Daily Current Affairs – March 02, 2024
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Daily Current Affairs - Banking - March 02, 2024
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National News
DPIIT and World Bank jointly organise National Workshop on Logistics Efficiency Enhancement
- The Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry in collaboration with the World Bank Group organised a National Workshop on Logistics Efficiency Enhancement, in New Delhi that brought together the logistics sector community to brainstorm and identify factors affecting logistics performance and areas of improvement.
- The workshop was divided into three sessions.
- Session I covered discussions on the approach and methodology adopted in the calculation of the Logistics Performance Index (LPI) by the World Bank.
- During the session, representatives from the World Bank highlighted the change in the LPI calculation approach and new Key Performance Indicators (KPIs) that would measure the actual speed of trade around the world, thereby moving from a perception-based survey methodology to a more data-based analysis.
- Session II discussed the corridor approach including Bharatmala and Sagarmala Corridors which is enhancing logistics efficiency, bringing down logistics costs, and increasing first and last mile connectivity.
- While Bharatmala project is optimising the efficiency of freight and passenger movement across the country, by bridging critical infrastructure gaps, Sagarmala project is enabling port led industrialization and incentivizing employment generation.
- During session III, officials from States shared best practices, reforms, and digital initiatives undertaken to improve logistics efficiency.
- They further highlighted the challenges faced by States in achieving goals outlined in their state logistics policies and key areas where support by the Central Government, private sector, and other stakeholders are needed.
- World Bank – December 1944 (Founded) – Washington DC (HQ) – Ajay Banga (President)
Various road projects inaugurated by Union Road Transport & Highway Minister
- Union Minister for Road Transport & Highways, Nitin Gadkari inaugurated 8 National Highway projects at a cost of ₹4142 crore in Rae Bareli, foundation stone of 10 National Highway projects at a cost of ₹10,000 crore in Jaunpur and foundation stone of 2 National Highway projects worth ₹1750 crore in Mirzapur, Uttar Pradesh.
- He has approved ₹766.42 crore for construction and strengthening of various National Highways projects in Goa and also ₹3371.18 crore has been sanctioned for three projects encompassing sections from Nilambazar/Cheragi bypass to Chandkhira, Chandkhira to Churaibari, and Karimganj to Sutarkandi for the widening to 4 Lane on NH-37 & 8.
- Totaling 58.06 km, these sections fall under Packages V, VI and VII of the Silchar Churaibari Corridor in
Home Minister inaugurate National Urban Cooperative Finance and Development Corporation in New Delhi
- Union Home and Cooperation Minister Amit Shah will launch National Urban Co-operative Finance and Development Corporation Limited, the Umbrella organization for the Urban Cooperative Banks in New Delhi.
- The setting up of the umbrella organization is another milestone in achieving the goal of ‘Sahakar se Samriddhi’ to make ‘Aatma Nirbhar’
- This initiative aims to modernize and strengthen the Urban Cooperative Banking Sector, which will benefit both the banks and their customers.
- NUCFDC has received a Certificate of Registration from the Reserve Bank of India to operate as a Non-Banking Finance Company and serve as the umbrella organization for the urban cooperative banking sector.
- In addition to this, it will be allowed to operate as a Self-Regulatory Organization for the sector.
- 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)
- Ministry of Cooperation – Amit Anil Chandra Shah,Union Minister (Gandhinagar,Gujarat) – B. L. Verma, Minister of State (Rajya Sabha MP,UP)
FSSAI says 150 railway stations are now certified as “Eat Right Stations”
- The Food Safety and Standards Authority of India (FSSAI) has certified nearly 150 railway stations across the country as Eat Right Stations.
- This is part of the food safety authority’s Eat Right movement which focuses on ensuring safe, hygienic and nutritious food options across colleges, institutions, workplaces and even hospitals among others.
- Stations that have been certified as “Eat Right stations” include railway stations in New Delhi, Varanasi, Kolkata, Ujjain, Ayodhya Cantt, Hyderabad, Chandigarh, Kozhikode, Guwahati, Visakhapatnam, Bhubaneswar, Vadodra, Mysuru City and Bhopa
- It also includes Delhi’s Anand Vihar Terminal and Chennai’s Puratchi Thalaivar Dr MG Ramachandran Central Railway Station.
- Food Safety and Standards Authority of India (FSSAI) – 05/09/2008 (Founded) – New Delhi (HQ) – Shri Rajesh Bhushan (Chairman)
Finance Minister launches seven infrastructure projects worth over ₹1,000 crore
- Finance Minister Nirmala Sitharaman virtually launched seven infrastructure projects worth over ₹1,000 crore from New Delhi.
- She laid the foundation stone for the construction of the Departmental Residential Complex comprising 198 quarters of Type-II and III for the officials of Income Tax Department, in Haryana.
- She also laid the foundation stone of the Residential Complex at Sector-53, Gurugram, comprising 214 quarters of Type-II to VI for providing adequate residential houses for the officers and officials of the Income Tax Department.
- She also inaugurated State Bank of India’s new local head office building, Life Insurance Corporation of India’s International Business Centre building, and Canara Bank’s IFSC Banking Unit at GIFT City, Gandhinagar, Gujarat and inaugurated the new head office building of United India Insurance Company Limited at Chennai.
- 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)
State News
Development Projects inaugurated and laid down by Prime Minister in West Bengal
- The Prime Minister, Narendra Modi dedicated to the nation and laid the foundation stone for multiple development projects worth ₹15,000 crore in Krishnanagar, Nadia district and also laid the foundation stone for multiple development projects worth ₹7,200 crore in Arambagh, Hooghly, West Bengal.
Chapchar Kut festival celebrated across Mizoram
- Chapchar Kut – the biggest festival of Mizoram was celebrated across the state with full traditional fervor and festivities.
- Chapchar Kut has been celebrated since time immemorial.
- In the olden days, it was celebrated for days and weeks.
- But in modern times, the celebration has been shortened to a day or two.
- In recent times, the festival is celebrated on the first Friday of March every year.
- Chapchar Kut is being celebrated to thank God after completion of their most arduous task of jhum operation – jungle clearing (clearing of the remnants of burning) at the beginning of a year.
- Cheraw dance is the Main dance but other dances performed during the festival are Khuallam, Chheihlam, Chai and Sarlamkai.
‘Tawi Festival’ celebrated in Jammu & Kashmir
- In Jammu and Kashmir, the four-day long ‘Tawi Festival’ to showcase Jammu region’s art, culture, and heritage was held.
- This year’s festival will strictly remain focussed on the promotion of Jammu’s rich, diverse art forms and cultural heritage where the youth will also get a platform to give a vent to their creativities besides sharing thoughts with experts.
- The festival comprises Seminars, workshops, and talks, performances of folk music and street theatre, classical and folk dance and music, and a Mela, with an emphasis on showcasing entrepreneurship, innovation, local cuisines, and organic products sourced from women’s NGO groups across the Himalayan region.
- The last day is being hosted at the University of Jammu.
Banking and Finance
FIU-Ind imposes ₹5.49 crores penalty on Paytm Payment Bank
- The Financial Intelligence Unit-India (FIU-IND) imposed a penalty of ₹5.49 crore on beleaguered Paytm Payments Bank Ltd with reference to violations of its obligations under the Prevention of Money Laundering Act.
- the agency initiated a review of the Paytm Payments Bank Ltd on receipt of specific information from law enforcement agencies in respect of few entities and their network of businesses engaged in a number of illegal acts, including organising and facilitating online gambling.
- Further, “the money generated from these illegal operations, i.e. proceeds of crime were routed and channelled through bank accounts maintained by these entities with the Paytm Payments Bank Ltd.
- Financial Intelligence Unit-India (FIU-IND) – 18/11/2004 (Founded) – New Delhi (HQ) – Vivek Aggarwal (Director)
Business and Economy
₹1,68,337 crore gross GST revenue collected during February 2024
- Gross Goods and Services Tax (GST) revenue collected for February 2024 is ₹1,68,337 crores, marking a robust 5% increase compared to that in the same month in 2023.
- Central Goods and Services Tax (CGST): ₹31,785 crore
- State Goods and Services Tax (SGST): ₹39,615 crore
- Integrated Goods and Services Tax (IGST): ₹84,098 crore, including ₹38,593 crore collected on imported goods
- Cess: ₹12,839 crores, including ₹984 crores collected on imported goods
- As of February 2024, the total gross GST collection for the current fiscal year stands at ₹18.40 lakh crore, which is 7% higher than the collection for the same period in FY 2022-23.
- The average monthly gross collection for FY 2023-24 is ₹1.67 lakh crore, exceeding the ₹1.5 lakh crore collected in the previous year’s corresponding period.
LIC pays ₹2,441 crore interim dividend to Centre
- The Life Insurance Corporation of India paid an interim dividend of more than ₹2,441 crore to the Centre.
- Chairperson Siddhartha Mohanty presented a cheque for ₹2441,44,91,124 to Finance Minister Nirmala Sitharaman.
- Life Insurance Corporation of India (LIC) – 01/09/1956 (Founded) – Mumbai (HQ) – Siddhartha Mohanty (Chairman)
Agreements and MoUs signed
Coal India Limited Signs MoU with Indian Institute of Managements (IIM) to boost PM’s mission Gati Shakti
- The Coal India Limited entered into a Memorandum of Understanding (MoU) with Indian Institute of Managements (IIM) Mumbai and Sambalpur, marking a crucial step in multimodal connectivity infrastructure for coal transportation in alignment with the PM Gati Shakti National Master Plan 2021.
- Under this initiative, a one-year PGP-Ex programme in “Logistics and Operations Excellence through Digitisation” is to be conducted for the Executives of Coal India, serving in MCL and other subsidiaries.
- Coal India Limited (CIL) – 1975 (Founded) – Kolkata (HQ) – Pramod Agarwal (Chairman & MD)
Kerala Agri varsity signs MoU with Mondelez India Food for cocoa research
- The Kerala Agricultural University has signed a memorandum of understanding (MoU) with Mondelez India Food Pvt Ltd (Cadbury) to strengthen cocoa research across the country.
- This is a continuing project for 37 years and the research output has strengthened cocoa cultivation in India.
- More than 90 per cent of cocoa farms from the country has been benefited by the project with the planting materials supplied from KAU.
- The potential of the planting materials of KAU is evident when India’s average for dry bean touched 5 kg weight per tree per year while the world average is only 0.5 kg.
- Since cocoa farming is extending to new areas, the challenges of new pest and disease have to be addressed.
- Moreover, climate resilient varieties have to be developed to withstand the global climate change.
- All these objectives are covered in the new project which is expected to benefit cocoa farmers.
India have signed a Memorandum of Understanding (MoU) with Nicaragua on Pharmacopoeia
- India and Nicaragua have signed a Memorandum of Understanding (MoU) on Pharmacopoeia on cooperation in the field of the regulation of medicines.
- With this MoU, Nicaragua has become the first nation in Spanish speaking world to recognise Indian Pharmacopeia.
- Nicaragua – Managua (Capital) – Córdoba (Currency) – Daniel Ortega (President) – Spanish (Official Language)
Appointments
Gyanendra Shukla appointed as MD & CEO of Rallis India
- The board of Rallis India Ltd, a leading agri-inputs company, has appointed Gyanendra Shukla as Managing Director & Chief Executive Officer of the company for five years with effect from April 1, 2024.
- He will take over from Sanjiv Lal on completion of his term on March 31, 2024.
Future Generali India Life Insurance appoints Alok Rungta as MD & CEO
- Future Generali India Life Insurance appointed Alok Rungta as its managing director and chief executive officer (MD & CEO) from April 1, 2024 subject to regulatory approvals.
- He will replace Bruce De Broize who serve as MD & CEO until March 31.
IPS officer Anurag Agarwal appointed head of Parliament security
- IPS officer Anurag Agarwal has been appointed as the head of Parliament security.
- He is currently an inspector general in CRPF, the 1998-batch officer of the Assam-Meghalaya cadre has been appointed as joint secretary (security) for three years.
Awards and Recognitions
President Murmu to award highest military honour to 4 IAF units
- President Droupadi Murmu will be awarding the highest military honour, ‘President’s Standard and Colours’, to four Indian Air Force (IAF) units at Air Force Station Hindan.
- This will be the first time in the history of IAF that four units will be awarded President’s Standard & Colours together.
- The President’s Standard will be received by Group Captain M Surendran, Commanding Officer of 45 Squadron and Group Captain Shubhankan, Commanding Officer of 221 Squadron.
- The President’s Colours will be received by Air Commodore Ashutosh Vaidya, Air Officer Commanding of 11 Base Repair Depot and Group Captain Vivek Sharma Commanding Officer of 509 Signal Unit.
- Droupadi Murmu will be giving the President’s Standard to 45 Squadron and 221 Squadron and the President’s Colours to 11 Base Repair Depot and 509 Signal Unit.
Defence
Exercise Samudra Laksamana held between India & Malaysia
- Indian Naval Ship Kiltan and Royal Malaysian Ship KD Lekir are participating in the 3rd edition of bilateral Exercise Samudra Laksamana off the coast of
- The exercise is aimed at harbouring professional interactions between the two navies followed by the operational phase at sea.
- The exercise took place for the first time in September 2019.
- Malaysia – Kuala Lumpur (Capital) – Ringgit (Currency) – Sultan Ibrahim (Monarch) – Anwar Ibrahim (Prime Minister) – Malay (Official Language)
Ministry of Defence signs five major capital acquisition contracts worth ₹39,125.39 crore
- Ministry of Defence (MoD)signed five major capital acquisition contracts worth ₹39,125.39 crores in New Delhi.
- The contract for RD-33 Aero Engines for MiG-29 aircraft has been signed with M/s Hindustan Aeronautics Limited (HAL) at a cost of ₹5,249.72 crore.
- The contract for procurement of CIWS has been signed with M/s Larsen & Toubro Limited at a cost of ₹7,668.82 crore.
- The contract for procurement of HPR has also been signed with M/s Larsen & Toubro Limited at a cost of ₹5,700.13 crore.
- The contract for procurement of BrahMos missiles has been signed with M/s BrahMos Aerospace Private Limited (BAPL) at a cost of ₹19,518.65 crore.
- The contract for Procurement of Ship borne BrahMos system has also been signed with M/s BrahMos Aerospace Private Limited (BAPL) at a cost of ₹988.07 crore.
Daily Current Affairs - March 02, 2024 - Consolidated
- DPIIT and World Bank jointly organise National Workshop on Logistics Efficiency Enhancement
- Various road projects inaugurated by Union Road Transport & Highway Minister
- FSSAI says 150 railway stations are now certified as “Eat Right Stations”
- Home Minister inaugurate National Urban Cooperative Finance and Development Corporation in New Delhi
- Finance Minister launches seven infrastructure projects worth over ₹1,000 crore
- Development Projects inaugurated and laid down by Prime Minister in West Bengal
- Chapchar Kut festival celebrated across Mizoram
- ‘Tawi Festival’ celebrated in Jammu & Kashmir
- FIU-Ind imposes ₹5.49 crores penalty on Paytm Payment Bank
- ₹1,68,337 crore gross GST revenue collected during February 2024
- LIC pays ₹2,441 crore interim dividend to Centre
- Coal India Limited Signs MoU with Indian Institute of Managements (IIM) to boost PM’s mission Gati Shakti
- Kerala Agri varsity signs MoU with Mondelez India Food for cocoa research
- India have signed a Memorandum of Understanding (MoU) with Nicaragua on Pharmacopoeia
- Gyanendra Shukla appointed as MD & CEO of Rallis India
- Future Generali India Life Insurance appoints Alok Rungta as MD & CEO
- IPS officer Anurag Agarwal appointed head of Parliament security
- President Murmu to award highest military honour to 4 IAF units
- Exercise Samudra Laksamana held between India & Malaysia
- Ministry of Defence signs five major capital acquisition contracts worth ₹39,125.39 crore
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