Daily Current Affairs – July 01, 2023
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Daily Current Affairs - Banking - July 01, 2023
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National News
PM Modi launched National Sickle Cell Anaemia Elimination Mission from MP
- Prime Minister Narendra Modi launched the National Sickle Cell Anaemia Elimination Mission in Shahdol district of Madhya Pradesh.
- During the event, the PM will also distribute sickle cell genetic status cards to beneficiaries.
- The mission aims to address the pressing health challenges posed by sickle cell disease, particularly among the tribal population.
- He also distributed about 3.57 crore Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) cards in Madhya Pradesh.
- Madhya Pradesh – Bhopal (Capital) – Shivraj Singh Chouhan (CM) – Mangubhai C. Patel (Governor) – Hindi (Language)
17th Indian Cooperative Congress
- Prime Minister Shri Narendra Modi inaugurated 17th Indian Cooperative Congress on the theme ‘AmritKaal: Prosperity through Cooperation for a Vibrant India’ at Pragati Maidan in New Delhi.
- Prime Minister Shri Narendra Modi also launched the e-commerce website for Cooperative Marketing and the Cooperative Extension and Advisory Service portal.
- Union Home Minister and Minister of Cooperation Shri Amit Shah presided over the program and many dignitaries including Minister of State for Cooperation Shri BL Verma were present on the occasion.
- Cooperative sector has a share of about 29% in agriculture credit distribution, 35% in fertilizer distribution, 25% in fertilizer production, 35% in sugar production, about 30% in spindle sector, almost 15% in milk production, procurement and sale, 13% in wheat procurement, and 20% in paddy procurement.
- A lot of work has been done in the cooperative sector especially by the credit cooperative societies, housing cooperative societies, fisheries societies and cooperative banks to improve the livelihood of the poor section of the society.
State News
Assam CM Sarma inaugurated developmental projects in Tezpur
- Giving new momentum to the development of Tezpur, Assam Chief Minister Dr. Himanta Biswa Sarma opened a series of infrastructure projects in Tezpur.
- Infrastructure projects include the inauguration of a garden at Litchu Pukhuri, development of Chowk Bazar, the integrated sports complex at Hazarapar including waterfront development and bird observatory tower, beautification of Borpukhuri, Tezpur.
- Moreover, the Chief Minister also inaugurated the construction of a town hall at Parwa.
- He also felicitated the Bihua and Bihuwatis who participated in the mega Bihu event which created the Guinness Book of Records.
- He presented the Bihu artistes with a certificate and a cheque of Rs. 25,000 for each of the participants.
- Assam– Dispur (Capital) – Himanta Biswa Sarma (CM) – Gulab Chand Kataria (Governor) – Assamese & Boro (Language)
National Maritime Heritage Complex in Gujarat's Lothal to be developed as an international tourist destination
- Under the Sagarmala programme, the Ministry of Ports, Shipping and Waterways is developing a National Maritime Heritage Complex (NMHC), a world-class facility at Lothal, Gujarat.
- NMHC would be developed as an international tourist destination, where the maritime heritage of India from ancient to modern times would be showcased and an edutainment approach using the latest technology would be adopted to spread awareness about India’s maritime heritage.
- Gujarat – Gandhinagar (Capital) – Bhupendrabhai Patel (CM) – Acharya Devvrat (Governor) – Gujarati & Hindi (Language)
Banking and Finance
UPI transactions down marginally by 1% in June to Rs 14.7 trillion
- Transactions under the Unified Payment Interface (UPI) have seen a marginal dip of 1 per cent to Rs 14.75 trillion in June compared to Rs 14.89 trillion in May this year.
- In terms of volume too, there was a dip in transactions from 9.41 billion in May to 9.33 billion in June.
- Based on the data from the National Payments Corporation of India, compared to the same month last financial year, transaction volume increased by 59 per cent and value by 45 per cent.
- In June 2022, NPCI processed 5.86 billion transactions worth Rs 10.14 trillion.
- In April 2023, the numbers stood at 8.89 billion with a value of Rs 14.07 trillion.
- Immediate Payment Service (IMPS) transactions were seen at 468.1 million in volume, with a value of Rs 5 trillion in June.
- In May, it was Rs 5.26 trillion in terms of value and 500 million in volume.
- In April 2023, it was Rs 5.21 trillion and 496 million respectively.
- The June 2023, the figures saw a 3 per cent growth in volume and 13 per cent in value on IMPS, compared to June 2022.
- In the case of FASTag transactions, the month saw a 6 per cent dip in volume from 335 million in May to 316 million in June.
- In terms of value, this decrease was by 4 per cent from Rs 5,437 crore in May to Rs 5,196 crore in June.
- This segment saw a 14 per cent volume growth and a 21 per cent value growth compared to that in April 2022.
- In March 2023, these numbers were 305 million transactions with a value of Rs 5,149 crore.
- During the month under review, Aadhaar Enabled Payment System (AePS) saw a 4 per cent dip from 99.6 million in May to 96 million in June.
- In value, this was seen at Rs 26,526 crore, down 5 per cent compared to Rs 28,037 crore in May 2023.
- It was Rs 29,649 crore in April with 102 million transactions.
- On a year-on-year basis too, the AePS numbers were down by 21 per cent in volume and 18 per cent in value.
- National Payments Corporation of India – 2008 (Founded) – Mumbai (HQ) – Dilip Asbe (MD & CEO)
Govt raises interest rates on select small saving schemes by up to 0.3%
- The government raised interest rates on select saving schemes by up to 0.3 per cent for the July-September quarter in line with the high-interest rates in the banking system.
- The highest increase of 0.3 per cent was for the five-year recurring deposit (RD).
- During the second quarter of the current fiscal, RD holders would get 6.5 per cent against the existing 6.2 per cent.
- With the revision, a one-year term deposit with post offices will now earn 0.1 percentage higher point at 6.9 per cent and for the two years tenor 7 per cent (up from 6.9 per cent).
- However, interest rates on term deposits for three years and five years have been retained at 7 per cent and 7.5 per cent.
- The interest rates for popular PPF and savings deposits are retained at 7.1 per cent and 4 per cent, respectively.
- The interest rate on the National Savings Certificate (NSC) remained unchanged at 7.7 per cent for July 1 to September 30, 2023, period.
- The new rate for the girl child savings scheme Sukanya Samriddhi too stood at the existing level of 8 per cent.
- The interest rate on the senior citizen savings scheme and Kisan Vikas Patra (KVP) is 8.2 per cent and 7.5 per cent, respectively.
- Interest rates were increased in the last (January-March) quarter as well as the April-June quarter.
- Interest rates for small savings schemes are notified on a quarterly basis.
- There is no increase in interest rate for Monthly Income Scheme, and this will earn 7.4 per cent for the investors.
- Ministry of Finance – Nirmala Sitharaman,Cabinet Minister (Rajya Sabha MP,Karnataka) – Bhagwat Karad, Minister of State (Rajya Sabha MP,Maharashtra) & Pankaj Choudhary, Minister of State (Maharajganj,UP)
Private Sector Banks authorised to implement and operationalise Mahila Samman Savings Certificate, 2023
- The Department of Economic Affairs, Ministry of Finance, through an e-gazette notification permitted all Public Sector Banks and eligible Private Sector Banks to implement and operationalise the Mahila Samman Savings Certificate, 2023.
- This aims at enabling enhanced access of the scheme for girls/women.
- With this, Mahila Samman Savings Certificate scheme will now be available for subscription in Post Offices, and eligible Scheduled Banks.
- The scheme has been in operation since April 1, 2023 through the Department of Post.
Business and Economy
GST mop-up rises 12 pc to over Rs 1.61 lakh crores in June
- GST collections rose 12 per cent to over Rs 1.61 lakh crore in June.
- The gross GST collection has crossed Rs 1.60 lakh crore mark for the fourth time since the roll-out of the indirect tax regime six years ago on July 1, 2017.
- The average monthly gross GST collection for the first (April-June) quarter of the 2021-22, 2022-23 and 2023-24 are Rs 1.10 lakh crore, Rs 1.51 lakh crore and Rs 1.69 lakh crore, respectively.
Appointments
Debadatta Chand assumes charge as chief of Bank of Baroda
- Debadatta Chand assumed charge as Managing Director and Chief Executive Officer of Bank of Baroda (BoB) with effect from July 1, 2023.
- His appointment follows superannuation of Sanjiv Chadha from the service of the Bank on 30th June 2023 on completion of his tenor as Managing Director and CEO.
- Chadha was at the helm of the public sector bank since January 2020.
- Prior to his elevation as MD & CEO, Chand was Executive Director at BoB.
- As per the approval given by the Appointment Committee of the Cabinet, Chand’s appointment as chief of BoB is for three years with effect from the date of assumption of office on or after July 1, 2023, or until further orders, whichever is earlier.
- Bank of Baroda (BOB or BoB) – 20/07/1908 (Founded) – Vadodara, Gujarat (HQ) – Debadatta Chand (MD & CEO) – “India’s International Bank” (Tagline)
Centre re-appoints Tushar Mehta as Solicitor General of India
- The Appointments Committee of the Cabinet has approved re-appointment of the Tushar Mehta as Solicitor General of India.
- Solicitor General is the second most senior law officer after Attorney General.
- The Appointments Committee of the Cabinet also approved the re-appointment of other six law officers Vikramjit Banerjee, KM Nataraj, Balbir Singh, SV Raju, N Venkataraman and Aishwarya Bhati as Additional Solicitor General for the Supreme Court for a period of three years.
- Mehta was appointed as Solicitor General for the first time in October 2018 and his period was later extended from time to time.
- The Appointments Committee of the Cabinet has also approved the reappointment of the law officers Chetan Sharma and Satya Pal Jain as Additional SGI of the High Court of Delhi, advocate Devang Girish Vyas as Additional SGI for Punjab and Haryana High Court and Krishna Nandan Singh as Additional SGI of High Court of Gujarat.
SBI appoints Kameshwar Rao Kodavanti as CFO
- State Bank of India (SBI) has appointed Kameshwar Rao Kodavanti as Chief Financial Officer (CFO) with effect from July 1, 2023.
- Rao, who is a a Chartered Accountant (CA), has been working with the Bank since August 1991.
- State Bank of India (SBI) – 01/07/1955 (Founded) – Mumbai (HQ) – Dinesh Kumar Khara (Chairman) – “Pure Banking, Nothing Else” (Tagline)
Ranks and Indices
HDFC Bank to become India's 2nd biggest company
- HDFC Bank will be the fourth most valuable bank in the world in terms of market capitalisation after the merger with mortgage lender HDFC and also emerge as the second biggest company in India.
- According to Bloomberg data, the merged entity will have a market capitalisation of $172 billion, the most after JPMorgan Chase, Industrial and Commercial Bank of China (ICBC) and Bank of America.
- Currently, JPMorgan Chase has a market capitalisation of $417 billion, while ICBC and Bank of America are valued at $228 billion and $227 billion, respectively.
- ICICI Bank, India’s second most valuable bank, had a market capitalisation of $80 billion, while state-owned State Bank of India (SBI) was valued at $62 billion.
- The merged entity will be India’s second most valued company after Reliance Industries, which had a $210 billion market cap.
- HDFC Bank – August 1994 (Founded) – Mumbai (HQ) – Sashidhar Jagdishan (CEO) – “We Understand Your World” (Tagline)
QS world university ranking 2024
- Our biggest edition to date featuring 1,500 institutions QS World University Rankings 2024 introduces three new indicators to reflect the changing priorities of students and the evolving missions of world-class higher education institutions today: a commitment to sustainability; even greater emphasis on supporting graduate employability and increased international research collaboration to solve the world’s biggest challenges.
- This year features 85 new entrants – more than half are from Asia, with Bangladesh (11 new institutions), Indonesia (10), India and Malaysia (five each) and Kazakhstan (four) having the highest representation.
- Notably, National University of Singapore (NUS), is the only institution from Asia to sit in the top 10.
- As many as 45 Indian universities have featured in the 20th edition of the QS rankings and the all-India rank of Chandigarh University is 20 – among all public and private institutes.
- The university also stood at 233rd spot in Asia.
- While Chandigarh University (CU) climbed up the ladder as India’s number one ranked private University, the Indian Institute of Technology (IIT) Bombay has emerged as the number one ranked Indian public institute, in this year’s coveted QS World University Rankings 2024.
- 1) Massachusetts Institute of Technology (MIT)
- 2) University of Cambridge
- 3) University of Oxford
- 4) Harvard University
- 5) Stanford University
Sports News
Neeraj Chopra wins second straight Diamond League title in Lausanne
- Olympic champion Neeraj Chopra clinched the prestigious Diamond League title for the second consecutive time by throwing his spear to 87.66m but the coveted 90m mark eluded the star Indian javelin thrower yet again.
- Germany’s Julian Weber was second with a best throw of 87.03m, while Jakub Vadlejch of the Czech Republic was third with an 86.13m effort.
- Chopra had won the Lausanne leg in August last year also for his maiden Diamond League title.
- He then went on to win the Diamond League trophy in the grand finale a month later.
BCCI announces Dream11 as new lead sponsor for Indian team
- The Board of Control for Cricket in India (BCCI) announced signing a deal with Dream11 as the lead sponsor for Team India.
- Dream11 replaces Byju’s whose contract ended in March this year, and has signed the deal with BCCI for a period of 3 years.
- Dream11 will be seen on Indian Team jerseys starting from the Test series against the West Indies, the team’s first assignment in the ICC World Test Championship 2023-25 cycle.
- A total of eight matches will be played in the series over a month.
- India will kick off the series with a two-match Test series, the first of which will be played from July 12 to 16 at the Windsor Park Sports Stadium, Dominica.
- Board of Control for Cricket in India (BCCI) – December 1928 (Founded) – Wankhede Stadium,Mumbai (HQ) – Roger Binny (President) – Hemang Amin (CEO)
Important Days
National Doctor's Day 2023
- National Doctor’s Day is celebrated on July 1st every year in India to recognise the contributions of doctors and medical professionals towards society.
- It also aims to create awareness about the importance of doctors, their selfless service, and the valuable role they play in improving the health and well-being of individuals and communities.
- This day also commemorates the birth anniversary of Dr. Bidhan Chandra Roy, a prominent figure in the medical field, and serves as a platform for discussions and activities that aim to enhance healthcare services and promote a healthier nation.
- It was in his honour and as a tribute to his invaluable contributions that the Government of India designated July 1st as National Doctor’s Day in 1991.
- Theme – Celebrating Resilience and Healing Hands
National Chartered Accountant Day 2023
- National CA Day, also referred to Chartered Accountant Day, is celebrated on July 1 every year.
- The day is dedicated to commemorating the establishment of the Institute of Chartered Accountants of India (ICAI) in 1949 by an Act of Parliament in India.
- This year, ICAI celebrates its 75th year of existence.
- ICAI is India’s oldest and most professional financial and accounting organisation, responsible for regulating accounting standards in India.
- The organisation functions under the administrative control of the corporate affairs ministry.
- It is the only licensing and regulatory body for accounting and auditing professionals in the country.
Defence
Maritime Partnership Exercise (MPX) with French Navy
- Indian Naval ships INS Rana, a guided missile destroyer, and INS Sumedha, an indigenously built offshore patrol vessel undertook a Maritime Partnership Exercise (MPX) with French Navy ship FS Surcouf, in the Bay of Bengal.
- The French Navy’s La Fayette class frigate Surcouf visited Visakhapatnam and participated in a variety of activities with Indian Navy ships which included professional and social interactions, sports fixtures and cross deck visits.
- France – Paris (Capital) – Euro (Currency) – Emmanuel Macron (President) – Élisabeth Borne (Prime Minister) – French (Language)
MoD signs contract for Medium Refit with Life Certification of Submarine INS Shankush
- Ministry of Defence has signed a contract for Medium Refit with Life Certification (MRLC) of Sub-Surface Killer (SSK) Class of Submarine “INS Shankush” with M/S Mazagon Dock Shipbuilders Limited (MDL), Mumbai at an overall cost of Rs. 2725 Crores.
- Shankush is a SSK Class of Submarine to be re-fitted at MDL, Mumbai.
- Delivery of Submarine post MRLC will be in 2026.
- After completion of MRLC, INS Shankush will be combat ready and will join the active fleet of the Indian Navy with upgraded combat capability.
- This project is an important step towards development of MDL as Maintenance, Repair & Overhaul (MRO) Hub for supporting the industrial ecosystem of India.
- The project would involve more than 30 MSMEs and would lead to employment generation of 1200 Mandays per day for the project duration.
- The project will be a proud flag bearer of Atmanirbhar Bharat in consonance with the Make-in-India initiative of Government of India.
- Ministry of Defence – Rajnath Singh,Union Minister (Lucknow,UP) – Ajay Bhatt,Minister of State (Nainital–Udhamsingh Nagar,Uttarakhand)
Daily Current Affairs - July 01, 2023 - Consolidated
- PM Modi launched National Sickle Cell Anaemia Elimination Mission from MP
- 17th Indian Cooperative Congress
- Assam CM Sarma inaugurated developmental projects in Tezpur
- National Maritime Heritage Complex in Gujarat’s Lothal to be developed as an international tourist destination
- UPI transactions down marginally by 1% in June to Rs 14.7 trillion
- Govt raises interest rates on select small saving schemes by up to 0.3%
- Private Sector Banks authorised to implement and operationalise Mahila Samman Savings Certificate, 2023
- GST mop-up rises 12 pc to over Rs 1.61 lakh crores in June
- Debadatta Chand assumes charge as chief of Bank of Baroda
- Centre re-appoints Tushar Mehta as Solicitor General of India
- SBI appoints Kameshwar Rao Kodavanti as CFO
- HDFC Bank to become India’s 2nd biggest company
- QS world university ranking 2024
- Neeraj Chopra wins second straight Diamond League title in Lausanne
- BCCI announces Dream11 as new lead sponsor for Indian team
- National Doctor’s Day 2023
- National Chartered Accountant Day 2023
- Maritime Partnership Exercise (MPX) with French Navy
- MoD signs contract for Medium Refit with Life Certification of Submarine INS Shankush
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