Daily Current Affairs – March 06, 2024
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Daily Current Affairs - Banking - March 06, 2024
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National News
CCI organises 9th edition of National Conference on Economics of Competition Law
- The Competition Commission of India (CCI) organised the 9th National Conference on Economics of Competition Law in New Delhi.
- The Conference, which brought together scholars, practitioners, and experts working in the area of economics of competition law, is being organised by the CCI every year since
- The Conference, in addition to the Inaugural Session, featured two technical sessions on ‘Regulation of Competition in Digital Markets: Emerging Approaches, Theories and Tools’; and ‘Competition, Consolidation and Innovation: Trends and Perspectives’ where researchers presented papers on economics of competition law.
- The first session was chaired by Rajat Kathuria, Professor & Dean, School of Humanities and Social Sciences, Shiv Nadar University, had papers dealing with regulation of competition in digital markets.
- The second session was chaired by Rohit Prasad, Professor, Economic and Public Policy, Management Development Institute, Gurgaon focused on competition, consolidation and innovation.
- Competition Commission of India (CCI) – 14/10/2003 (Founded) – New Delhi (HQ) – Ravneet kaur (Chairperson)
Three-day National Horticulture Fair, hosted by IIHR began in Hessarghatta, Bengaluru
- Indian Institute of Horticulture Research (IIHR) hosted the three-day National Horticulture Fair in Hessarghatta, Bengaluru.
- The theme of the fair is ‘Nextgen technology-led horticulture for sustainable development.’
- The event highlights innovative technologies like smart irrigation, vertical farming, and digital horticulture, emphasizing water conservation for drought-affected state farmers.
- The primary goal is to boost farmers’ income and ensure the production of high-quality horticultural goods.
- During the event 25 farmers including 5 from North Eastern States, 4 entrepreneurs, 5 Food Processing Organizations, and 5 Krishi Vigyan Kendra staff members were selected for honour.
- The fair includes hands-on training and workshops covering various horticultural aspects.
- With 250 dedicated stalls, the event anticipates the participation of approximately 75,000 people from across the country, providing them with an opportunity to explore the latest advancements in the field.
State News
Development Projects inaugurated by Prime Minister in West Bengal
- Prime Minister Narendra Modi has inaugurated multiple connectivity projects worth ₹15,400 crores in Kolkata, West Bengal.
- The inaugurated projects also include India’s first underwater metro rail service.
- The new metro line, called the Howrah Maidan-Esplanade section, will be the country’s first transportation tunnel beneath a major river.
- The 8-km Howrah Maidan-Esplanade section has been built at a cost of ₹4,138 crores.
- The stretch can also boast of India’s deepest Metro station at Howrah, located 30 meters below ground level.
- The metro service will connect Howrah and Salt Lake — the West Bengal state capital’s twin cities.
- Three out of six stations will be underground.
- It is expected to zoom through a 520-metre stretch under the Hooghly in just 45 seconds.
Union Minister Dharmendra Pradhan Inaugurates Centre of Management Education at NALCO, Angul
- A Centre of Management Education of IIM Mumbai and IIM Sambalpur was inaugurated by the Union Minster for Education, Skill Development & Entrepreneurship, Dharmendra Pradhan at NALCO Training Institute in Angul, Odisha.
- This Centre of Management Education set up in NALCO Campus at Angul will play a pivotal role in meeting the skill demand required for Logistic Sector of our State.
- The Centre will not be limited to Angul and Dhenkanal district, but will also be beneficial to all the Industries of Odisha.
- Management Centre shall impart courses of three and six months on Logistics and Operation.
- It will also impart one-year Executive Post Graduate Course The course structure has been designed in consultation with the Industries by IIMs.
- This Centre will also offer new courses keeping in view the requirement from time to time.
Meghalaya Chief Minister inaugurates Chitmnag Chaiwat Multi-Purpose Water Reservoir at Badri
- The Chief Minister of Meghalaya Conrad K Sangma inaugurated the Chitmnag Chaiwat Multi-Purpose Water Reservoir (RIDF – XXVI NABARD) at Badri Rongdong ij South Garo Hills District.
- Funded under the Rural Infrastructure Development Fund (RIDF) by NABARD constructed at a cost of ₹1.77 crore, covering an area of 73 hectares, the project primarily focuses on rehabilitating abandoned jhum lands.
Andhra Pradesh Chief Minister lays foundation stone for six major development projects in Visakhapatnam
- Andhra Pradesh Chief Minister S. Jagan Mohan Reddy laid foundation stone for six development projects worth ₹1,528 crore of the Greater Visakhapatnam Municipal Corporation (GVMC).
- Among the projects include augmentation of 66 MLD (15 MGD) water supply for both industrial clusters and domestic needs of Madhurawada which is a ₹595 crore project.
- With this project, the corporation tends to improve water supply in Madhurwada to benefit nearly seven lakh population and foundation stone was also laid for ₹553 crore project to provide comprehensive sewerage system in Madhurawada.
- He also laid foundation stone for construction of a new integrated office building for GVMC at Mudasarlova at a cost of ₹99.47 crore, another ₹231 crore project to improve water supply and UGD in Zone III, V, VI, VIII under AMRUT and laid foundation stone for the works of eco-friendly turtle-themed beach over five acre space at Sagar Nagar.
- The project to widen Giri Pradikshina road at a cost of ₹34 crore was also initiated during the programme.
Schemes
Defence Minister launches ADITI scheme to promote innovations in critical and strategic defence tech
- Defence Minister Rajnath Singh launched the Acing Development of Innovative Technologies with iDEX (ADITI) scheme to promote innovations in critical and strategic defence technologies.
- Under the scheme, start-ups are eligible to receive grant-in-aid of up to ₹25 crore for their research development and innovation endeavours in defence technology.
- The scheme was launched during DefConnect 2024 event here in the presence of Chief of Defence Staff General Anil Chauhan and others.
- Ministry of Defence – Rajnath Singh,Union Minister (Lucknow,UP) – Ajay Bhatt,Minister of State (Nainital–Udhamsingh Nagar,Uttarakhand)
Banking and Finance
RBI allows customers to choose card networks at issuance
- The Reserve Bank of India has barred exclusive agreements between banks and card networks and has allowed customers to choose the network at the time of issue.
- At present, the card issued to a customer is decided by the card issuer (bank/non-bank) and is linked to the arrangements that the card issuers have with card networks in terms of their bilateral agreements.
- RBI said that card issuers shall not enter into any arrangement or agreement with card networks that restrains them from availing the services of other card networks.
- However, the direction on allowing users to pick the network shall not be applicable to credit card issuers with a number of active cards issued by them being 10 lakh or less.
- Card issuers who issue credit cards on their own authorised card network are excluded from the applicability of the circular.
30 banks join RBI UDGAM portal for unclaimed deposits
- The Reserve Bank said 30 banks are facilitating people to search their unclaimed deposits/accounts through UDGAM portal, and the remaining banks are in the process of getting on-boarded.
- UDGAM — Unclaimed Deposits-Gateway to Access information — is an online portal developed by RBI.
- It facilitates the registered users to search unclaimed deposits/accounts across multiple banks in one place in a centralised manner.
- All unclaimed deposits/accounts that are part of the Depositor Education and Awareness (DEA) Fund of RBI can be searched in the UDGAM portal.
- The unclaimed deposits totalled ₹42,270 crore as of March 2023.
Punjab National Bank ties up with EaseMyTrip to launch travel credit card
- Punjab National Bank (PNB) has partnered with online travel tech platform EaseMyTrip to launch a co-branded travel credit card “PNB EMT Credit Card”.
- This co-branded travel credit card is aimed at mass to premium segments.
- Users can earn rewards in a variety of categories, including flights, hotels, and holiday packages.
- Furthermore, this new credit card includes a wallet for contactless payments. PNB EMT credit card comes with an annual membership fee of ₹2000 and can be used across 100 countries.
- Punjab National Bank – 19/05/1894 (Founded) – Dwarka, New Delhi (HQ) – Atul Kumar Goel (MD & CEO) – “The Name You Can Bank Upon” (Tagline)
RBI bars JM Financial from financing against debentures and shares
- The Reserve Bank of India (RBI) prohibited JM Financial Products from financing against shares and debentures, including sanctioning and disbursing loans against initial public offerings (IPOs) of shares and subscriptions to debentures.
- The RBI cited serious governance concerns as the reason for this action.
- The RBI will institute a special audit and review the restrictions after its completion.
- JM Financial Products, however, will continue to service its existing loan accounts through the usual collection and recovery process.
- The action was necessitated due to serious deficiencies observed with respect to loans sanctioned by the company for IPO financing and subscriptions of non-convertible debentures.
Business and Economy
Bloomberg to add Indian bonds to emerging market indices in January 2025
- Bloomberg announced including Indian government securities called “Fully Accessible Route (FAR) bonds” in the Bloomberg Emerging Market (EM) Local Currency Government Index and related indices.
- This will be done over 10 months, starting January 31, 2025, instead of September 2024, which was envisaged earlier.
- This is the second major global index that will be including Indian bonds.
- JP Morgan had announced index inclusion from June 28, 2024.
- Indian FAR bonds will be included in the Bloomberg EM Local Currency Government indices with an initial weight of 10 (per cent) of their full market value on January 31, 2025.
- The weighting of FAR bonds will be increased in increments of 10 per cent of their full market value every month over the 10-month period ending in October 2025, when they will be weighted at their full market value in the indices.
- The indices in scope for inclusion include the “Bloomberg EM Local Currency Government Index”, the “Bloomberg EM Local Currency Government Index 10 per cent Country Capped Index”, and all related subindices.
NSO data: India's unemployment rate in 2023 dropped to 3.1%
- According to latest employment-unemployment indicators report released by the National Statistical Office (NSO), India’s unemployment rate dropped to 1 per cent in 2023 from 3.6 per cent in the preceding year, reflecting continued improvement in the labour markets.
- During the calendar year 2023 (CY23), the unemployment rate in both rural and urban areas declined to 2.4 per cent and 5.2 per cent, respectively, from 8 per cent and 5.9 per cent in 2022.
- The unemployment rate for rural women (1.9 per cent) was lower than for rural men (2.7 per cent) in 2023, whereas in urban areas, the rate was higher for women (7.5 per cent) compared to men (4.4 per cent).
- The unemployment rate under the so-called ‘usual status’ for persons aged 15 years and above during the one-year period shows a decline for the second consecutive year since 2021 when the NSO report started enlisting data on an annual basis.
Agreements and MoUs signed
Swiggy partnered with IRCTC to deliver food on Indian Railways
- Swiggy, signed an MoU with the Indian Railway Catering and Tourism Corporation (IRCTC) whereby it will deliver pre-ordered food on trains.
- The service will start with four stations – Bengaluru, Bhubaneshwar, Visakhapatnam and Vijayawada – from March 12 and will be expanded to 59 additional city stations in the coming weeks.
- The food delivered to passengers will be packed in insulated Swiggy bags; and, Swiggy’s support agents will be trained in resolution process, gratification and cancellation policies.
- The support agents will also be equipped to connect with restaurants and delivery partners based on the order status and the nature of the customer issue.
- Indian Railway Catering and Tourism Corporation (IRCTC) – 27/09/1999 (Founded) – New Delhi (HQ) – Sanjay Kumar Jain (Chairman & MD)
Nature
India’s 1st dolphin research centre inaugurated in Patna
- Bihar Chief Minister Nitish Kumar inaugurated India’s first-ever dolphin research centre in Patna.
- Built at a cost of ₹30 crores, the National Dolphin Research Center (NDRC) stands on the banks of the Ganges inside the Patna University campus and will help students and researchers understand the behaviour of freshwater dolphins, particularly of those found in the Ganges.
- Gangetic River Dolphin was declared the national aquatic animal in the year
Appointments
RBI approves appointment of BK Divakara as Whole-Time Director of CSB Bank
- The Reserve Bank of India (RBI) has approved the appointment of BK Divakara as a Whole-Time Director (Executive Director) of CSB Bank for three years.
- He has been Head-Strategy & Corporate Legal at CSB Bank since June 5, 2023.
- Prior to this, he held the position of CFO from February 5, 2020 to June 4, 2023.
- He was Executive Director with Central Bank of India for five years beginning January 23, 2014 and also an Associate Member of the Institute of Chartered Accountants of India, Institute of Company Secretaries of India and Institute of Cost and Management Accounts of India.
- CSB Bank Limited – 26/11/1920 (Founded) – Thirussur, Kerala (HQ) – Pralay Mondal (MD & CEO) – Support All the Way (Tagline)
Obituary
Aziz Qureshi passed away
- Former Uttar Pradesh Governor and senior Congress leader Aziz Qureshi passed away at 83.
- He was first elected as an MLA in 1972 from Sehore, Madhya Pradesh and became a Lok Sabha member in 1984.
- He had served as the governor of Uttarakhand, Uttar Pradesh and Mizoram.
Sports News
Shahbaz Nadeem retires from all cricket in India
- India and Jharkhand left-arm spinner Shahbaz Nadeem has announced his retirement from all forms of cricket in India.
- The move is with an intent to participate in T20 leagues around the world, including the legends competitions.
- He made his Test debut in Ranchi against South Africa in
- He picked up 542 wickets in first-class cricket, including eight in two Test matches for India.
- He played for Delhi Daredevils from 2011 to 2018 and Sunrisers Hyderabad from 2019-2021 in the IPL, picking up 48 wickets in the competition.
Important Days
World Obesity Day 2024
- World Obesity Day is annually observed on March 4.
- The day encourages practical solutions to help people achieve and maintain a healthy weight, undertake proper treatment, and reverse the obesity crisis.
- Obesity is commonly defined as having too much body mass.
- A BMI of 30 or higher is the usual benchmark for obesity in adults.
- A BMI of 40 or higher is considered severe (formerly “morbid”) obesity.
- The day was convened by the World Obesity Federation in collaboration with its global members and was first observed in
- Theme – ‘Let’s Talk About Obesity And…’.
World Day Of Fight Against Sexual Exploitation 2024
- World Day Of Fight Against Sexual Exploitation is annually observed on March 4.
- The day’s primary goal is to unite the world to take a stand against all forms of sexual exploitation.
- The day aims to protect vulnerable individuals from sexual exploitation and provide support to victims of sexual abuse.
- Sexual exploitation is a global issue that denies basic human rights: the right to freedom, dignity, and control over one’s own body.
- The day was first observed in 2009.
Daily Current Affairs - March 06, 2024 - Consolidated
- CCI organises 9th edition of National Conference on Economics of Competition Law
- Three-day National Horticulture Fair, hosted by IIHR began in Hessarghatta, Bengaluru
- Development Projects inaugurated by Prime Minister in West Bengal
- Union Minister Dharmendra Pradhan Inaugurates Centre of Management Education at NALCO, Angul
- Meghalaya Chief Minister inaugurates Chitmnag Chaiwat Multi-Purpose Water Reservoir at Badri
- Andhra Pradesh Chief Minister lays foundation stone for six major development projects in Visakhapatnam
- Defence Minister launches ADITI scheme to promote innovations in critical and strategic defence tech
- RBI allows customers to choose card networks at issuance
- 30 banks join RBI UDGAM portal for unclaimed deposits
- Punjab National Bank ties up with EaseMyTrip to launch travel credit card
- RBI bars JM Financial from financing against debentures and shares
- Bloomberg to add Indian bonds to emerging market indices in January 2025
- NSO data: India’s unemployment rate in 2023 dropped to 3.1%
- Swiggy partnered with IRCTC to deliver food on Indian Railways
- RBI approves appointment of BK Divakara as Whole-Time Director of CSB Bank
- Aziz Qureshi passed away
- Shahbaz Nadeem retires from all cricket in India
- World Obesity Day 2024
- World Day Of Fight Against Sexual Exploitation 2024
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