Daily Current Affairs – July 12, 2023
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Daily Current Affairs - Banking - July 12, 2023
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National News
Ministry of Agriculture and Farmer Welfare organizing national workshop in New Delhi
- Ministry of Agriculture and Farmer Welfare is organizing a national workshop in New Delhi on formation and promotion of 10 thousand Farmers Producers Organisation, FPOs across the country.
- FPOs can play vital role in bringing efficiency in the entire agriculture ecosystem.
- Center had launched the Central Sector Scheme for formation and Promotion of ten thousand FPOs in 2020 with a total budgetary outlay of over six thousand eight hundred crore rupees.
- Ministry of Agriculture and Farmers Welfare – Narendra Singh Tomar,Cabinet Minister (Morena,UP) – Shobha Karandlaje,Minister of State (Udupi Chikmagalur,Karnataka), Kailash Choudhary, Minister of State (Barmer,Rajasthan)
Over one lakh 60 thousand Ayushman Bharat Health and Wellness Centres operationalised across country
- The government has said that over one lakh 60 thousand Ayushman Bharat Health and Wellness Centres have been operationalised across the country.
- These centres deliver a range of comprehensive health care services like maternal and child health, and services to address communicable and non-communicable diseases.
- It also provides free essential medicines and diagnostic services, teleconsultation, and health promotion including wellness activities like Yoga.
- Health and Wellness Centres are contributing immensely towards creating a healthy and prosperous India.
- Ministry of Health and Family Welfare – Mansukh Laxmanbhai Mandaviya,Union Minister (Rajya Sabha MP,Gujarat) – Dr. Bharati Pravin Pawar,Minister of State (Dindori,Maharashtra)
Centre released Rs. 7,532 crores to the States for Disaster Response
- The Department of Expenditure, Ministry of Finance, has today released an amount of Rs. 7,532 crores to 22 State Governments for the respective State Disaster Response Funds (SDRF).
- The amount has been released as per the recommendations of the Ministry of Home Affairs.
S.No. | State | Amount in Crores |
1 | Andhra Pradesh | 493.60 |
2 | Arunachal Pradesh | 110.40 |
3 | Assam | 340.40 |
4 | Bihar | 624.40 |
5 | Chhattishgarh | 181.60 |
6 | Goa | 4.80 |
7 | Gujarat | 584.00 |
8 | Haryana | 216.80 |
9 | Himachal Pradesh | 180.40 |
10 | Karnataka | 348.80 |
11 | Kerala | 138.80 |
12 | Maharashtra | 1420.80 |
13 | Manipur | 18.80 |
14 | Meghalaya | 27.20 |
15 | Mizoram | 20.80 |
16 | Odisha | 707.60 |
17 | Punjab | 218.40 |
18 | Tamil Nadu | 450.00 |
19 | Telangana | 188.80 |
20 | Tripura | 30.40 |
21 | Uttar Pradesh | 812.00 |
22 | Uttrakhand | 413.20 |
- 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)
International News
Rajnath Singh inaugurated HAL's regional office in Malaysia
- Defence Minister Rajnath Singh inaugurated the regional office of Hindustan Aeronautics Limited (HAL) in Kuala Lumpur to facilitate close defence industrial collaboration between India and Malaysia.
- It will also serve as a hub for the HAL’s engagement with the wider South-East Asian region and act as a window for other Indian defence PSUs.
- Ministry of Defence – Rajnath Singh,Union Minister (Lucknow,UP) – Ajay Bhatt,Minister of State (Nainital–Udhamsingh Nagar,Uttarakhand)
State News
Two GST appellate tribunals to be set up in Kerala
- Two GST appellate tribunals will be set up in Kerala at Thiruvananthapuram and Ernakulam, State Finance Minister K N Balagopal.
- The decision was taken at the 50th GST (Goods and Services Tax) Council meeting in the national capital.
- Each tribunal will have two members one judicial and one technical.
- Kerala – Thiruvananthapuram (Capital) – Pinarayi Vijayan (CM) – Arif Mohammad Khan (Governor) – Malayalam (Language)
Banking and Finance
Aim to increase e-rupee transactions to 10 lakh per day by 2023-end: RBI DG
- RBI Deputy Governor T Rabi Sankar said the RBI is aiming to increase the number of Central Bank Digital Currency (CBDC) to 10 lakh per day by the end of 2023.
- At present, the number of CBDC or e-rupee transactions stands at about 5,000 to 10,000 a day.
- CBDC interoperability with UPI systems announced in the June 2023 monetary policy review will be a reality by the end of this month, but underlined the need for more banks to join the CBDC ecosystem.
- In November last year, the RBI introduced a wholesale CBDC pilot and followed it up with a retail pilot in December.
- At present, the number of banks in the pilot has gone up to 13 from eight banks initially.
- Sankar said at present, there are 13 lakh users of the CBDC, including 3 lakh merchants.
- Getting 10 lakh transactions a day is not a difficult task for the system, pointing to 31 crore transactions on the Unified Payments Interface (UPI) at present.
Razorpay launches international payment gateway in Malaysia through Curlec
- Fintech major Razorpay India announced that it has launched its international payment gateway in Malaysia with Curlec, known as ‘Curlec by Razorpay’.
- In February 2022, Razorpay had acquired a majority stake in Kuala Lumpur-based fintech firm Curlec at a valuation of $20 million, kicking off its global expansion plans.
- The balance stake acquisition was to be completed in 2023.
- Curlec currently works with over 700 Malaysian businesses, including Tune Protect, CTOS, Courts, Mary Kay and The National Kidney Foundation.
- The new Curlec payment gateway will serve more than 5,000 businesses with a target of RM 10 billion (around $2 billion) in annualised gross transaction value (GTV) by 2025.
RBI cancelled licence of 2 co-op banks
- The RBI cancelled the licence of two cooperative banks Sri Sharada Mahila Co-operative Bank, Tumkur, Karnataka and Harihareshwar Sahakari Bank, Wai, Satara as the lenders do not have adequate capital and earning prospects.
- About 99.96 per cent of the depositors of Harihareshwar Sahakari Bank are entitled to receive the full amount of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC).
- In the case of Sri Sharada Mahila Co-operative Bank, about 97.82 per cent of the depositors are entitled to receive the full amount of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC).
- Reserve Bank of India (RBI) – 01/04/1935 (Founded) – Mumbai (HQ) – Shaktikanta Das (Governor)
RBI issues draft circular for credit card network portability
- The Reserve Bank of India has proposed rules that could potentially restrict card issuers from engaging in exclusive agreements with card networks like Mastercard, Visa or RuPay.
- The central bank also proposed that rules would be applicable to both banks and non-banking financial companies that issue credit cards, debit cards, or prepaid cards.
- The existing arrangements between card networks and card issuers have been deemed unfavourable in terms of providing customers with sufficient choices.
- The draft circular outlines several changes, including the prohibition of exclusive relationships between card issuers and card networks.
Business and Economy
50th GST Council meeting
- GST Council has decided to exempt cancer-fighting drugs, medicines for rare diseases, and food products for special medical purposes from GST tax.
- 28 percent tax will be levied on online gaming, horse racing, and casinos and these will be taxed at full face value.
- Council has also decided to exempt GST from satellite launch services by private operators.
- GST rates on uncooked, unfried extruded snack pallets have been brought down from 18 percent to 5 percent.
- The rates on fish soluble paste have been bright down to 5 percent from 18 percent.
- Rates on imitation zari threads have been brought down to 5 percent from 12 percent.
Agreements and MoUs signed
International Financial Services Centres Authority (IFSCA) inks MoU with IIML –EIC
- International Financial Services Centers Authority (IFSCA) and IIML-EIC, have signed a MoU at IIM (Indian Institute of Management) Lucknow EIC, Noida campus in Uttar Pradesh.
- This MoU aims to put in place a framework for cooperation and understanding between IFSCA and IIML- EIC to collaborate in supporting and facilitating FinTech and TechFin entities.
- The IFSCA is responsible for development and regulation of international financial services, including that of insurance sector, in the IFSC, which is treated as a separate international financial jurisdiction, distinct from rest of India.
- IFSCA aims to develop a strong global connect and focus on the needs of the Indian economy as well as to serve as an international financial platform at regional/ global level.
- The IIML -EIC IIML EIC is promoted by Indian Institute of Management Lucknow and supported by National Science & Technology Entrepreneurship Development Board (“NSTEDB”), Department of Science and Technology (“DST”), Government of India and Government of state of Uttar Pradesh.
- The IIML EIC is focused on providing speed and faster growth to new ventures for successful commercialization of technology / product through a combination of accelerator programme, seed capital, corporate venture capital funds, smart co-working space, corporate market access, mentoring and training programmes.
- This MoU will enable cooperation and collaboration on diverse initiatives regarding FinTech.
- FinTechs registered with IIML EIC may be facilitated to access IFSCA’s Regulatory and Innovation Sandbox and apply to the IFSCA (FinTech Incentive) Scheme, 2022.
International Financial Services Centres Authority (IFSCA) and Climate Policy Initiative sign MoU to cooperate on Sustainable Finance
- The International Financial Services Centres Authority (IFSCA) and Climate Policy Initiative – India (CPI) have signed a Memorandum of Understanding (MoU) for mutual assistance and cooperation to increase mobilisation of global sustainable capital flows into India.
- The commencement of India’s G20 Presidency begins with the theme “One Earth, One Family, One Future”.
- Sustainable development is a key priority that runs across the priorities of G20 working groups.
- Mobilisation of sustainable finance is critical to achieve transition to green and resilient economies.
- IFSCA has taken significant steps in accelerating global sustainable capital flows by creating a conducive regulatory environment, based on international best practices, focused especially on the needs of India and developing countries.
- With deep expertise in finance and policy, CPI is an analysis and advisory organization that works to improve the most important energy and land use practices around the world.
- CPI’s mission is to help governments, businesses, and financial institutions drive economic growth while addressing climate change.
- It is against this backdrop that IFSCA and CPI are collaborating through a wide-ranging MoU, which includes research and joint convenings in the field of sustainable finance.
Science and Technology
ISRO conducts 'launch rehearsal' for Chandrayaan-3 mission
- The Indian Space Research Organisation has undertaken a 24-hour ”launch rehearsal” simulating the entire launch preparation and process for this week’s Chandrayaan-3 mission to the moon.
- The mission is slated to be launched at 2.35 pm onboard a Launch Vehicle Mark 3 (LVM3) from the spaceport at Sriharikota in Andhra Pradesh.
- Chandrayaan-3 consists of an indigenous propulsion module, lander module, and a rover with an objective of developing and demonstrating new technologies required for inter-planetary missions, according to ISRO.
- Indian Space Research Organisation (ISRO) – 15/08/1969 (Founded) – Bangalore, India (HQ) – Sreedhara Somanath (Chairman)
Power
Government floats tender to set up 4.5 lakh tonne green hydrogen production facility in India
- Solar Energy Corporation of India (SECI) has floated a tender for setting up a production facility of 4.5 lakh tonne of green hydrogen in India under the Strategic Interventions for Green Hydrogen Transition (SIGHT) scheme.
- SECI is a Government of India enterprise under the administrative control of Ministry of New & Renewable Energy (MNRE).
- It is a nodal agency for implementing various schemes for renewable energy in the country.
- According to the tender document, the total capacity available for bidding is 4.5 lakh tonne per annum including 4.1 lakh tonne under Technology Agnostic Pathways and 40,000 tonne under Biomass Based Pathways.
- The total capacity to be allocated under this tender is 450,000 tonne per annum of green hydrogen (GH2).
- Ministry of New and Renewable Energy – Raj Kumar Singh,Union Minister (Arrah, Bihar) – Bhagawanth,Minister of State (Bidar,Karnataka)
Appointments
Manish Gupta appointed as India's next High Commissioner to Ghana
- Manish Gupta, an Indian Foreign Service (IFS) officer of batch 1998, has been appointed as India’s next High Commissioner to Ghana.
- He presently serves as the Consul General of India in Sydney.
- Ghana – Accra (Capital) – Cedi (Currency) – Nana Akufo-Addo (President) – English (Language)
Sports News
ICC 'Player of the Month' June
- Men – Sri Lanka spinner Wanindu Hasaranga
- Women – Australia all-rounder Ashleigh Gardner
Para Athletics World Championships 2023
- The World Para Athletics Championships 2023 are set to commence at the Charlety Stadium in Paris, France.
- This will the 10th edition of the Championships and the third to be held in France.
- The programme features 171 medal events – 93 in the men’s category, 77 in the women’s category and 1 in the mixed category.
- The event will be the first opportunity for athletes to achieve direct qualification slots for the Paris 2024 Paralympics.
- India’s Nishad Kumar has clinched a silver medal in the ongoing Para Athletics World Championships 2023.
- Nishad bagged this medal in the High Jump T47 Event.
- With this win, Nishad has become the second athlete at this event to grab a medal.
Commonwealth Weightlifting Championships
- India has won three gold medals so far in the Commonwealth Weightlifting Championships, which began at the Gautam Budh University, Greater Noida.
- Athlete Jyotsna Sabar has clinched gold in 40kg Youth Category, Asmita in 45kg Youth & Junior Category, and Komal Kohar in 45kg Senior category.
- As many as 253 weightlifters, including 52 Indians, are competing across the senior, junior and youth categories in the five-day tournament.
- The tournament will also serve as a test run for the prestigious AWF Asian Junior and Youth Weightlifting championship, slated to begin later this month.
- India is hosting the tournament for the second time, having successfully organised it in Pune in 2015.
Important Days
International Malala Day 2023
- International Malala Day is observed every year on July 12 to celebrate the life and legacy of Pakistani education activist and Nobel laureate Malala Yousafzai.
- A symbol of the fight for girls’ education, Malala was first recognized globally on October 9, 2012, when she was shot in the head and neck by a Taliban gunman.
- The United Nations first celebrated International Malala Day on July 12, 2013.
- She won Nobel Peace Prize in 2014.
Defence
Army, IAF conduct heliborne training exercise in J&K’s Rajouri
- Army and the Indian Air Force conducted a joint heliborne training exercise in Rajouri district of Jammu and Kashmir.
- Preparedness of troops of Jammu-based White Knight Corps to conduct special operations was reviewed and rehearsed during the exercise, PRO, defence.
- 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)
- Indian Army – 26/01/1950 (Founded) – New Delhi (HQ) – Army Day (January 15) – General Manoj Pande (Chief of Army Staff) – “Service Before Self” (Motto)
Daily Current Affairs - July 12, 2023 - Consolidated
- Ministry of Agriculture and Farmer Welfare organizing national workshop in New Delhi
- Over one lakh 60 thousand Ayushman Bharat Health and Wellness Centres operationalised across country
- Centre released Rs. 7,532 crores to the States for Disaster Response
- Rajnath Singh inaugurated HAL’s regional office in Malaysia
- Two GST appellate tribunals to be set up in Kerala
- Aim to increase e-rupee transactions to 10 lakh per day by 2023-end: RBI DG
- Razorpay launches international payment gateway in Malaysia through Curlec
- RBI cancelled licence of 2 co-op banks
- RBI issues draft circular for credit card network portability
- 50th GST Council meeting
- International Financial Services Centres Authority (IFSCA) inks MoU with IIML –EIC
- International Financial Services Centres Authority (IFSCA) and Climate Policy Initiative sign MoU to cooperate on Sustainable Finance
- ISRO conducts ‘launch rehearsal’ for Chandrayaan-3 mission
- Government floats tender to set up 4.5 lakh tonne green hydrogen production facility in India
- Manish Gupta appointed as India’s next High Commissioner to Ghana
- ICC ‘Player of the Month’ June
- Para Athletics World Championships 2023
- Commonwealth Weightlifting Championships
- International Malala Day 2023
- Army, IAF conduct heliborne training exercise in J&K’s Rajouri
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