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Daily Current Affairs – July 11, 2023

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Daily Current Affairs - Banking - July 11, 2023

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National News

Govt to provide aid to set up Protection and Rehabilitation Homes for trafficking victims in Border areas

  • The government has decided to provide financial assistance to the States and Union Territories in Border areas to set up Protection and Rehabilitation Homes for the victims of trafficking particularly for the minor girls and young women.
  • The homes will provide services like shelter, food, clothing, counseling, primary health facilities, and other daily requirements.
  • According to the Women and Child Development Ministry, the government has provided funding to all States and UTs under Nirbhaya Fund to set up and strengthen Anti Human Trafficking Units in every district of the country.
  • A total of 788 Anti Human Trafficking Units including 30 in Border guarding forces are functional.
  • Ministry of Women and Child Development – Smriti Zubin Irani,Union Minister (Amethi,UP) – Dr. Mahendra Munjpara,Minister of State (Surendranagar,Gujarat)

Union Minister Dr. Jitendra Singh inaugurates DoPPW Bankers' Awareness Workshop at SKICC Srinagar

  • Union Minister of State (Independent Charge) Science & Technology; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh inaugurated bankers’ awareness workshop at Srinagar.
  • The two-day workshop is organised by Department of Pension & Pensioners’ Welfare (DoPPW) for officers of State Bank of India at Winter Hall, Sher-i-Kashmir International Convention Center, Srinagar.
  • The objective of the workshops is to spread awareness of the various rules and procedures relevant for Pension Disbursing Banks and also the steps being taken by the Government of India to ensure “Ease of Living” for Pensioners.
  • Dr Singh congratulated DoPPW for organizing the workshop at Srinagar.
  • The number of pensioners is greater than that of those in service and this is a challenging task for the government.
  • Dr. Jitendra Singh (Udhampur, Jammu & Kashmir) – Minister of State (Independent Charge) for the Ministry of Science and Technology and Minister of State for Prime Minister’s Office; Personnel, Public Grievances and Pensions; Department of Atomic Energy and Department of Space.

International News

L&T signs ship repairing agreement with US Navy

  • Larsen and Toubro’s Kattupalli Shipyard near Chennai has qualified for the Master Shipyard Repair Agreement (MSRA) and the Indian conglomerate has signed an agreement with US Navy for repairing of vessels.
  • The shipyard has been approved by the Indian Navy and the Coast Guard for repairing works.
  • The Kattupalli Shipyard near Chennai is a major node in the Southern Defence Corridor which has been undertaking voyage repairs of the US Navy’s Military Sealift Command vessels.
  • Kattupalli shipyard is equipped with a heavy ship-lift, multiple dry berths, and wet berths to concurrently enable building of new ships and undertaking repairs and refits.
  • United States of America – Washington, D.C. (Capital) – US Dollar (Currency) – Joe Biden (President) – English (Language)

India and Bangladesh start bilateral trade in rupees

  • India and Bangladesh have started bilateral trade in rupees.
  • It was launched at an event jointly organised by Bangladesh Bank and High Commission of India in Dhaka.
  • India and Bangladesh will trade in Indian rupees alongside the usual transaction method in US dollar, said Pranay Verma, Indian High Commissioner in Dhaka.
  • Trade settlement through Indian rupee will only apply to export amount from Bangladesh while the rest of imports from India will be settled in US dollars.
  • From Bangladesh side trade and transactions with India will be done by its Eastern Bank and Sonali Bank Ltd, while from Indian side operations will be done by State Bank of India and ICICI Bank, said Abdur Rouf Talukdar, Governor General of Bangladesh’s central Bank.
  • Bangladesh is India’s biggest trade partner in South Asia and India is the second largest trade partner of Bangladesh in Asia.
  • Reserve Bank of India has allowed banks from 18 countries to trade in rupees including Germany, Russia, Singapore, Sri Lanka, the United Kingdom, Myanmar, Oman and others; Bangladesh become 19th country to trade with India in rupees.
  • Bangladesh – Dhaka (Capital) – Taka (Currency) – Mohammed Shahabuddin (President) – Sheikh Hasina (Prime Minister) – Bengali (Language)

34th International Biology Olympiad, UAE

  • The 34th edition of the International Biology Olympiad (IBO) implemented over 8 days (from 3 to 10 July 2023) in Al Ain City.
  • It is hosted by the UAE and organised by the Ministry of Education in partnership with the United Arab Emirates University (UAEU).
  • This is the first time India has topped the medals tally in IBO and turned in an all-gold performance.
  • For the first time, ALL 4 students representing Team India won GOLD medals.
  • Dhruv Advani (GOLD) from Bengaluru, Karnataka, Ishan Pednekar (GOLD) from Kota, Rajasthan, Megh Chhabda (GOLD) from Jalna, Maharashtra and Rohit Panda (GOLD) from Risali, Chattisgarh.
  • Earlier, India has topped the medals tally in Astronomy & Astrophysics (in 2008, 2009, 2010, 2011, 2015 and 2021), Physics (in 2018) and Junior Science (in 2014, 2019, 2021, and 2022).
  • United Arab Emirates – Abu Dhabi (Capital) – UAE dirham (Currency) – Mohamed bin Zayed Al Nahyan (President) – Mohammed bin Rashid Al Maktoum (Prime Minister) – Ahmad Nawaf Al-Ahmad Al-Sabah (Prime Minister) – Arabic (Language)

International Maritime Organisation targets achieving net-zero emissions by 2050

  • All 178 countries, including associate members, of the International Maritime Organization have committed to ensure that international shipping operations achieve net zero emissions “by or around” 2050.
  • The agreement also includes indicative targets of reducing emissions 20-30 per cent from 2008 levels by 2030, and 70-80 per cent by 2040.

State News

Union Minister Dr. Jitendra Singh inaugurates multimedia exhibition of CBC at Srinagar

  • Union Minister of State (Independent Charge) Science & Technology; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh today inaugurated a multimedia exhibition of the Central Bureau of Communication (CBC) at Srinagar.
  • The 5-day long exhibition will be held at S.P Model Higher Secondary School highlighting Nine years of Seva, Sushasan and Garib Kalyan’.
  • Dr Jitendra Singh said that before 2014, India had a reputation for corruption, which had a deleterious effect on its people, especially the youth.
  • However, Prime Minister Modi has emerged as a transformational figure, successfully turning this pessimism into optimism and positioning India as a shining example among the comity of nations.
  • Jammu & Kashmir – Srinagar (May–October) & Jammu (Nov-April) (Capital) – Manoj Sinha (Lieutenant Governor) – Urdu, Kashmiri, Dogri, Hindi, English (Language)

Rajasthan govt setting up facilities for hi-tech teaching in it is

  • The Rajasthan government is setting up facilities for hi-tech teaching in educational institutions of the state.
  • As part of that, 66 Industrial Training Institutes (ITIs) will have smart classrooms.
  • Each smart classroom will cost Rs 2.62 lakh and a total of around Rs 1.73 crore will be spent on this during the current financial year.
  • Chief Minister Ashok Gehlot recently approved the proposal, which will further strengthen the teaching techniques in ITIs.
  • Rajasthan – Jaipur (Capital) – Ashok Gehlot (CM) –  Kalraj Mishra (Governor) – Hindi (Language)

Uttar Pradesh govt looking to invest about Rs 3,800 crores in agri start-ups

  • The Uttar Pradesh government is looking to boost the state’s agricultural value by investing about Rs 3,800 crore in agri start-ups during the financial year 2023-24 (FY24).
  • The new ventures under the blueprint focus on seeds, fertilisers, warehousing, soil nutrients, harvest/post-harvest crop management, and food processing units, etc.
  • The scheme, which covers agricultural and horticultural crops apart from allied farm activities, aims to target pisciculture, sericulture, and food processing as well.
  • The state plans to approve at least five agri ventures and start-ups every month in each of the 75 districts.
  • The state believes that an eased loan process will help the scheme benefit more than 3,000 agri entrepreneurs and young farmers.
  • The funding would be sourced from the Centre’s Agriculture Infrastructure Fu­nd (AIF) scheme, which aims at ramping up basic farm infra by investing in medium- and long-term community agricultural assets at the local level.
  • Uttar Pradesh – Lucknow (Capital) – Yogi Adityanath (CM) – Anandiben Patel (Governor) – Hindi (Language)

Schemes

Odisha to provide free uniforms to classes 9 and 10 students of govt schools

  • The Odisha government will provide free uniforms to students of classes 9 and 10 in state-run and aided schools under the ‘Mukhymantri Chhatra Chatri Paridhan Yojana’.
  • Earlier, students of up to class 8 were entitled to free uniforms.
  • The students will get two pairs of uniforms, one pair of shoes, two pairs of socks, a T-shirt, a track pant and a cap under the scheme.
  • The dresses will be distributed from July 15.
  • The new uniforms will have the logo ‘Ame Gadhibu Nua Odisha’ (We Will Build New Odisha).
  • All students will wear T-shirt and track pants with a cap on Saturdays, he said, adding that both the school and mass education and Mission Shakti departments have issued letters in this regard.
  • Odisha – Bhubaneswar (Capital) – Naveen Patnaik (CM) – Ganeshi Lal (Governor) – Odia (Language)

Banking and Finance

IDFC FIRST Bank, Club Vistara and Mastercard Launch New Credit Card to Redefine Travel Experiences

  • Adding to its extensive customer-first portfolio of financial products, IDFC FIRST Bank announced its collaboration with Club Vistara and Mastercard to launch a travel credit card.
  • Designed to provide exciting travel and lifestyle-related offers to cardholders, the new card will combine seamless banking services with numerous travel benefits.
  • The collaboration between the three companies highlights a shared commitment to provide extraordinary value and advantages to customers.
  • The co-branded credit card is designed to redefine travel experiences and empower cardholders to embark on their journeys with confidence, and in style.
  • The card will meet the ever-changing demands of new-age travellers, blending convenience and security to enhance travel experiences.
  • From exclusive entry to airport lounges and complimentary flight tickets to accelerated reward points, it will offer a comprehensive solution tailored specifically for frequent flyers and travel enthusiasts.
  • IDFC First Bank – October 2015 (Founded) – Mumbai (HQ) – V. Vaidyanathan (MD & CEO) – “Always You First” (Tagline)

Kotak Life Insurance launches ‘AdvisorsForLife’ campaign

  • Kotak Mahindra Life Insurance Company announced the launch of its latest campaign, #AdvisorsForLife.
  • The campaign has two digital films that celebrate the Life Advisors (LAs) and Bank Relationship Managers (RMs) who serve customers and support the company’s brand promise of ‘Hum Hain…Hamesha’.
  • The campaign intends to reinforce the public perception of the life insurance category’s frontline team members.

Max Life, DCB Bank join hands to offer insurance products

  • Max Life Insurance has partnered with DCB Bank to provide a variety of life insurance products to the latter’s customers.
  • Term, savings, and retirement plans will be offered under this partnership.
  • DCB Bank is a private sector bank and has 427 branches across India.

Business and Economy

India may be world's 2nd-largest economy by 2075, says Goldman Sachs

  • India is poised to become the second-largest economy in the world by 2075, surpassing not only Japan and Germany but also the United States, according to a Goldman Sachs report.
  • The report projected India’s GDP at $52.5 trillion by 2075, behind China’s $57 trillion but ahead of the US’ $51.5 trillion.
  • Currently, India is the world’s fifth-largest economy, behind Germany, Japan, China and the US.
  • According to the Economic Survey tabled in Parliament in January this year, the Indian economy was projected to reach the $3.5 trillion mark by the end of March.

India's direct tax mop-up in FY24 rises 16% to Rs 4.75 trillion so far

  • India’s direct tax collection soared 16 per cent to touch Rs. 4.75 trillion this financial year, showing continuity in revenue growth despite external headwinds.
  • The collection has gathered pace over past months, with net direct tax collection, net of refunds, growing 15.87 per cent to Rs. 4.75 trillion by July 9, higher than the net collections for the corresponding period of last year.
  • On a gross basis, collection from direct taxes, which includes income and corporation taxes, grew 14.65 per cent to Rs. 5.17 trillion.

FM Nirmala Sitharaman to chair 50th GST Council meeting in New Delhi

  • Finance Minister Nirmala Sitharaman will chair the 50th GST Council meeting at Vigyan Bhawan in New Delhi.
  • The meeting will be attended by Minister of State for Finance Pankaj Chaudhary, Finance Ministers of States and Union Territories and Senior officials.
  • In February this year, the 49th GST Council met under the Chairpersonship of Ms Sitharaman in New Delhi.
  • In that meeting, the government had decided to clear the entire pending balance GST compensation of 16 thousand 982 crore rupees for June 2022 to States and Union Territories.
  • In its recommendations, the Council had also decided to lower the GST slabs for Rab and pencil sharpener.
  • 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)

Science and Technology

Odisha Television introduces Lisa, India's first AI news presenter

  • Odisha Television Limited (OTV) has introduced the state’s first artificial intelligence (AI) news anchor named Lisa.
  • The introduction of Lisa, the AI news anchor, took place at a ceremony held in Bhubaneswar.
  • The introduction of Lisa, the first AI anchor in Odisha’s regional television broadcasting arena, signifies a new era in television journalism.

Power

UP govt approves two thermal power projects worth Rs 18,000 crore in Sonbhadra's Obra

  • The Uttar Pradesh government approved two ‘Obra D’ thermal power projects of 800 MW each to be built at the cost of Rs 18,000 crore in Sonbhadra’s Obra, a move aimed at providing cheaper electricity to the people of state.
  • The ‘Obra D’ thermal power plants were approved in the Cabinet.
  • The projects will be executed by the government with a 50:50 partnership with central government-owned power generator NTPC.
  • While 30 per cent equity will be given for the implementation of the projects, the rest 70 per cent of the amount will be arranged from financial institutions.
  • The ‘Obra D’ thermal power plants will be the first ever ultra super critical unit in the state.
  • The plant will boast of state-of-the-art technology and high efficiency, with low consumption of coal, bringing down the cost of power generation, which will lead to slashing of electricity rates in UP.

Appointments

SBI Card appoints Abhijit Chakravorty as MD & CEO for two years

  • SBI Cards & Payment Services (SBI Card), the country’s largest pure-play credit card issuer, has appointed Abhijit Chakravorty as MD & CEO.
  • Chakravorty, who is presently a Deputy Managing Director at SBI, will assume charge of his new role on August 12.
  • He has been appointed as SBI Card’s MD&CEO for two years.
  • Incumbent MD & CEO Rama Mohan Rao Amara has tendered his resignation owing to his transfer to SBI.
  • Amara will demit office on August 11.

Ranks and Indices

Harmanpreet Kaur back in top-10 of ICC women's T20I batting rankings

  • India captain Harmanpreet Kaur has regained her place in the top 10 of the latest ICC women’s T20I batting rankings following her stellar show in the opening T20I of the three-match series against Bangladesh.
  • Tahlia McGrath still leads the way with 784 rating points, closely followed by teammate Beth Mooney (777).
  • Smriti Mandhana (728), Sophie Devine (683) and Bates (677) complete the top five.
  • Deepti Sharma’s economical spell of 0 for 14 in the same game took her to No. 3 in the bowlers’ list with 733 rating points, further closing the gap with Nonkululeko Mlaba (746) and Sophie Ecclestone (788).

Important Days

World Population Day

  • World Population Day is an annual event, observed on July 11 every year, which seeks to raise awareness of global population issues.
  • The event was established by the Governing Council of the United Nations Development Programme in 1989.
  • It was inspired by the public interest in Five Billion Day on July 11, 1987, the approximate date on which the world’s population reached five billion people.

Daily Current Affairs - July 11, 2023 - Consolidated

  • Govt to provide aid to set up Protection and Rehabilitation Homes for trafficking victims in Border areas
  • Union Minister Dr. Jitendra Singh inaugurates DoPPW Bankers’ Awareness Workshop at SKICC Srinagar
  • L&T signs ship repairing agreement with US Navy
  • India and Bangladesh start bilateral trade in rupees
  • 34th International Biology Olympiad, UAE
  • International Maritime Organisation targets achieving net-zero emissions by 2050
  • Union Minister Dr. Jitendra Singh inaugurates multimedia exhibition of CBC at Srinagar
  • Rajasthan govt setting up facilities for hi-tech teaching in it is
  • Uttar Pradesh govt looking to invest about Rs 3,800 crores in agri start-ups
  • Odisha to provide free uniforms to classes 9 and 10 students of govt schools
  • IDFC FIRST Bank, Club Vistara and Mastercard Launch New Credit Card to Redefine Travel Experiences
  • Kotak Life Insurance launches ‘AdvisorsForLife’ campaign
  • Max Life, DCB Bank join hands to offer insurance products
  • India may be world’s 2nd-largest economy by 2075, says Goldman Sachs
  • India’s direct tax mop-up in FY24 rises 16% to Rs 4.75 trillion so far
  • FM Nirmala Sitharaman to chair 50th GST Council meeting in New Delhi
  • Odisha Television introduces Lisa, India’s first AI news presenter
  • UP govt approves two thermal power projects worth Rs 18,000 crore in Sonbhadra’s Obra
  • SBI Card appoints Abhijit Chakravorty as MD & CEO for two years
  • Harmanpreet Kaur back in top-10 of ICC women’s T20I batting rankings
  • World Population Day

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