Daily Current Affairs – June 28, 2023
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Daily Current Affairs - Banking - June 28, 2023
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National News
Cabinet Approval
- The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, approved the introduction of the National Research Foundation (NRF) Bill, 2023 in the Parliament.
- The approved Bill will pave the way to establish NRF that will seed, grow and promote Research and Development (R&D) and foster a culture of research and innovation throughout India’s universities, colleges, research institutions, and R&D laboratories.
- The bill, after approval in the Parliament, will establish NRF, an apex body to provide high-level strategic direction of scientific research in the country as per recommendations of the National Education Policy (NEP), at a total estimated cost of Rs. 50,000 crores during five years (2023-28).
- The Department of Science and Technology (DST) will be the administrative Department of NRF which will be governed by a Governing Board consisting of eminent researchers and professionals across disciplines.
- Since the scope of the NRF is wide-ranging impacting all ministries the Prime Minister will be the ex-officio President of the Board and the Union Minister of Science & Technology & Union Minister of Education will be the ex-officio Vice-Presidents.
- NRF’s functioning will be governed by an Executive Council chaired by the Principal Scientific Adviser to the Government of India.
- Cabinet also gave approval for ratification of the Headquarters Agreement (HQA) between Government of India (Gol) and Coalition for Disaster Resilient Infrastructure (CDRI) signed on 22nd August, 2022.
- The CDRI was launched by the Hon’ble Prime Minister of India during the United Nations Climate Action Summit on the 23’d September, 2019, at New York.
- It is a major global initiative launched by the Government of India and is seen as India’s attempts to obtain a global leadership role in climate change and disaster resilience matters.
- Cabinet also approved a new scheme PM-PRANAM to incentivise states to promote alternative fertilisers and reduce the use of chemical fertilisers.
- The scheme PM-PRANAM (PM Programme for Restoration, Awareness, Generation, Nourishment and Amelioration of Mother Earth) was announced by Finance Minister Nirmala Sitharaman on February 1 as part of the Budget for 2023-24.
- Citing example, suppose a state is using 10 lakh tonne of conventional fertiliser, and if it reduces its consumption by 3 lakh tonne, then the subsidy saving would be Rs 3,000 crore.
- Out of that subsidy savings, the Centre will give 50 per cent of it Rs 1,500 crore to the state for promoting the use of alternative fertiliser and other development works.
- Cabinet also decided to increase fair and remunerative prices for sugarcane for the next season by Rs 10 to Rs 315 per quintal for the season 2023-24.
Indian government earmarks Rs 1,43,332 crore worth incentives to 12 states for power sector reforms
- The Indian government has provided financial incentives of Rs 1,43,332 crore to 12 states for power sector reforms.
- This includes Rs 66,413 crore as additional borrowing for reforms completed in 2021-22 and 2022-23.
- The incentives aim to improve efficiency and performance and will enable states to borrow additional funds.
- Specifically, states can borrow up to 0.5% of their Gross State Domestic Product annually from 2021-22 to 2024-25 if they implement specific power sector reforms.
- Under this initiative, an additional borrowing space of up to 0.5 percent of the Gross State Domestic Product (GSDP) is available to the States annually for a four-year period from 2021-22 to 2024-25.
- This additional financial window is dependent on implementation of specific reforms in the power sector by the States.
- Ministry of Chemicals and Fertilizers – Mansukh Laxmanbhai Mandaviya,Union Minister (Rajya Sabha MP,Gujarat) – Bhagawanth Khuba,Minister of State (Bidar,Karnataka)
State News
MoUs for Rs 1,723 crore investment signed in Tamil Nadu, expected to generate 30,000 jobs
- Investments worth Rs 1,723.05 crore were confirmed at the International Micro Small and Medium Enterprises (MSME) Day function held under the chairmanship of Chief Minister M K Stalin while a special government scheme for SC/ST entrepreneurs was also launched.
- The MoU, signed in the presence of the Chief Minister, would help in creating employment for about 30,000 people.
- A Memorandum of Understanding between FaMe TN (Facilitating MSMEs in Tamil Nadu) and SIDBI (Small Industries Development Bank of India) was inked to attract investments worth Rs 1,510 crore to provide jobs for 7,400 people.
- The Chief Minister inaugurated three new industrial estates at Kodur in Chengalpattu district, Manapparai in Tiruchirappalli and Sakkimangalam in Madurai district at an estimated cost of Rs 153.22 crore providing employment to 21,500 people and also a cashew processing cluster at Kadampuliyur in Cuddalore district under the MSME cluster development scheme for Rs 2.16 crore including a government subsidy of Rs 1.81 crore.
- Tamil Nadu – Chennai (Capital) – MK Stalin (CM) – RN Ravi (Governor) – Tamil (Language)
CM Dhami laid foundation stone for Aroma Park in Kashipur
- Uttarakhand Chief Minister Pushkar Singh Dhami laid the foundation stone for first Aroma Park in the state.
- Uttarakhand is the first state in the country, in which a special and dedicated institution Aromatic Plant Center (CAP) has been established by the government at the state level for the development of the aromatic sector, which has the responsibility of increasing the economy of the state through aromatic farming.
- Uttarakhand – Dehradun (Winter), Gairsain (Summer) (Capital) – Pushkar Singh Dhami (CM) – Gurmit Singh (Governor) – Hindi (Language)
Schemes
AP CM launches Jagananna Amma Vodi scheme to disburse financial aid of Rs 6,393 crores
- Andhra Pradesh Chief Minister Y S Jagan Mohan Reddy launched the ‘Jagananna Amma Vodi’ scheme for the fourth year, under which financial assistance of Rs 6,393 crore will be deposited into the bank accounts of 43 lakh beneficiaries, at Kurupam in Parvathipuram Manyam district.
- Spanning 10 days, Amma Vodi will be distributed in all the mandals benefiting more than 83 lakh students studying in classes 1 to 12 across the state.
- Under the Amma Vodi scheme, eligible mothers who send their children to schools will receive Rs 15,000 financial aid to meet the educational expenses.
- The state has credited a total of Rs 26,067 crore under Jagananna Amma Vodi scheme, including Rs 6,393 crore disbursal set in motion.
- Andhra Pradesh – Amaravati (Capital) – Y. S. Jagan Mohan Reddy (CM) – S. Abdul Nazeer (Governor) – Telugu (Language)
Banking and Finance
Canara Bank Offers UPI Payments Through RuPay Credit Cards
- Canara Bank has become the first public sector bank in India to introduce UPI (Unified Payments Interface) payments for merchants through its RuPay Credit Card.
- This exciting feature is now accessible within the bank’s ‘Canara ai1’ Banking Super App, thanks to a partnership with the National Payments Corporation of India (NPCI).
- This development means that Canara Bank customers can now make UPI payments to merchants directly from their RuPay Credit Cards.
- Customers will have to link their Canara Bank RuPay Credit Cards to their UPI IDs, to conduct credit card transactions using this secure and seamless digital payment method.
- Canara Bank – 01/07/1906 (Founded) – Bangalore (HQ) – K Satyanarayana Raju (MD & CEO) – “Together We Can”
Kotak Mahindra Bank customers can now use RuPay credit cards on UPI
- Private sector Kotak Mahindra Bank and National Payments Corporation of India (NPCI) announced that bank’s customers can now use their RuPay Credit Card on UPI with UPI-enabled apps.
- Kotak Mahindra Bank customers can select from seven RuPay Credit Cards to use seamlessly on UPI.
- With the linkage of Kotak RuPay Credit Cards on UPI, customers would not need to use their physical Credit Card.
- Customers can make payments from the UPI app at merchant outlets with QR codes and POS devices across the country.
- This integration offers several advantages as Kotak RuPay Credit Card on UPI transactions are not only simple but also secure given that customers are not required to carry the physical credit card.
- Kotak Mahindra Bank – 21/11/1985 (Founded) – Mumbai (HQ) – Uday Kotak (MD & CEO) – “Let’s Make Money Simple” (Tagline)
World Bank approved $200m to increase share of renewable energy in Himachal Pradesh
- The World Bank’s Board of Executive Directors approved a loan of $200 million to the Government of Himachal Pradesh to facilitate power sector reforms in the state and increase the share of renewable energy (RE) in the state’s electricity generation.
- This will contribute to the state’s overall aim of adding 10,000 megawatts (10 gigawatts) of additional RE capacity to make the state’s power supply greener.
- World Bank – December 1944 (Founded) – Washington DC (HQ) – Ajay Banga (President)
India's average health insurance claim is Rs 42,000; 15% exceed Rs 100,000
- The average cost of health insurance claims in India is Rs 42,000, with 15% of these claims exceeding Rs 100,000, revealed a study by a research report by SecureNow, a Delhi-based insurance broker.
- Just 0.2 percent were for amounts greater than Rs 1 million, while 85 per cent claims were for less than Rs 100,000.
- This highlights the need for policyholders and insurance providers to consider potential high-cost scenarios, such as hospitalizations exceeding five days and costing over Rs 5 lakh, when designing coverage options.
- According to SecureNow’s study, typical hospitalisation is for two days, but over 21 percent is for three or more days.
Business and Economy
Public procurement from GeM portal touched ₹50,000 crores mark in Q1
- Procurement of goods and services from government portal, GeM has touched ₹50,000 crore-mark in the first quarter of this fiscal year.
- This is a strong growth over same period last fiscal.
- The Government e-Market (GeM) portal was launched on August 9, 2016, for online purchases of goods and services by all the central government ministries and departments.
- In 2022-23, procurement of goods and services from the portal crossed ₹2 lakh crore.
Nature
New species of ‘jumping spider’ found in Goregaon
- Researchers have documented the presence of a new spider species in Mumbai, and have fittingly christened it ‘Hasarius mumbai’, after the city.
- The arachnid was found to inhabit rocks lying in close proximity to natural, seasonal streams at the Bombay Natural History Society’s (BNHS) conservation education centre (CEC) in Goregaon East.
- The 33-acre nature reserve is “one of the few pristine mixed moist deciduous forest types in India” and shares its boundaries with the biodiverse landscapes Sanjay Gandhi National Park (SGNP) and Film City in Aarey Milk Colony (AMC).
- The word ‘Hasarius’ refers to a genus a category in taxonomy that ranks above species of ‘jumping spiders’ in the ‘salticidae’ family.
- These are spiders which, instead of trapping their prey in a web, stalk and hunt the prey by pouncing on it.
- This genus, first discovered in the year 1826, occurs primarily in warm climates.
- The researchers from Christ College, Kerala; School of Natural Sciences, Macquarie University, Sydney, Australia; and the Bombay Natural History Society, Mumbai, have published their findings in the latest issue of the international, peer-reviewed journal Arthropoda Selecta.
Power
India’s first hydrogen-powered train expected to run from Haryana’s Jind district
- India’s first hydrogen plant is being set up near the railway junction in Jind district.
- The development of the plant has reached the final stage and that hydrogen will be produced from water.
- The first prototype of the hydrogen train is expected to be introduced in the financial year 2023-2024 between Jind and Sonipat on the Northern Railway.
- The hydrogen fuel-based train of eight bogies will be environmentally friendly.
Acquisitions and Mergers
SBI will acquire 20% stake in SBI Pension Funds from SBICAPS
- The Executive Committee of the Central Board (ECCB) of the State Bank of India (SBI) has accorded approval to the Bank for acquiring the entire 20 per cent stake held by SBI Capital Markets (SBICAPS) in SBI Pension Funds.
- Currently, SBI has a 60 per cent stake in SBI Pension Funds, with the balance stake being held by SBICAPS (20 per cent) and SBI Funds Management (20 per cent).
- SBICAPS is a wholly-owned subsidiary of SBI.
- It provides Investment Banking and Corporate Advisory Services to its clients.
- SBI Pension Funds is a Pension Fund Manager (PFM), managing the pension corpus under the National Pension System (NPS).
- State Bank of India (SBI) – 01/07/1955 (Founded) – Mumbai (HQ) – Dinesh Kumar Khara (Chairman) – “Pure Banking, Nothing Else” (Tagline)
Appointments
Morgan, Knight and Goswami included in MCC World Cricket Committee
- Jhulan Goswami (India), Heather Knight and Eoin Morgan (England) have become the latest members of the MCC’s world cricket committee ahead of the body’s meeting at Lord’s.
- Committee Members – Mike Gatting (chairman), Jamie Cox, Suzie Bates, Clare Connor, Kumar Dharmasena, Sourav Ganguly, Jhulan Goswami, Heather Knight, Justin Langer, Eoin Morgan, Ramiz Raja, Kumar Sangakkara, Graeme Smith, Ricky Skerritt.
Rohit Jawa takes charge as MD and CEO of Hindustan Unilever
- Rohit Jawa appointed as the Managing Director and Chief Executive Officer of Hindustan Unilever Ltd (HUL).
- Jawa has replaced Sanjiv Mehta.
Ranks and Indices
Energy Transition Index
- The World Economic Forum ranked India at the 67th place globally on its Energy Transition Index and said it is the only major economy with energy transition momentum accelerating across all dimensions.
- Sweden topped the list and was followed by Denmark, Norway, Finland and Switzerland in the top five on the list of 120 countries.
- Releasing the report published in collaboration with Accenture, the WEF said the global energy transition has plateaued amid the global energy crisis and geopolitical volatilities, but India is among the countries that have made significant improvements.
Quacquarelli Symonds (QS) World University Ranking
- 20th edition of QS Rankings 2024 was released and Massachusetts Institute of Technology (MIT) is on top of the rankings for the 12th year in a row.
- QS World University Rankings are run by global higher analyst specialist Quacquarelli Symonds.
- The rankings analyse 1,500 institutions across 104 locations and draw insights from 17.5 million academic papers and 2,40,000 academic faculty and employers.
- This year for the first time 45 Indian Institutions got ranked in QS World University Ranking.
Rank | University |
1 | Massachusetts Institute of Technology (MIT) |
2 | University of Cambridge |
3 | University of Oxford |
4 | Harvard University |
5 | Stanford University |
149 | Mumbai (51.7/100) |
Reports
RBI's Financial Stability Report
- Scheduled commercial banks’ net non-performing assets (NPA) ratio fell to a 10-year low of 3.9 per cent in March 2023, the Reserve Bank of India noted in the latest edition of its Financial Stability Report.
- Gross and net NPA ratios have fallen from a high of 11.5 per cent and 6.1 per cent in March 2018 to 3.9 per cent and 1.0 per cent in March 2023 respectively.
- Reserve Bank of India (RBI) – 01/04/1935 (Founded) – Mumbai (HQ) – Shaktikanta Das (Governor)
Sports News
Special Olympics World Games 2023
- The 2023 Special Olympics World Summer Games, officially known as the XVI Special Olympic World Games and also Special Olympics World Games Berlin 2023 was the 16th Special Olympics, being held in Berlin, Germany.
- 190 Nations, 26 Sports, and 6500 Athletes.
- India ended their Special Olympics World Games campaign with a whopping 202 medals.
- India secured 76 gold, 75 silver and 51 bronze medals in the global multi-sport spectacle that celebrates unity, diversity and special skills among people with intellectual disabilities.
Defence
Tejas Mk 2 to be ready for first flight by 2025
- India-made Tejas Mk 2 light combat aircraft (LCA) could be ready for its maiden flight by 2025 with an American engine, according to Prabhulla Chandran VK, director of avionics and weapons systems at the Aeronautical Development Agency (ADA), the nodal agency for the design of the indigenous fighter.
- The Central Scientific Instrumentation Organisation, which had designed the head-up display (HUD) for Tejas Mk 1, is also involved in the manufacture of the HUD for the Tejas Mk 2.
- Prior to the US collaboration, India was looking at France and Rolls Royce for the engine manufacture.
- Indian Air Force (IAF) – 26/01/1950 (Founded) – New Delhi (HQ) – Airforce Day (October 08) – Air Chief Marshal Vivek Ram Chaudhari (Chief of Air Staff) – ‘Touch the sky with Glory’ (Motto)
Daily Current Affairs - June 28, 2023 - Consolidated
- Cabinet Approval
- Indian government earmarks Rs 1,43,332 crore worth incentives to 12 states for power sector reforms
- MoUs for Rs 1,723 crore investment signed in Tamil Nadu, expected to generate 30,000 jobs
- CM Dhami laid foundation stone for Aroma Park in Kashipur
- AP CM launches Jagananna Amma Vodi scheme to disburse financial aid of Rs 6,393 crores
- Canara Bank Offers UPI Payments Through RuPay Credit Cards
- Kotak Mahindra Bank customers can now use RuPay credit cards on UPI
- World Bank approved $200m to increase share of renewable energy in Himachal Pradesh
- India’s average health insurance claim is Rs 42,000; 15% exceed Rs 100,000
- Public procurement from GeM portal touched ₹50,000 crores mark in Q1
- New species of ‘jumping spider’ found in Goregaon
- India’s first hydrogen-powered train expected to run from Haryana’s Jind district
- SBI will acquire 20% stake in SBI Pension Funds from SBICAPS
- Morgan, Knight and Goswami included in MCC World Cricket Committee
- Rohit Jawa takes charge as MD and CEO of Hindustan Unilever
- Energy Transition Index
- Quacquarelli Symonds (QS) World University Ranking
- RBI’s Financial Stability Report
- Special Olympics World Games 2023
- Tejas Mk 2 to be ready for first flight by 2025
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