure in the Northeast, Dr Mandaviya dedicated five new facilities in the Regional Institute of Paramedical and Nursing Science (RIPANS) in Aizawl, Mizoram.
  • He also laid the foundation stone for over 80 units of health infrastructure in 7 Northeastern states including Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, and Tripura under the Pradhan Mantri – Ayushman Bharat Health Infrastructure Mission (PM-ABHIM), Pradhan Mantri Swasthya Suraksha Yojana (PMSSY) and the National Health Mission (NHM).

Telangana International Kite Festival and Sweet Festival commence in Secunderabad

  • The sixth edition of the Telangana International Kite Festival and Sweet Festival commenced at the Parade Ground in
  • This three-day event features 37 international professional kite flyers from 16 different countries.
  • Kite flyers from Indonesia, Switzerland, Australia, Sri Lanka, Canada, Cambodia, Scotland, Thailand, Korea, the Philippines, Vietnam, Malaysia, Italy, Taiwan, South Africa, and the Netherlands are taking part in the festival.
  • Around 50 national flyers also will be participating this year.
  • The festival has around 800 stalls, offering a variety of attractions like food courts showcasing Telangana cuisine, handicrafts, and handloom stalls.

International Camel Festival Started in Bikaner, Rajasthan

  • The Department of Tourism organised the three-day International Camel Festival, which started with a Heritage Walk in the Bikaner district of Rajasthan.
  • The festivities commence at Rampuriya Haveli with beautifully decorated camels, women dressed in colourful traditional costumes and folk artists participating in the Heritage Walk.
  • The event mainly includes spectacular camel performances like camel dances, camel races, neck-shaking camel rides, etc.

Schemes

Rajnath Singh approves proposal to launch Group (Term) Insurance Scheme for Casual Paid Labourers engaged by BRO

  • Rajnath Singh has approved a proposal to launch a Group (Term) Insurance Scheme for Casual Paid Labourers (CPLs) engaged by Border Roads Organisation/General Reserve Engineer Force for the ongoing project works.
  • This scheme will provide the insured value of ₹10 lakh as an insurance in any kind of death to CPLs family/Next of Kin.
  • Keeping in view the severe risk posed to the lives of CPLs posted in hazardous work-sites, inclement weather, inhospitable terrain and occupational health hazards, and considering the deaths occurred/reported during their engagement, the provision of insurance coverage on humanitarian grounds will prove to be a great morale booster to the CPLs.
  • This scheme will serve as a social security and welfare measure to the CPLs working in remote and far-flung areas of the nation.
  • It will go a long way in securing the livelihoods of their families.
  • It may be recalled that the Raksha Mantri had recently approved many welfare measures for the betterment of the CPLs.
  • These include:
  • Preservation & transportation of mortal remains and Transport Allowance entitlement of the attendant.
  • Enhancement of Funeral Assistance from ₹1,000 to ₹10,000.
  • Advance payment against ex-gratia compensation of ₹50,000 as immediate help in case of death etc.

Yuva Nidhi Scheme launched for unemployed youth in Karnataka

  • Chief Minister Siddaramaiah and Deputy CM K. Shivakumar launched the Yuva Nidhi scheme of Karnataka, in Shivamogga.
  • The scheme offers financial aid to graduates and diploma holders who are yet to get a job, but only for a maximum of two years.
  • Training will be provided to the graduates and diploma holders who register themselves on the skill connect portal of the State Government.
  • The government has promised ₹3,000 per month to degree holders and ₹1,500 per month to diploma holders who were unable to get a job in the past six months and are not pursuing higher studies.
  • The aid will be paid for two years.

Banking and Finance

State Bank of India launches Green Rupee Term Deposit

  • State Bank of India (SBI) has launched the SBI Green Rupee Term Deposit (SGRTD) of 1,111 days, 1,777 days, and 2,222 days tenor for resident individuals, non-individuals, and NRI customers.
  • The deposit has been introduced with the aim of mobilising funds to support environment-friendly initiatives and projects, thereby fostering the growth of a green finance ecosystem in India.
  • Currently, the scheme is available through the branch network, and it will soon be made available through other digital channels such as YONO and Internet Banking Services (INB).
  • State Bank of India (SBI) – 01/07/1955 (Founded) – Mumbai (HQ) – Dinesh Kumar Khara (Chairman) – “Pure Banking, Nothing Else” (Tagline)

Reserve Bank of India had imposed a monetary penalty

  • The Reserve Bank of India has imposed a penalty of ₹1 crore on Punjab and Sind Bank for violating norms on ‘Loans and Advances – Statutory and Other Restrictions’.
  • The bank sanctioned a term loan to a corporation in lieu of, or to substitute, budgetary resources envisaged for certain projects, without undertaking due diligence on the viability and bankability of the projects to ensure serviceability of debt obligations.
  • RBI had also imposed a monetary penalty of ₹5 crore imposed on Bank of Baroda (BOB) was imposed on it due to a shortfall in soiled note remittances.
  • Reserve Bank of India (RBI) – 01/04/1935 (Founded) – Mumbai (HQ) – Shaktikanta Das (Governor)

New Development Bank Will Offer A $500 Million Loan To Gujarat

  • The Mukhyamantri Gram Sadak Yojana in Gujarat will receive a $500 million loan from the New Development Bank (NDB).
  • The NDB is set to assist the state road construction department with various materials such as geosynthetics, geotextiles, geogrids, and lime stabilization, covering different stretches totalling approximately 1,200 km.
  • Additionally, under this initiative, all-weather roads will be constructed with a focus on environmental protection.
  • New Development Bank (NDB) (BRICS Development Bank) – 15/07/2014 (Founded) -Shanghai, China (HQ) – Dilma Rousseff (President)

Business and Economy

Fiscal deficit at 5.2-5.4% in interim Budget 2024-25: Goldman Sachs

  • According to Goldman Sachs India’s fiscal outlook report, The Centre, in its interim Budget, is likely to announce a fiscal deficit target in the range of 2-5.4 per cent of gross domestic product (GDP) for FY25 with its medium-term fiscal consolidation target of 4.5 per cent of GDP by FY26.
  • The report said that the government would meet the FY24 fiscal deficit target of 9 per cent of GDP, with expectations of receipts upside of 0.2 per cent of GDP.

Agreements and MoUs signed

India Post Payments Bank enter into MoU with Hindustan Zinc to offer financial inclusion services to its CSR beneficiaries

  • India Post Payments Bank (IPPB) & Hindustan Zinc Limited (HZL – a subsidiary of Vedanta Group) join forces to pioneer inclusive financial solutions.
  • The collaboration will ensure in creating a lasting impact on the lives of community beneficiaries around Hindustan Zinc’s operational areas.
  • The MoU between IPPB & HZL was signed by Gursharan Rai Bansal – Chief Sales & Marketing Officer, IPPB and Arun Misra – CEO, Hindustan Zinc.
  • India Post Payments Bank – 01/09/2018 (Founded) – New Delhi (HQ) – J. Venkatramu (MD & CEO) – “Aapka Bank, Aapke Dwaar” (Tagline)

Summit & Conference

Climate Conference 2024 “Decoding the Green Transition for India” organized by Ministry of Environment, Forest & Climate Change

  • The Climate Conference 2024, themed “Decoding the Green Transition for India,” took place in Mumbai, Maharashtra.
  • Organized by the Ministry of Environment, Forest and Climate Change, the event focused on the pivotal role of the private sector, climate tech Startups and institutional investors in mobilizing financial resources and technical capabilities.
  • The goal was to leverage government efforts, engage civil society and communities, and develop innovative climate services and adaptation technologies.
  • The Conference was organised under the Green Climate Fund Readiness Programme with Delivery Partner UNDP India and supported by Knowledge Partner Avaana Capital.
  • The Conference underscored India’s roadmap to achieving net-zero by 2070, focusing on green transition investments to transform energy systems, reduce CO2 emissions, conserve natural resources, increase biodiversity, and enhance climate resilience in a socially just and inclusive manner.
  • It delved into the current landscape of climate finance in India, exploring the roles of government, venture capitalists, corporates, and industry leaders.
  • Discussions also centered on strategies to boost financing in the climate-tech ecosystem, emphasizing emerging solutions with disruptive potential.

2nd International AYUSH Conference Inaugurated in Dubai

  • The second International AYUSH Conference and Exhibition opened its doors at the Dubai World Trade Centre, orchestrated by the Science India Forum and the Ministry of AYUSH.
  • The three-day event is dedicated to showcasing AYUSH (Ayurveda, Yoga, Unani, Siddha, Homeopathy) as a reliable healthcare system for preventing and managing Non-Communicable Chronic Diseases (NCDs).
  • The focal theme of the conference, “Non-Communicable Chronic Diseases – Prevention & Management through AYUSH,” aims to highlight AYUSH as a prevention-oriented and cost-effective approach to creating a disease-free society.
  • With over 1500 experts expected from India, the Middle East, Far East, Africa, Europe, Australia, and America, the conference is set to become a global platform for discussions and collaborations in the field of traditional medicine.

Nature

Maharashtra Government Declares Conservation Reserve in Sangli

  • The Maharashtra government has declared a new wildlife habitat for the ‘canid’ wild dogs family in Sangli, as ‘Atpadi Conservation Reserve’, which is among the smallest at 48 sq. kms.
  • The new reserve in the lush green western Maharashtra will help preserve the habitat of wolves, jackals, foxes and hyenas in the area, besides other mammals like deer, civets, rabbits and more that abound in the region.
  • The Atpadi Conservation Reserve helps connect the Maini Conservation Area in the west with the Madhok Bird Sanctuary to its north-eastern boundary, which will make it a safe corridor for the wildlife thriving there.
  • The small new sanctuary hosts rich flora and fauna, comprising three types of forest cover: semi-evergreen, moist deciduous and dry deciduous, has 35 species of trees, 15 species of shrubs, 14 vines,116 species of herbs and one parasitic plant.
  • Wildlife Warden Rohan Bhate said that the new reserve comprises an important grassland ecosystem inhabited by all four canids (hyena, wolf, jackal and foxes) in the country.

Appointments

RBI deputy governor Michael Patra gets another 1-year extension

  • The Centre has extended the tenure of Reserve Bank of India (RBI) deputy governor Michael Patra by another year.
  • The extension takes effect from January 15 2024.
  • Patra is in charge of the all-important monetary policy department and a member of the rate-setting panel.
  • Patra was first appointed as the RBI deputy governor in January 2020 for three years. Last year, the government extended his term by one year.
  • Patra, a career central banker since 1985, has worked in various positions in the RBI.
  • Before becoming deputy governor, Patra was executive director of the RBI.
  • As an Executive Director also, he was a member of the Monetary Policy Committee (MPC) of the central bank.
  • He will continue to be an ex-officio member of the MPC as the deputy governor.
  • He is the only member of the MPC who has been on the rate-setting panel since its inception in

Former CISF chief Sheel Vardhan Singh appointed UPSC member

  • Former CISF chief Sheel Vardhan Singh was appointed as a member of the Union Public Service Commission (UPSC).
  • He had served as the director general of the Central Industrial Security Force (CISF) from November 2021 to December 2023.
  • It is headed by a chairperson and can have a maximum of 10 members.
  • A UPSC member is appointed for a term of six years or until attaining 65 years of age.

Government appoints Rajay Kumar Sinha as IRDAI member for three years

  • The government has appointed Rajay Kumar Sinha as the Whole-Time Member (Finance and Investment) of the Insurance Regulatory and Development Authority of India (IRDAI) for a period of three years.
  • Sinha is currently serving as the Managing Director and Chief Executive Officer of SBI Capital Markets, the investment banking arm of the State Bank of India.
  • He also holds the position of Deputy Managing Director at SBI, Corporate Centre, Mumbai.
  • Insurance Regulatory and Development Authority of India (IRDAI) – 1999 (Founded) – Hyderabad (HQ) – Debasish Panda (Chairman) – Ministry of Finance (Under)

Obituary

Renowned classical singer Prabha Atre passes away

  • Legendary classical singer and Padma Vibhushan recipient Prabha Atre, considered the doyenne of the Kirana gharana, passed away at 92.
  • She was born in September 1932 in Pune, she received her training in classical music from the renowned Sureshbabu Mane, a prominent exponent of the Kirana gharana.
  • She won the Padma Shri in 1990, the Padma Bhushan in 2002 and the Padma Vibhushan in 2022.

Sports News

First ever Beach Games held in Diu

  • In the first ever Beach Games held in Diu, Madhya Pradesh emerged as the overall champion with impressive performance winning 18 medals including 7 gold.
  • Maharashtra won 14 medals including 3 gold, while Tamil Nadu, Uttarakhand, and hosts Dadra, Nagar Haveli, Diu & Daman secured 12 medals each.
  • The first multi-sports beach games in India were organized at the pristine blue flag-certified Ghoghla Beach in Diu.
  • Assam won 8 medals, out of which 5 were Gold.
  • Lakshadweep secured the gold medal in Beach Soccer, marking a historic achievement for the pristine island territory.
  • Over 1400 athletes, all under the age of 21, from 28 states and Union Territories participated in games like Tug of War, Sea Swimming, Pencak Silat, Mallakhamb, Beach Volleyball, Beach Kabaddi, and Beach Soccer.
  • The sport of Beach Boxing made its debut marking a historic moment in the nation’s athletic journey.
  • 12 of the beaches in India have Blue Flag certification given to cleanest beaches.

Defence

Indian and Japanese Coast Guards conducted a successful joint exercise, 'Sahyog Kaijin,'

  • The Coast Guards of India and Japan held a joint exercise of responding in real-time, rescuing the crew of a distressed vessel off the coast of Chennai.
  • The joint exercise code-named ‘Sahyog Kaijin’ on the Bay of Bengal saw the ICGS Shaurya and JCGS Yashima, equipped with advanced equipment, rush swiftly to rescue the crew of MT Matsyadristi and MV Anveshika involved in a simulated collision that resulted in a fire onboard the MT Matsyadristi as well as a crude oil slick.
  • Japan – Tokyo (Capital) – Japanese yen (Currency) – Naruhito (Emperor) – Fumio Kishida (Prime Minister) – Japanese (Language)

Indian Navy Ships Cheetah, Guldar and Kumbhir were decommissioned

  • Indian Navy Ships Cheetah, Guldar and Kumbhir were decommissioned after rendering four decades of glorious service to the nation.
  • The decommissioning event was conducted at Port Blair in a traditional ceremony wherein the National Flag, the Naval Ensign and Decommissioning Pennants of the three ships were lowered for the last time, at sunset.
  • Cheetah, Guldar and Kumbhir were built at Gdynia Shipyard, Poland as Polnocny class Landing Ships and were commissioned into the Indian Navy in 1984, 1985 and 1986 respectively, in presence of S K Arora (Cheetah and Guldar) and A K Das (Kumbhir) then Ambassadors of India to Poland.
  • The Commanding Officers of the three ships were Cdr V B Mishra, Lt Cdr SK Singh and Lt Cdr J Banerjee
  • During her initial years, Cheetah was based at Kochi and Chennai for brief periods, and Kumbhir and Guldar were based at
  • The ships were subsequently re-based at Andaman and Nicobar Command, where they served till their decommissioning.
  • These ships were in active Naval service for nearly 40 years, and collectively traversed about 17 lakh nautical miles whilst being at sea for over 12,300 days.
  • 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)

DRDO conducts successful flight-test of New Generation AKASH missile off Odisha coast

  • Defence Research and Development Organisation (DRDO) conducted a successful flight-test of the New Generation AKASH (AKASH-NG) missile from the Integrated Test Range (ITR), Chandipur off the coast of Odisha.
  • The flight-test was conducted against a high-speed unmanned aerial target at very low altitude.
  • The system performance was also validated through the data captured by a number of Radars, Telemetry and Electro Optical Tracking System deployed by ITR, Chandipur.
  • The flight-test was witnessed by senior officials from DRDO, Indian Air Force (IAF), Bharat Dynamics Limited (BDL) and Bharat Electronics Limited (BEL).
  • The AKASH-NG system is a state-of-the-art missile system capable of intercepting high speed, agile aerial threats.
  • The successful flight test has paved the way for User trials.
  • Defence Research and Development Organisation (DRDO) – 1958 (Founded) – New Delhi (HQ) – Dr Sameer V Kamath (Chairman)

Daily Current Affairs - January 13 & 14, 2024 - Consolidated

  • India’s First National Highway Steel Slag Road section on NH- 66 Mumbai-Goa National Highway was inaugurated
  • 14th Ministerial-level meeting of the India-United States Trade Policy Forum (TPF) held in New Delhi
  • Festival of harvest Uttarayan, Bhogali Bihu and Bhogi being celebrated in different parts of the country
  • Prime Minister inaugurates, dedicates to nation and lays the foundation stone of multiple development projects in Navi Mumbai
  • Dr Mansukh Mandaviya inaugurates National Institute of Pharmaceutical Education and Research in Guwahati, Assam
  • Telangana International Kite Festival and Sweet Festival commence in Secunderabad
  • International Camel Festival Started in Bikaner, Rajasthan
  • Rajnath Singh approves proposal to launch Group (Term) Insurance Scheme for Casual Paid Labourers engaged by BRO
  • Yuva Nidhi Scheme launched for unemployed youth in Karnataka
  • State Bank of India launches Green Rupee Term Deposit
  • Reserve Bank of India had imposed a monetary penalty
  • New Development Bank Will Offer A $500 Million Loan To Gujarat
  • Fiscal deficit at 5.2-5.4% in interim Budget 2024-25: Goldman Sachs
  • India Post Payments Bank enter into MoU with Hindustan Zinc to offer financial inclusion services to its CSR beneficiaries
  • Climate Conference 2024 “Decoding the Green Transition for India” organized by Ministry of Environment, Forest & Climate Change
  • 2nd International AYUSH Conference Inaugurated in Dubai
  • Maharashtra Government Declares Conservation Reserve in Sangli
  • RBI deputy governor Michael Patra gets another 1-year extension
  • Former CISF chief Sheel Vardhan Singh appointed UPSC member
  • Government appoints Rajay Kumar Sinha as IRDAI member for three years
  • Renowned classical singer Prabha Atre passes away
  • First ever Beach Games held in Diu
  • Indian Navy Ships Cheetah, Guldar and Kumbhir were decommissioned
  • DRDO conducts successful flight-test of New Generation AKASH missile off Odisha coast

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