Daily Current Affairs – July 07, 2023
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Daily Current Affairs - Banking - July 07, 2023
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International News
Nepal: Vice President inaugurates Budhanilkantha Dharamshala built through Indian assistance in Kathmandu
- The Budhanilkantha Dharamshala (Atithi Griha) built with Government of India’s grant assistance of around Rs. 5 crore was inaugurated by the Vice President of Nepal, Rt. Hon’ble Ram Sahay Prasad Yadav at Budhanilkantha Municipality in Kathmandu Valley.
- The project was taken up under the post-earthquake reconstruction grant in the cultural heritage sector in Nepal.
- The Dharmashala building, which was damaged during the 2015 Gorkha earthquake, has now been reconstructed.
- The new three-and-a-half-storied Dharmashala will serve thousands of pilgrims visiting Budhanilkantha Temple, which holds great significance as one of the most revered cultural and religious sites of Nepal.
- The Government of India has committed to take up the conservation of 28 cultural heritage sites across seven districts of Nepal.
- Besides these, under a post-earthquake reconstruction grant, Government of India has supported the reconstruction of 50000 private houses in Gorkha and Nuwakot districts, the reconstruction of 71 educational institutions across 8 districts, and the reconstruction of 132 health facilities across 10 districts of Nepal.
- This project is a reflection of India’s long-standing development partnership with Nepal and complements the effort of the Government of Nepal in post-earthquake reconstruction in Nepal.
- Nepal – Kathmandu (Capital) – Nepalese rupee (Currency) – Ram Chandra Poudel (President) – Pushpa Kamal Dahal (Prime Minister) – Nepali (Language)
State News
PM Narendra Modi laid foundation stone for construction of changing rooms on floating jetties at 6 ghats of Kashi
- Prime Minister Narendra Modi laid the foundation stone for the construction of changing rooms on floating jetties at 6 ghats of Kashi.
- Prime Minister will also inaugurate the floating changing room built at Dashashwamedh Ghat.
- Now floating jetty changing rooms will be constructed at 6 more ghats at Rajendra Prasad Ghat, Assi Ghat, Shivala Ghat, Rajghat, Kedar Ghat and Panch Ganga Ghat at a cost of Rs 5.70 crore rupees.
- Each floating changing room will have separate changing rooms for 10 women and 10 men.
- Prime Minister Narendra Modi will inaugurate and lay the foundation stones of multiple development projects worth more than Rs 12100 crore during the public programme in Wazidpur Varanasi.
- Uttar Pradesh – Lucknow (Capital) – Yogi Adityanath (CM) – Anandiben Patel (Governor) – Hindi (Language)
Karnataka CM Siddaramaiah presents state budget with an outlay of over Rs 3.27 lakh crore.
- Karnataka Chief Minister Siddaramaiah presents the Rs 3.27 lakh crore state Budget of his government in Assembly, he said through the five ‘guarantees’ (poll promises), the government will be providing an average additional financial assistance of Rs 4,000 to Rs 5,000 a month to each household.
- The five ‘guarantees’ related to free bus travel for women, 200 units of free electricity, 10 kilograms of free foodgrains to the poor, Rs 2,000 for the woman head of the house and unemployment benefit of up to Rs 3,000.
- Karnataka – Bengaluru (Capital) – Basavaraj Bommai (CM) –Thawarchand Gehlot (Governor) – Kannada (Language)
PM Modi to flag off two Vande Bharat Express trains from Gorakhpur
- Prime Minister Narendra Modi will flag off two Vande Bharat Express trains in Gorakhpur, Uttar Pradesh, increasing the number of semi-high speed trains in the country to 25.
- Gorakhpur – Lucknow Vande Bharat Express and Jodhpur – Ahmedabad (Sabarmati) Vande Bharat Express trains.
PM Modi to visit Raipur to inaugurate and lay foundation stones of projects worth around Rs 7,600 crores
- Prime Minister Narendra Modi will visit Chhattisgarh capital Raipur, where he is scheduled to inaugurate and lay foundation stones of ten projects worth around Rs 7,600 crore.
- This is Modi’s first visit to the Congress-ruled state, where Assembly elections are due this year-end, after being elected as the prime minister for the second term in 2019.
- The PM will dedicate to the nation four-laning of the 33-km-long Raipur-Kodebod section of the National Highway 30, the 53-km-long four-lane Bilaspur-Pathrapali stretch of NH-130, and lay foundation stone for construction of three sections (Jhanki- Sargi (43 km), Sargi –Basanwahi (57 km) and Basanwahi-Marangpuri (25 km)) as a part of the six-lane Raipur-Visakhapatnam economic corridor NH-130 CD.
- The PM will also dedicate to the nation the doubling of the 103-km-long Raipur-Khariar Road Rail Line, built at a cost of Rs 750 crore, a 17-km-long new railway line connecting Keoti-Antagarh, and a bottling plant of the Indian Oil Corporation with a capacity of 60,000 metric ton per annum in Korba constructed at a cost of over Rs 130 crore.
- Besides this, the prime minister will kickstart the distribution of 75 lakh cards to beneficiaries under the Ayushman Bharat scheme and flag off a new train from Antagarh (Kanker district) to Raipur.
- Chhattisgarh – Raipur (Capital) – Bhupesh Baghel (CM) – Biswabhusan Harichandan (Governor) – Chhattisgarhi & Hindi (Language)
Schemes
Mo Jungle Jami Yojana
- The Odisha state government will soon launch ‘Mo Jungle Jami Yojana’ to saturate recognition of rights pertaining to the Forest Rights Act (FRA) and speed up the post-rights recognition activities within the prescribed time frame.
- Under the scheme, designed by the ST & SC Development department, it has been decided to constitute forest rights cells at the tehsil and district level with human resources to ensure and assist in the effective implementation of FRA, 2006.
- In a letter, additional chief secretary of the Revenue and Disaster Management Department Satyabrata Sahu and commissioner-cum-secretary of ST & SC Development department Roopa Roshan Sahoo have asked all collectors to address critical issues related to the forest rights of the forest dwellers in a campaign mode by constituting forest rights cells at the district level.
- Odisha – Bhubaneswar (Capital) – Naveen Patnaik (CM) – Ganeshi Lal (Governor) – Odia (Language)
Banking and Finance
Phonepe launched point-of-sale systems so vendors can accept card payments
- PhonePe has launched a new device called point-of-sale (POS) that allows merchants to accept payments through debit cards, credit cards, and UPI.
- This device comes with the PhonePe POS App installed and supports various transaction methods such as tap, swipe, dip, and interoperable dynamic QR codes.
- PhonePe aims to expand its POS solution across India by leveraging its extensive network of over 35 million merchants nationwide.
- The company plans to deploy 150,000 devices by the next year.
- By accepting credit and debit transactions, merchants can expect an increase in their average ticket size, leading to overall business growth.
PNB launches its virtual branch in the Metaverse
- State-owned Punjab National Bank (PNB) announced the launch of a virtual branch, PNB Metaverse.
- It is a virtual branch of the bank, which will deliver a unique experience of banking to existing and new customers who can now explore the bank’s products and services such as bank deposits, retail/MSME loans, digital products, women/senior citizens, ‘Do It Yourself’ and government flagship schemes
- PNB has developed the Bank’s Metaverse Branch, where its esteemed customers will get exclusive access to its virtual environment from the comfort of their home or office through their mobile phones and laptops.
- In addition, the bank will offer an immersive 3D experience to the customers while performing traditional banking activities through their digital avatars.
- Punjab National Bank – 19/05/1894 (Founded) – Dwarka, New Delhi (HQ) – Atul Kumar Goel (MD & CEO) – “The Name You Can Bank Upon” (Tagline)
Small savings schemes interest rates for July – October Quarter
Savings Scheme
Interest rate
Post Office Savings Account
4.00%
Post Office Recurring Deposit
6.5%
Post Office Monthly Income Scheme
7.4%
Post Office Time Deposit (1 year)
6.9%
Post Office Time Deposit (2 year)
7%
Post Office Time Deposit (3 year)
7%
Post Office Time Deposit (5 year)*
7.5%
Kisan Vikas Patra (KVP)
7.5%
Public Provident Fund (PPF)
7.1%
Sukanya Samriddhi Yojana
8%
National Savings Certificate
7.7%
Senior Citizens’ Saving Scheme (SCSS)
8.2%
Flipkart joined hands with Axis Bank for loan services
- E-commerce marketplace Flipkart has teamed up with Axis Bank to introduce a personalised loan service catering to its customer base of 450 million.
- The new offering will provide customers access to competitive loan options, enabling them to secure amounts of up to Rs 5 lakh, and flexible repayment cycles ranging from 6 to 36 months.
- It offers a line-up of credit offerings and comprehensive financial solutions, including Pay Later, Product Financing, Seller Financing, Credit Cards, and expansion into Personal Loans.
- Axis Bank – 03/12/1993 (Founded) – Mumbai (HQ) – Amitabh Chaudhry (MD & CEO) – “Badhti Ka Naam Zindagi” (Tagline)
Business and Economy
Finance Ministry extends relaxations for cash management guidelines in second quarter
- Finance Ministry has decided to continue with relaxations under cash management guidelines (CMG) for the quarter (second quarter) beginning July 1.
- This means relaxed norms will continue to be applicable for capital expenditure and expenditure under Centrally Sponsored Schemes (CSS) with the size of ₹500 crore or more for the ongoing second quarter.
- The Union Budget for FY24 has provided ₹10-lakh crore for capital expenditure and ₹3.7-lakh crore for grants-in-aid to create capital assets, taking the effective total to ₹13.7-lakh crore.
- Similarly, for 58 CSS, ₹4.76 lakh crore have been provided.
- All these together account for 41 per cent of the total budget size of over ₹45 lakh crore.
- 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)
Agreements and MoUs signed
India, Singapore extend MoU to co-operate on public administration till 2028
- The Department of Administrative Reforms and Public Grievances (DARPG), Ministry of Personnel, Public Grievances and Pensions, and the Public Service Division, of the Republic of Singapore signed a protocol document, extending for five years the current memorandum of understanding (MoU) on cooperation in the field of personnel management and public administration till 2028.
- The MoU was signed by V Srinivas, secretary on behalf of DARPG, and Simon Wong, high commissioner of Singapore to India.
- The signing ceremony was attended by senior officers of the Singapore High Commission, and DARPG.
- The event was also attended and addressed virtually by the Permanent Secretary, Public Service Division, Republic of Singapore.
- The MoU aims at strengthening the partnership between the two countries through various forms of cooperation between both countries’ public service, said the ministry.
- The cooperation in areas such as administrative reforms & public sector transformation, public service delivery, leadership, and talent development, e-governance, capacity building, and training form part of the areas to be covered under the activities of MoU.
- Singapore – Singapore City (Capital) – Singapore dollar (Currency) – Halimah Yacob (President) – Lee Hsien Loong (Prime Minister) – Malay (Language)
NHAI signed pact with power producer THDCIL for technical services
- THDC India Limited (THDCIL) has signed a Memorandum of Understanding (MoU) with the National Highways Authority of India (NHAI) to provide technical services as the technical consultant.
- THDCIL will be responsible for assessing landslide susceptibility areas and recommending mitigation measures for vulnerable slopes between Udhampur and Ramban on NH 44.
- This collaboration between THDCIL and NHAI aims to enhance road safety and ensure the stability of the region’s infrastructure, particularly the National Highway, by addressing the risks associated with landslides.
- National Highways Authority of India (NHAI) – 1995 (Founded) – New Delhi (HQ) -Santosh Kumar Yadav (Chairman)
Summit and Conference
India-Africa International Millet Conference
- To celebrate the International Year of Millets, Ministry of Agriculture and Famers Welfare, Government of India and the Ministry of Agriculture and Livestock Development, Government of Kenya will be co-hosting the ‘India-Africa International Millet Conference’ in Kenya with support of International Crops Research Institute for the Semi-Arid Tropics (ICRISAT).
- The international conference scheduled for 30-31 August 2023, will witness participation from government leaders, researchers, farmers, entrepreneurs and industry associations etc, from around the globe.
- The official curtain raiser for ‘India-Africa International Millet Conference’ was held at Nairobi, Kenya.
- The event was graced by the High Commissioner of India to Kenya, Joint Secretary (Crops), Government of India, Principal Secretary, Government of Kenya and Director General, ICRISAT.
- Kenya – Nairobi (Capital) – Kenyan shilling (Currency) – William Ruto (President) – Swahili & English (Language)
Science and Technology
Rajnath Singh launches National Cadet Corps integrated software
- Defence Minister Rajnath Singh launched National Cadet Corps (NCC) integrated software in the national capital.
- The NCC Integrated Software, developed in partnership with Bhaskaracharya Institute for Space Applications and Geo Informatics (BISAG), is a single window interactive software for Cadets, designed on the ‘Entry to Exit Model’.
- The NCC Integrated Software is based on the Prime Minister Shri Narendra Modi’s vision of “Once a Cadet always a cadet”, and will digitalize the entire process from the stage of enrolment as a cadet in NCC till exit registration as alumni.
- This will enable seamless issue of certificates, creation of an all India database of NCC cadets at the time of their employment.
- During this event, the NCC and State Bank of India (SBI) also signed a Memorandum of Understanding (MoU) in the presence of Raksha Mantri to open zero balance accounts of all NCC Cadets with debit card, chequebook & passbook facility under SBI’s “Pahli Udaan” scheme.
- About 5 lakh cadets will be benefitted by this MoU every year.
- The account will remain functional till completion of training or attaining 18 years of age whichever is later.
- This will not only introduce the cadets to the national banking system but also provide them with a ready platform to avail benefit of other govt schemes through DBT (Direct Benefit Transfer) of funds into their accounts.
- Ministry of Defence – Rajnath Singh,Union Minister (Lucknow,UP) – Ajay Bhatt,Minister of State (Nainital–Udhamsingh Nagar,Uttarakhand)
Appointments
RBI appoints P Vasudevan as new executive director
- The Reserve Bank of India (RBI) has appointed P Vasudevan as Executive Director (ED) and he will look after three departments, including that of currency management.
- Prior to being promoted as ED, Vasudevan was the Chief General Manager-in-charge of the Department of Payment and Settlement Systems.
- Reserve Bank of India (RBI) – 01/04/1935 (Founded) – Mumbai (HQ) – Shaktikanta Das (Governor)
IBA sets up 5-member group to implement RBI committee’s recommendations on ARCs
- The Indian Banks’ Association (IBA) has constituted a five-member working group for implementing the recommendations of the Reserve Bank of India’s committee on the “working of the Asset Reconstruction Companies (ARCs)”.
- The Group comprises Ajit Kumar, MD and CEO, Secondary Loan Market Association (SLMA); Hari Hara Mishra, CEO, Association of ARCs in India; Mythili Balasubramanian, Executive Director, Edelweiss ARC; and senior officials from State Bank of India (Dharmendra Pali) and ICICI Bank (Anupama Ranade).
- The Group has been constituted at the behest of the RBI.
- The central bank wants IBA and SLMA to take appropriate measures for early implementation of the committee’s recommendations in consultation with the lenders and ARCs.
- In light of the committee’s recommendations aimed at enabling ARCs to fulfill the increasing demand of the financial sector, the working group will undertake a thorough review of assignment agreements and trust deed templates.
Sports News
AIFF men’s and women’s Player of the Year
- The All India Football Federation (AIFF) announced the winners of its annual awards after the executive committee meeting.
- AIFF Men’s Footballer of the Year – Lallianzuala Chhangte (Mizoram)
- AIFF Women’s Footballer of the Year – Manisha Kalyan (Punjab)
- AIFF Men’s Emerging Footballer of the Year – Akash Mishra
- AIFF Women’s Emerging Footballer of the Year – Shilji Shaji
- Men’s Coach of the Year award – Clifford Miranda
- Women Coach of the Year – Priya Parathi Valappil
- All India Football Federation (AIFF) – 23/06/1937 (Founded) – New Delhi (HQ) – Kalyan Chaubey (President)
Important Days
World Chocolate Day
- World Chocolate Day, sometimes referred to as International Chocolate Day, or just Chocolate Day, is an annual celebration of chocolate, occurring globally on July 7, which some suggest to be the anniversary of the introduction of chocolate to Europe in 1550.
- The observance of World Chocolate Day dates back to 2009.
World Zoonoses Day 2023
- On July 6, World Zoonoses Day is celebrated every year to observe the special day when the first vaccination came to be developed to fight Zoonoses.
- French Chemist and Microbiologist Louis Pasteur successfully developed the first vaccination against Rabies virus on July 6, 1885.
Daily Current Affairs - July 07, 2023 - Consolidated
- Nepal: Vice President inaugurates Budhanilkantha Dharamshala built through Indian assistance in Kathmandu
- PM Narendra Modi laid foundation stone for construction of changing rooms on floating jetties at 6 ghats of Kashi
- Karnataka CM Siddaramaiah presents state budget with an outlay of over Rs 3.27 lakh crore.
- PM Modi to flag off two Vande Bharat Express trains from Gorakhpur
- PM Modi to visit Raipur to inaugurate and lay foundation stones of projects worth around Rs 7,600 crores
- Mo Jungle Jami Yojana
- Phonepe launched point-of-sale systems so vendors can accept card payments
- PNB launches its virtual branch in the Metaverse
- Small savings schemes interest rates for July – October Quarter
- Flipkart joined hands with Axis Bank for loan services
- Finance Ministry extends relaxations for cash management guidelines in second quarter
- India, Singapore extend MoU to co-operate on public administration till 2028
- NHAI signed pact with power producer THDCIL for technical services
- India-Africa International Millet Conference
- Rajnath Singh launches National Cadet Corps integrated software
- RBI appoints P Vasudevan as new executive director
- IBA sets up 5-member group to implement RBI committee’s recommendations on ARCs
- AIFF men’s and women’s Player of the Year
- World Chocolate Day
- World Zoonoses Day 2023
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