Home Daily Current Affairs Banking Current Affairs Daily Current Affairs – July 06, 2023

Daily Current Affairs – July 06, 2023

Daily Current Affairs - Banking - July 06, 2023

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National News

Cabinet clears Data Protection Bill

The Union Cabinet cleared the Digital Personal Data Protection (DPDP) Bill.
The clearance paves the way for the Bill to be introduced in Parliament in the upcoming Monsoon Session.
Along with the data protection law, the Union government may also table the Indian Telecommunications Bill, a draft of which was circulated in a public consultation last year.
The telecom Bill would overhaul the Telegraph Act, which is the legal framework for telecom firms and internet service providers.
The data protection legislation specifies norms on management of personal data of Indian residents and requires explicit consent from people whose data is collected and used.

State News

Tamil Nadu's Atsuya secures spot in Google's Startup Accelerator Program

Chennai-based Atsuya Technologies has been selected to participate in Class 7 of Google’s Startup Accelerator Program.
It is one of 20 Indian companies that will participate in the three-month accelerator program.
Under the program, tech companies using artificial intelligence/machine learning (AI/ML) get access to Google’s resources, programs, people, products, and technology.
Atsuya is Tamil Nadu’s only startup to make it to the list of 137 companies from India selected by Google so far.
Atsuya Technologies is a deep tech company that leverages technologies like the Internet of Things (IoT) and AI to achieve operational excellence in businesses, with a focus on sustainability.
Tamil Nadu – Chennai (Capital) – MK Stalin (CM) – RN Ravi (Governor) – Tamil (Language)

MoS Shri Rajeev Chandrasekhar to address Digital India Dialogue session on PLI 2.0 for IT Hardware in Bengaluru

Union Minister of State for Skill Development & Entrepreneurship and Electronics & IT, Shri Rajeev Chandrasekhar will be addressing a Digital India Dialogues session on the recently revised production linked incentive (PLI) scheme for IT hardware in Bengaluru.
The meeting will have stakeholders from the technology ecosystem including experts, representatives of industry associations and startups.
The focus of the meeting will be on stimulating the development of advanced processors, intellectual properties (IPs) and embedded systems.
These consultations are in line with Prime Minister Shri Narendra Modi’s consultative approach to law and policy making.
The Minister will be arriving in Bengaluru in the morning and will attend a media interaction which will be followed by the consultations.
Through the provision of financial incentives, the government seeks to encourage localisation of IT hardware components and sub-assemblies.
The scheme covers laptops, tablets, all-in-one PCs, servers and ultra small form factor devices.
In doing so, the government aims to catalyse domestic IT hardware manufacturing ecosystem of India, thereby creating Indian champions in IT hardware industry.
Ministry of Skill Development and Entrepreneurship – Dharmendra Pradhan,Union Minister (Rajya Sabha MP,MP) – Rajeev Chandrasekhar,Minister of State (Rajya Sabha MP,Karnataka)

Schemes

Scheme for Expansion and Modernization of Fire Services in the States

Union Home Minister and Minister of Cooperation, Shri Amit Shah chaired a meeting with Ministers of Disaster Management of the States/Union Territories in New Delhi
Union Home Ministry has launched a scheme for the expansion and modernization of fire services in the states with a total outlay of five thousand crore rupees.
The Ministry said, an amount of five hundred crore rupees, out of the total outlay, has been kept for incentivizing the States based on their legal and infrastructure-based reforms.
The details of the scheme may be downloaded from website https://ndmindia.mha.gov.in of Disaster Management Division of Ministry of Home Affairs, Government of India.
The Scheme finds its origin from the recommendation of the Fifteenth Finance Commission (XV-FC) which allows an allocation of 12.5 percent of each of the National Disaster Response Fund (NDRF) and State Disaster Response Fund (SDRF) [10% of the total corpus of the National Disaster Risk Management Fund (NDRMF) and the State Disaster Risk Management Fund (SDRMF)] for the Funding Window of Preparedness and Capacity Building.
Out of the total National Disaster Response Fund (NDRF) corpus, an amount of Rs. 5,000 Crore was earmarked for priority “Expanding and Modernization of Fire Services”.
There shall be no spill-over for the liabilities committed for the projects sanctioned against earmarked allocation beyond the award period.
Ministry of Home Affairs – Amit Anil Chandra Shah,Union Minister (Gandhinagar,Gujarat) – Nityanand Rai, Minister of State (Ujiyarpur,Bihar), Nisith Pramanik, Minister of State (Cooch Behar, West Bengal), Ajay Kumar Mishra, Minister of State (Kheri,UP)

Gujarat government doubles insurance cover under Pradhan Mantri Jan Arogya scheme

In Gujarat, the state government has doubled the insurance cover under Pradhan Mantri Jan Aarogya Yojana.
Now, the beneficiaries of PMAY will get an insurance cover of Rs 10 lakhs instead of the earlier 5 lakhs.
The decision will benefit nearly 1.78 crore Ayushman Bharat card holders in the state.
The beneficiaries will get a free of cost medical treatment over two thousand government hospitals and 795 private hospitals in the state under PMAY.
More than 39 lakh claims have been received in Gujarat under PMAY.
The state ranks fifth in the country in terms of number of claims and has secured second position in terms of amount of claims cleared under PMAY so far.
The claims worth over 2800 crore have been cleared in the state so far.
Gujarat – Gandhinagar (Capital) – Bhupendrabhai Patel (CM) – Acharya Devvrat (Governor) – Gujarati & Hindi (Language)

Banking and Finance

RBI cancelled licenses of two co-operative banks

The Reserve Bank of India (RBI) has cancelled the banking licenses of two co-operative banks in Maharashtra and Karnataka.
The licenses of Malkapur Urban Co-operative Bank Ltd, Buldhana and Shushruti Souharda Sahakara Bank Niyamita, Bengaluru have been cancelled.
These banks did not have adequate capital and earning prospects, RBI said, adding that with their present financial position, they would be unable to pay their present depositors in full.
On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC).
In the case of Malkapur Urban Co-operative Bank, RBI said as per the data submitted by the bank, 97.60 per cent of the depositors are entitled to receive full amount of their deposits from DICGC.
DICGC has already paid Rs 496.98 crore of the total insured deposits.
Regarding Shushruti Souharda Sahakara Bank Niyamita, RBI said as per the data submitted by the lender, 91.92 per cent of the depositors are entitled to receive full amount of their deposits from DICGC.
As on May 31, 2023, DICGC has paid Rs 54.16 crore of the total insured deposits.
Reserve Bank of India (RBI) – 01/04/1935 (Founded) – Mumbai (HQ) – Shaktikanta Das (Governor)

Bank of India pays dividend of Rs 668 crore to government for FY23

Bank of India (BOI) paid a dividend of Rs 668 crore for the financial year 2022-23 (FY23) to the government, its majority shareholder.
Rajneesh Karnatak, managing director and CEO, and all the four executive directors of the bank presented the dividend cheque to Finance Minister Nirmala Sitharaman.
On May 30, BOI declared a dividend of Rs two per equity share.
For 2022-23, BOI’s net profit rose by 18.15 per cent, which went from Rs. 3,405 crores in FY22 to Rs 4,023 crores in FY23.
The operating profit increased by 34.09 per cent from Rs 9,988 crores in FY22 to Rs 13,393 crores in FY23.
BOI became the first bank to officially roll out the Mahila Samman Savings Certificate (MSSC) scheme.
Bank of India – 07/09/1906 (Founded) – Mumbai (HQ) – Atanu Kumar Das (MD & CEO) – “Relationship Beyond Banking”

RBI permits UBS-owned Credit Suisse to keep Indian banking license

The Reserve Bank of India (RBI) has granted permission to UBS, the owner of Credit Suisse, to retain the banking license for operations in India.
This decision comes as UBS intends to reduce more than half of Credit Suisse’s workforce.
Additionally, UBS has yet to determine the future of the Swiss domestic business acquired from Credit Suisse.
To facilitate the integration of Credit Suisse, UBS has enlisted the help of Tom Wipf from Morgan Stanley, who will play a key role in the tie-up.
UBS is currently managing the integration of Credit Suisse Group AG’s business following the emergency takeover.
Reportedly, UBS also plans to reduce the number of employees at Credit Suisse Credit Suisse AG’s 45,000-strong workforce by more than half.

RBI launched ‘Centralised Information Management System’

The Reserve Bank of India (RBI) has embarked on a major change in its information management framework for handling the massive data flow, aggregation, analysis, public dissemination and data governance following the launch of its Centralised Information Management System (CIMS).
This system uses state-of-the-art technology to manage big data and will serve as a platform for power users to carry out data mining, text mining, visual analytics and advanced statistical analysis connecting data from multiple domains, such as, financial, external, fiscal, corporate and real sectors as well as prices.
In short to medium term, it would lead to a paradigm shift in the Reserve Bank’s economic analysis as well as supervision, monitoring and enforcement across multiple domains.

Business and Economy

GST Council to discuss industry demand of full CGST, 50 pc IGST refund in 11 hill states

The GST Council is likely to discuss a demand of industrial units located in 11 Himalayan and North Eastern states for reimbursement of full Central GST and 50 per cent of net Integrated GST paid.
Currently, Centre reimburses 58 per cent of net CGST and 29 per cent net IGST under the central Government scheme ‘Scheme of budgetary support’ notified in October 2017.
However, industrial units located in the Himalayan and North Eastern States have been seeking implementation of a mechanism for reimbursement of balance 42 per cent of the CGST and 21 per cent of the IGST paid by them in cash along with appropriate interest.
States are, however, reluctant to reimburse their share of CGST and IGST collection they receive on account of tax devolution citing unsatisfactory revenue growth and implementation of similar schemes by the state to incentive industries.
In the pre-GST era of excise duty, industrial units Jammu & Kashmir, Himachal Pradesh, Uttarakhand, Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim and Tripura enjoyed a tax holiday.
Sources said in view of the Supreme Court judgement in October, 2022, and further directions by the High Courts of Delhi, Meghalaya and Guwahati, the issue would have to be discussed by the GST Council in its 50th meeting.
The GST Council, chaired by the Union Finance Minister and comprising state counterparts, had in its second meeting in September, 2016, unanimously decided that all entities exempted from payment of indirect tax under any tax incentive scheme shall pay tax in the GST regime.
Goods and Services Tax (GST), which subsumed 17 local taxes and 13 cesses, was rolled out on July 1, 2017.
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)

Amazon set to cross $8 billion in exports from India by 2023, up 60% YoY

E-commerce major Amazon is on track to enable $8 billion in cumulative exports by the end of 2023, up 60 per cent from $5 billion last year.
The firm now has 125,000 Indian exporters from more than 200 cities under its Amazon Global Selling Programme, which was launched in 2015.
Of this, more than 1,200 exporters on the programme crossed Rs 1-crore sales in 2022, the company said while unveiling its Exports Digest 2023 report.
These developments are in line with the company’s target of crossing the $20-billion mark in exports by 2025.
This has been doubled from its previous target.
The programme, Amazon said, has allowed exporters to sell over 266 million ‘Made-in-India’ products through Amazon’s 18 international marketplaces. The US, the UK, Canada, France, Spain and Italy were among the top marketplaces for Indian exporters.
Amazon – 05/07/1994 (Founded) – Seattle, Washington (HQ) – Andy Jassy (CEO)

Science and Technology

TCS partners Microsoft for generative AI solutions

Tata Consultancy Services has deepened its partnership with Microsoft by announcing plans to significantly scale its Azure Open AI expertise, and launching its new Generative AI Enterprise Adoption offering on Microsoft Cloud to help customers jumpstart their generative AI journey.
With over 50,000 AI-trained associates, and the collective knowledge of its dedicated Microsoft Business Unit (MBU), TCS has been helping clients in their AI journeys.
TCS MBU now plans to get 25,000 associates trained and certified on Azure Open AI to help clients accelerate their adoption of this powerful new technology.
TCS also launched its Generative AI Enterprise Adoption offering, which uses a proprietary transformation framework to bring together TCS’ contextual knowledge and its expertise in Azure Open AI service to help clients enhance customer experience, launch new business models, grow revenue, and enhance productivity.
Using this framework, TCS and client teams will jointly ideate on AI-led solutions to their most pressing business problems, develop proofs of concept on Azure Open AI, create solution roadmaps, gather stakeholder feedback, train the models, build sufficiently strong guardrails and deploy the solutions.
Tata Consultancy Services (TCS) – 1968 (founded) – Mumbai (HQ) – Natarajan Chandrasekaran (Chairman)

Chandrayaan-3 to launch on July 14 aboard LVM-3 to the Moon

The Indian Space Research Organisation (isro) has announced that the Chandrayaan-3 mission has integrated the spacecraft with the launch vehicle — Launch Vehicle Mark-III (LVM3) to the Moon on July 14 from Satish Dhawan Space Centre, Sriharikota.
Chandrayaan-3 aims to explore the Southern Polar Region of the Moon.
Indian Space Research Organisation (ISRO) – 15/08/1969 (Founded) – Bangalore, India (HQ) – Sreedhara Somanath (Chairman)

Nature

Union Minister Bhupender Yadav launched mangrove drive under PM's 'MISHTI' programme

Union Minister Bhupender Yadav launched PM MISHTI (Mangrove Initiative for Shoreline Habitats & Tangible Incomes) Programme a mangrove plantation drive in Dwarka in Gujarat and said efforts were required to identify and restore historical mangrove areas, which are in degraded condition.
A publication of the Botanical Survey of India consists of a glossary of 500 species of mangrove recorded in India.
During the event, MoUs under the MISHTI programme were signed between the Forest Department and identified reputed companies, while ‘forest heroes’, who have excelled in the field of mangrove protection and conservation, were felicitated.
Ministry of Environment, Forest and Climate Change (MoEFCC) – Bhupender Yadav, Cabinet Minister (Rajya Sabha MP,Rajasthan) – Ashwini Kumar Choubey, Minister of State (Buxar,Bihar)

Appointments

Mr. Indu Shekhar Chaturvedi Appointed as Director General of Electric Power Transmission Association

The Electric Power Transmission Association (EPTA), an association consisting of leading private electricity transmission developers, industry stakeholders, and experts in electricity transmission, announced the appointment of Mr. Indu Shekhar Chaturvedi to the position of Director General.

4 new Members appointed in CBDT

Four IRS officers of the Income Tax Department have been appointed as Members in the Central Board of Direct Taxes (CBDT) under the Union finance ministry.
The CBDT is the administrative body for the department and it is tasked to collect revenue under various direct tax categories such as personal income tax and corporate tax.
Two Indian Revenue Service (IRS) officers of the 1987 batch Pravin Kumar and Harinder Bir Singh Gill and two from the 1988 batch Sanjai Kumar Verma and Ravi Agrawal have been appointed as Members in the CBDT.
These officers, currently posted in various regions of the tax department, will fill four positions in the CBDT which have been vacant from September 2021 to June 2023.
The CBDT is headed by a chairman and can have a maximum of six Members who are in the rank of special secretary.
The two serving Members in the board are Pragya Sahay Saksena and Subashree Anantkrishnan, both from the 1987 batch of the IRS.
The CBDT Chairman is 1986-batch IRS officer Nitin Gupta.

NATO again extended Stoltenberg's mandate

NATO Secretary-General Jens Stoltenberg will stay in office for another year until October 1 2024, the 31-nation military alliance decided.
Mr. Stoltenberg, a former Norwegian Prime Minister, has been NATO’s top civilian official since 2014.
His term had been due to expire last year but was extended then to keep a steady hand at the helm after Russia’s full-scale invasion of Ukraine in February 2022.
North Atlantic Treaty Organization (NATO) – 04/04/1949 (Founded) – Brussels, Belgium – Jens Stoltenberg (Secretary General) – 31 Members

Sports News

World Archery Youth Championships 2023

A 24-member Indian contingent is competing at the 18^th World Archery Youth Championships 2023 in Limerick, Ireland.
There are events for men’s and women’s recurve and compound archers in the under-21 and under-18 age categories.
India have sent 12 archers each in the U21 and U18 age groups.

U21
Archer	Event	Medal
Avneet Kaur and Priyansh	Compound mixed team	Gold
Parth Salunkhe and Ridhi	Recurve mixed team	Bronze
U18
Aishwarya Sharma/Manav Ganeshrao Jadhao	Compound mixed team	Bronze

Bangladesh cricketer Tamim Iqbal announced retirement

Bangladesh ODI captain and one of their most accomplished all format cricketers Tamim Iqbal announced his retirement with immediate effect, just three months ahead of the 50-over World Cup in India.
A hard hitter of the ball, Iqbal played 70 Tests amassing 5,134 runs including 10 centuries and a double ton in his 16 year career.

Defence

JIMEX 23

The seventh edition of the bilateral Japan-India Maritime Exercise 2023 (JIMEX 23) hosted by the Indian Navy, is being conducted at/ off Visakhapatnam.
This edition marks the 11th anniversary of JIMEX, since its inception in 2012.
Japan Maritime Self Defence Force (JMSDF) units under the command of RAdm Nishiyama Takahiro, Commander Escort Flotilla One, and Indian Naval ships under the command of RAdm Gurcharan Singh, Flag Officer Commanding Eastern Fleet are participating in the exercise.
JIMEX 23 will witness the participation of INS Delhi, India’s first indigenously built Guided Missile Destroyer, INS Kamorta, an indigenously designed and built Anti-Submarine Warfare Corvette, fleet tanker INS Shakti, a submarine, maritime patrol aircraft P8I and Dornier, ship-borne helicopters and fighter aircraft.
JMSDF will be represented by the guided missile destroyer JS Samidare and its integral helicopters.
The exercise will be conducted over six days in two phases a Harbour Phase at Visakhapatnam comprising professional, sports and social interactions, after which, the two navies will jointly hone their warfighting skills at sea and enhance their interoperability through complex multi-discipline operations in the surface, sub-surface and air domains.
Japan – Tokyo (Capital) – Japanese yen (Currency) – Naruhito (Emperor) – Fumio Kishida (Prime Minister) – Japanese (Language)

Indian, US navies conducted 11-day military exercise

The navies of India and the US carried out a 11-day military exercise in Kochi that focused on boosting interoperability and operational coordination.
The seventh edition of the Salvage and Explosive Ordnance Disposal (EOD) exercise concluded.
The two navies have been participating in joint salvage and EOD exercises since 2005.
The exercise saw deployment of frontline warships from both sides in addition to specialist diving and EOD teams.
United States of America – Washington, D.C. (Capital) – US Dollar (Currency) – Joe Biden (President) – English (Language)

Daily Current Affairs - April 06, 2023 - Consolidated

Cabinet clears Data Protection Bill
Tamil Nadu’s Atsuya secures spot in Google’s Startup Accelerator Program
MoS Shri Rajeev Chandrasekhar to address Digital India Dialogue session on PLI 2.0 for IT Hardware in Bengaluru
Scheme for Expansion and Modernization of Fire Services in the States
Gujarat government doubles insurance cover under Pradhan Mantri Jan Arogya scheme
RBI cancelled licenses of two co-operative banks
Bank of India pays dividend of Rs 668 crore to government for FY23
RBI permits UBS-owned Credit Suisse to keep Indian banking license
RBI launched ‘Centralised Information Management System’
GST Council to discuss industry demand of full CGST, 50 pc IGST refund in 11 hill states
Amazon set to cross $8 billion in exports from India by 2023, up 60% YoY
TCS partners Microsoft for generative AI solutions
Chandrayaan-3 to launch on July 14 aboard LVM-3 to the Moon
Union Minister Bhupender Yadav launched mangrove drive under PM’s ‘MISHTI’ programme
Indu Shekhar Chaturvedi Appointed as Director General of Electric Power Transmission Association
4 new Members appointed in CBDT
NATO again extended Stoltenberg’s mandate
World Archery Youth Championships 2023
Bangladesh cricketer Tamim Iqbal announced retirement
JIMEX 23
Indian, US navies conducted 11-day military exercise

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