Daily Current Affairs – March 07, 2023
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Daily Current Affairs - Banking - March 07, 2023
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National News
Delhi-Dehradun Expressway to be complete by Dec end: Nitin Gadkari
- The construction work of the Delhi-Dehradun Expressway will be complete by the end of December this year, reducing the journey time between the two cities to two hours, Minister of Road Transport and Highways Nitin Gadkari.
- Work on the ropeway project in Kedarnath whose foundation stone was laid by Prime Minister Narendra Modi in October, 2022 has also begun, he said.
- The 12.97-km ropeway, the longest in the world at an altitude of 11,500 feet, will go from Sonprayag to the Himalayan temple.
- Ministry of Road Transport and Highways – Nitin Gadkari,Union Minister (Nagpur,Maharashtra) – Mansukh L. Mandaviya,Minister of State (Rajya Sabha MP,Gujarat)
PM Modi to inaugurate 3rd session of National Platform for Disaster Risk Reduction 2023
- Prime Minister Narendra Modi will inaugurate the 3rd session of National Platform for Disaster Risk Reduction (NPDRR) 2023, Member Secretary National Disaster Management Authority (NDMA), Kamal Kishore.
- Chaired by Union Home Minister and Minister of Cooperation Amit Shah, NPDRR is a multi-stakeholders National Platform.
- National Disaster Management Authority (NDMA) – 23/12/2005 (Founded) – New Delhi (HQ) – Prime Minister (Chief Executive)
Union MoS Bhanu Pratap Singh Verma inaugurates MSME Technology Centres Conclave 2023
- Union MoS Bhanu Pratap Singh Verma inaugurated the MSME Technology Centers Conclave 2023 at Jyoti Chitraban Society, Guwahati.
- The 2-Day conclave is being held to explore opportunities to tap into the immense potential in the use of technology to further accelerate the growth prospects of the MSME sector.
- Ministry of Micro, Small and Medium Enterprises – Narayan Rane,Union Minister (Rajya Sabha MP,Maharashtra) – Bhanu Pratap Singh Verma,Minister of State (Jalaun,UP)
State News
Olectra bags order for 550 e-buses from Telangana RTC
- Olectra Greentech Limited, a subsidiary of Megha Engineering & Infrastructures Limited (MEIL), has received an order for 550 pure electric buses from the Telangana State Road Transport Corporation (TSRTC).
- The order is to supply 50 standard floor 12-metre intercity coach e-buses and 500 low floor 12-metre intracity e-buses, K V Pradeep, chairman and managing director of Olectra Greentech Limited.
- Telangana – Hyderabad (Capital) – K Chandrashekar Rao (CM) – Tamilisai Soundarajan (Governor) –Telugu (Language)
Chhattisgarh government announces Rs2,500 monthly allowance to unemployed youth in Budget
- The Chhattisgarh government presented the annual budget of Rs 1,21,500 crore for the financial year 2023-24 and announced scheme for youth.
- Under the scheme, unemployed youth in the age group of 18 to 35 years who passed class 12, and with an annual family income of less than 2.50 lakh, will be given an allowance of Rs2,500 per month.
- A provision of Rs250 crore has been made in the budget (for this purpose).
- Chhattisgarh – Raipur (Capital) – Bhupesh Baghel (CM) – Biswabhusan Harichandan (Governor) – Chhattisgarhi & Hindi (Language)
7th Edition of Sahayog Contemporary Art Exhibition Brings Together over 75 Artworks from 25 Artists
- The 7th edition of the Sahayog Contemporary Art Exhibition, showcasing over 75 artworks from 25 veteran and young artists at the iconic Jehangir Art Gallery, Kala Ghoda, from 7th March – 13th March, 2023, will be a spectacular affair, as always.
- In association with the Rotary Club of Mumbai West End, organiser-artist Satyendra Rane, alongside all participating artists, will present this prestigious group exhibition to raise funds for the cause of disease prevention and treatment for children in India.
TN CM inaugurates Keeladi museum in Sivaganga
- Tamil Nadu Chief Minister M K Stalin inaugurated a museum here that will showcase the archaeological findings at the Keeladi site, Sivagangai.
- The museum has been established over 31,000 sq.ft. at an estimated Rs18.43 crores.
- Tamil Nadu – Chennai (Capital) – MK Stalin (CM) – RN Ravi (Governor) – Tamil (Language)
CM Kejriwal to inaugurate Ashram flyover extension
- Commuting between Delhi and Noida will become hassle-free after the Ashram flyover extension is opened to public.
- Chief Minister Arvind Kejriwal will inaugurate the flyover extension, which will allow motorists to bypass three traffic lights between Ashram Chowk and DND and make vehicular movement smoother.
Paytm signs MoU with Andhra govt to empower merchants, street vendors
- One97 Communications Limited, that owns leading payments and financial services company Paytm, announced it has signed a memorandum of understanding (MoU) with the Andhra Pradesh government to drive initiatives in financial inclusion, public health and cyber security and empower millions of merchants, street vendors and hawkers in the state.
- The MoU was signed on the sidelines of the Andhra Pradesh ‘Global Investors Summit 2023’, in the presence of Saurabh Gaur, Secretary, IT, Electronics and Communications, state government and Vijay Shekhar Sharma, Founder, Managing Director and CEO, Paytm.
- Paytm (pay through mobile) – August 2010 (Founded) – Noida,UP (HQ) –Vijay Shekhar Sharma (CEO)
Odisha govt approves 25 industrial projects with cumulative investment of ₹5,827 crores
- State Level Single Window Clearance Authority (SLSWCA) of the Odisha government recently approved 25 industrial projects with a cumulative investment of ₹5,827 crores, which is expected to generate employment for over 25,000 people.
- Odisha – Bhubaneswar (Capital) – Naveen Patnaik (CM) – Ganeshi Lal (Governor) – Odia (Language)
Banking and Finance
UTI Mutual Fund launches UTI Long Duration Fund
- UTI Mutual Fund (UTI) has launched UTI Long Duration Fund, an open-ended debt scheme that will invest in debt and money market instruments with the portfolio Macaulay Duration is above seven years.
- The scheme will have a relatively high interest rate risk and relatively low credit risk.
- The New Fund Offer (NFO) is open for subscription and will close on March 15.
- The scheme aims to generate optimal returns with adequate liquidity by investing in a portfolio of debt and money market instrument.
- The minimum application amount is Rs 5,000 and in multiples of Re 1 thereafter.
- During the NFO period, the units of the scheme will be sold at face value – that is, Rs 10 per unit.
- The scheme will offer Regular Plan and Direct Plan – with Growth and IDCW options.
- The scheme will be benchmarked against CRISIL Long Duration Fund AIII Index.
- UTI Mutual Fund (Unit Trust of India) – 14/01/2003 (Founded) – Mumbai (HQ) – Imtaiyazur Rahman (MD & CEO)
RBI governor launches Har Payment Digital for making every citizen a user of digital payments
- Reserve Bank of India Governor Shaktikanta Das launched mission Har Payment Digital with the objective of making every citizen a user of digital payments as part of Digital Payments Awareness Week (DPAW) 2023 from March 6 to 12.
- Digital Payment Apnao, Auron ko Bhi Sikhao (Adopt digital payments and Teach others also) — will be the theme for this awareness week.
- Reserve Bank of India (RBI) – 01/04/1935 (Founded) – Mumbai (HQ) – Shaktikanta Das (Governor)
Svasti Microfinance raises USD 5 Million from IIX's Women's Livelihood Bond 5, the World's First Orange Bond issuance
- Svasti Microfinance Private Limited (Svasti) has received $ 5 million through Non-Convertible Debentures from Singapore-based Impact Investment Exchange (IIX)’s Women’s Livelihood Bond 5 (WLB5).
- WLB5 is the fifth issuance under IIX’s Women’s Livelihood Bond™ (WLB) Series, which is the world’s first gender-lens bond compliant with International Capital Markets Association and listed on a stock exchange.
- Through five successful bond issuances, the WLB™ Series has mobilized over $ 128 million – leading to improved livelihoods and economic resilience for more than 1.3 million women across Asia-Pacific and Africa.
Bank of Baroda reduces home loan rate by 40 bps to 8.5pc until Mar 31
- State-owned Bank of Baroda (BoB) slashed its home loan interest rates by 40 basis points (bps) to 8.5 per cent to beat the competition.
- Further, the bank also reduced its MSME loan interest rates starting at 8.40 per cent.
- Both offers are with effect from March 5, 2023, and are valid for a limited period till March 31, 2023.
- Bank of Baroda (BOB or BoB) – 20/07/1908 (Founded) – Vadodara, Gujarat (HQ) – Sanjiv Chadha (MD & CEO) – “India’s International Bank” (Tagline)
Home loans to grow at 13 per cent CAGR over FY23-26: Jefferies report
- While home loan demand continues to be strong, the rise in rates at large housing finance companies (HFCs) has had a slight impact on disbursements, according to a Jefferies report.
- Disbursements at large HFCs de-grew 3 per cent year-on-year (YoY) in the third quarter.
- Bank housing loans dipped 0.5 per cent month-on-month (MoM) in January.
- They forecast housing loans to grow at 13 per cent CAGR (compounded annual growth rate) over FY23-26 versus 17 per cent YoY in 3QFY23 per their estimate.
- Loans at affordable HFCs (AHFCs) grew 27 per cent YoY in 3Q, according to per Jefferies’ estimate.
Business and Economy
Auto components industry to grow 10-15 pc in FY24: ACMA
- India’s auto components industry is expected to grow around 10-15 per cent in FY24, driven by both domestic and export market demand despite fears of recession in major markets of US and Europe, Automotive Component Manufacturers Association of India.
- The auto components industry which clocked a turnover of USD 56.5 billion in FY22 with a growth of 23 per cent over the previous year is expected to end FY23 with a growth of 15 per cent.
- Automotive Component Manufacturers Association (ACMA) – 1959 (Founded) – New Delhi (HQ) – Sunjay Kapur (President)
Indian retail industry to reach USD 2 trillion by 2032: Reliance Retail Director Subramaniam V
- The Indian retail market is one of the fastest growing in the world and is expected to reach USD 2 trillion by 2032, according to Reliance Retail Director Subramaniam V.
- The Indian retail market is estimated at USD 844 billion in 2022 with the unorganised retail market contributing around 87 per cent of the share.
Marico inks MoU with NUTRIHUB, IIMR
- Fast-Moving Consumer Goods (FMCG) major Marico signed a Memorandum of Understanding (MoU) with NUTRIHUB and the Indian Institute of Millets Research (Under the Indian Council of Agricultural Research) to develop, research and train collaboration in millets processing.
- The MoU signed for two years aims to promote millets through its differentiated product offerings.
Acquisitions and Mergers
Chennai-based Computer Age Management Services acquires majority stake in Think Analytics
- City-based Computer Age Management Services Ltd (CAMS) has picked up majority stake in Think Analytics India Pvt Ltd (Think360 AI) aimed at strengthening its account aggregator framework and enhance Artificial Intelligence and analytics services.
- Think360 AI established in 2013 is an AI and data sciences firm.
Appointments
Justice Amit Sharma takes oath as Delhi HC judge
- Justice Amit Sharma took oath of office as a permanent judge of the Delhi High Court.
- Chief Justice Satish Chandra Sharma administered the oath to Justice Amit Sharma.
Important Days
National Safety Day
- The annual day of National Safety Day takes place on March 4.
- The day was designated by the National Safety Council to enhance public awareness of all safety concepts.
- Road safety, occupational safety, human health, and environmental safety are included in it.
- In 1972, the inaugural National Safety Day was observed.
- Theme– “Our Goal – Zero Harm”
Defence
Indian Navy successfully test-fires BrahMos missile
- The Indian Navy successfully test-fired in the Arabian Sea the ship-launched version of the BrahMos supersonic missile.
- The missile that was tested had the indigenous ”seeker and booster’.
- BrahMos Aerospace Pvt Ltd, an India-Russian joint venture, produces supersonic cruise missiles that can be launched from submarines, ships, aircraft, or land platforms.
- BrahMos missile flies at a speed of 2.8 Mach or almost three times the speed of sound.
INS Trikand reaches Bahrain for her first participation in International Maritime Exercise/Cutlass Express 2023
- INS Trikand reaches Bahrain for her first participation in International Maritime Exercise/Cutlass Express 2023.
- The Indian warship INS Trikand has arrived in Bahrain for her first participation in the International Maritime Exercise organised by the US-led Combined Maritime Forces, a 34-nation naval group.
- During the stay in Mina Salman seaport, Bahrain, INS Trikand hosted Rear Adm Jean Michel Martinet of the French Navy, who is also the Vice Commander of IMX23 & Commander Task Force (East).
- IMX/CE-23 is one of the world’s largest multinational maritime exercises.
- While this is the Indian Navy’s first IMX participation, it is also the second time an Indian Naval ship is participating in a CMF exercise.
- Previously, in November 2022, INS Trikand took part in the CMF-led Operation Sea Sword 2.
- 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)
Daily Current Affairs - March 07, 2023 - Consolidated
- Delhi-Dehradun Expressway to be complete by Dec end: Nitin Gadkari
- PM Modi to inaugurate 3rd session of National Platform for Disaster Risk Reduction 2023
- Union MoS Bhanu Pratap Singh Verma inaugurates MSME Technology Centres Conclave 2023
- Olectra bags order for 550 e-buses from Telangana RTC
- Chhattisgarh government announces Rs2,500 monthly allowance to unemployed youth in Budget
- 7th Edition of Sahayog Contemporary Art Exhibition Brings Together over 75 Artworks from 25 Artists
- TN CM inaugurates Keeladi museum in Sivaganga
- CM Kejriwal to inaugurate Ashram flyover extension
- Paytm signs MoU with Andhra govt to empower merchants, street vendors
- Odisha govt approves 25 industrial projects with cumulative investment of ₹5,827 crores
- UTI Mutual Fund launches UTI Long Duration Fund
- RBI governor launches Har Payment Digital for making every citizen a user of digital payments
- Svasti Microfinance raises USD 5 Million from IIX’s Women’s Livelihood Bond 5, the World’s First Orange Bond issuance
- Bank of Baroda reduces home loan rate by 40 bps to 8.5pc until Mar 31
- Home loans to grow at 13 per cent CAGR over FY23-26: Jefferies report
- Auto components industry to grow 10-15 pc in FY24: ACMA
- Indian retail industry to reach USD 2 trillion by 2032: Reliance Retail Director Subramaniam V
- Marico inks MoU with NUTRIHUB, IIMR
- Chennai-based Computer Age Management Services acquires majority stake in Think Analytics
- Justice Amit Sharma takes oath as Delhi HC judge
- National Safety Day
- Indian Navy successfully test-fires BrahMos missile
- INS Trikand reaches Bahrain for her first participation in International Maritime Exercise/Cutlass Express 2023
Daily Current Affairs - February, 2023
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| Daily Current Affairs – February 1, 2023 | Will be Updated |
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| Daily Current Affairs – February 4 & 5, 2023 | Click Here |
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