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Daily Current Affairs – March 08, 2023

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Daily Current Affairs - Banking - Mar 08

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National News

Power Grid Corp board approves investments of about Rs4,071 crores

  • State-owned Power Grid Corporation’s board has approved investments of nearly Rs4,071 crores for two transmission projects in the country.
  • The board has approved the transmission system for Kurnool Wind Energy Zone/ Solar Energy Zone (AP) — Part-A & Part-B — at an estimated cost of Rs3,546.94 crores, scheduled to be commissioned by November 2024.
  • It has also approved the Eastern Region Expansion Scheme-XXIX (ERES-XXIX) at an estimated cost of Rs524.04 crores, scheduled to be commissioned by November 2025.
  • Power Grid Corporation of India Limited – 23/10/1989 (Founded) – Gurugram, Haryana (HQ) – Kandikuppa Sreekant (MD & CEO)

Genesis, IGL to invest Rs110 crores to set up meter manufacturing plant

  • Genesis, an arm of Vikas Lifecare Limited (VLF), has inked a pact with Indraprastha Gas Limited (IGL) to set up a meter manufacturing plant at an estimated cost of Rs110 crores.
  • The unit will be set up through a joint venture company.

Shri Bhupender Yadav says more than 9,000 Jan Aushadhi Kendras have been opened across the country to make health facilities accessible to all

  • Union Minister for Labour and Employment and Environment,Forest and Climate Change Shri Bhupender Yadav addressed the  Jan Aushdhi Diwas2023 program organized in Dwarka, Delhi.
  • He said under the leadership of the Prime Minister Shri Narendra Modi, more than 9,000 Jan Aushadhi Kendras have been opened across the country by the central government to make health facilities accessible to all people.
  • Ministry of Labour & Employment Bhupender Yadav,Cabinet Minister (Rajya Sabha MP,Rajasthan) – Rameshwar Teli,Minister of State (Dibrugarh,Assam)

Shri Nitin Gadkari says 4-lane National Highway (NH) developed in Kerala at cost of Rs 571 crore to connect ICTT Vallarpadam with Kalamassery

  • Union Minister for Road Transport and Highways Shri Nitin Gadkari has said Coastal and port connectivity infrastructure play a pivotal role in a nation’s economic growth.
  • A 4-lane National Highway (NH) has been developed at a total cost of ₹571 crores to connect ICTT (International Container Transhipment Terminal) Vallarpadam with Kalamassery.
  • The project involved the construction of a port connectivity highway, stretching 8.721 km through the backwaters of the Arabian Sea at Cochin, on reclaimed land.
  • This highway enhances the mobility of eight seashore villages and has significantly contributed to the socio-economic development of the region.
  • Ministry of Road Transport and Highways – Nitin Gadkari,Union Minister (Nagpur,Maharashtra) – Mansukh L. Mandaviya,Minister of State (Rajya Sabha MP,Gujarat)

State News

Himachal CM Sukhu announces to increase award money from Rs 21,000 to Rs 1 Lakh for women

  • Himachal Pradesh Chief Minister Thakur Sukhvinder Singh Sukhu felicitated several women for their contribution in different fields and announced to increase the amount of ‘HP Mahila Vikas Protsahan Puraskar’ from Rs 21,000 to Rs 1 lakh and district-level awards from Rs 5,000 to Rs 25,000.
  • Himachal Pradesh – Shimla (Summer), Dharamshala (Winter) (Capital) – Sukhvinder Singh Sukhu (CM) – Shiv Pratap Shukla (Governor) – Hindi (Language)

Assam conducts roadshow in Mumbai to promote film tourism

  • In a bid to promote Assam as a film tourism-friendly state, the brand Assam Tourism conducted a roadshow in Mumbai.
  • With sustainability as the centre point and one of the guiding principles, the Assam government in November 2022 launched a new tourism policy.
  • A new comprehensive website for Assam Tourism was also launched where tourists will be able to avail of various services under one roof.
  • Assam– Dispur (Capital) – Himanta Biswa Sarma (CM) – Gulab Chand Kataria (Governor) – Assamese & Boro (Language)

Union Health Minister Mandaviya, Karnataka CM inaugurate NaMo Free Dialysis Centre in Bengaluru

  • Union Health Minister Mansukh Mandaviya and Karnataka Chief Minister Basavaraj Bommai inaugurated the NaMo Free Dialysis Centre and unveiled the 100th Janaushadhi Kendra in Bengaluru.
  • The Dialysis centre is set up under the MPLADS fund of Bengaluru South MP Tejasvi Surya at the KSRTC Hospital in Jayanagar in Bengaluru.
  • Janaushadhi Kendras have helped the poor to buy medicines at nominal rates.
  • A Cancer medicine priced at 1000 rupees in the open market is available for 200 rupees in Jan Aushadhi Kendras.
  • Ministry of Health and Family Welfare – Mansukh Laxmanbhai Mandaviya,Union Minister (Rajya Sabha MP,Gujarat) – Dr. Bharati Pravin Pawar,Minister of State (Dindori,Maharashtra)

350 modern health infrastructure projects coming up in J&K: LG Manoj Sinha

  • 350 modern health infrastructure projects coming up in the UT for resilient health system & strong socio-economic growth.
  • The UT administration has to start 75 Jan Aushadhi Kendras in every district to mark the Amrit Kaal.
  • Jammu & Kashmir – Srinagar (May–October)
  • Jammu (Nov-April) (Capital) – Manoj Sinha (Lieutenant Governor) – Urdu, Kashmiri, Dogri, Hindi, English (Language)

Kitex Group ups investments in Telangana to ₹3,000 crores

  • Textile manufacturer Kitex Group, which hit the headlines two years back moving out of Kerala, has increased its investment outlay in Telangana to ₹3,000 crores from the originally announced ₹1,000 crores.
  • We are going to provide employment to 28,000 people, with 80 per cent being women, Kitex Group Chairman and Managing Director Sabu Jacob.
  • Telangana – Hyderabad (Capital) – K Chandrashekar Rao (CM) – Tamilisai Soundarajan (Governor) –Telugu (Language)

Sterlite Power commissions green energy transmission corridor in Gujarat

  • Sterlite Power has commissioned the 335 km-long green energy corridor in Gujarat—Lakadia-Vadodara transmission project (LVTPL)—for evacuating solar and wind power from the state.
  • The project aims to deliver more than 5,000 megawatts (MW) of power from renewable rich regions of Bhuj and Kutch to the national grid, a step towards accelerating India’s transition towards a greener economy.

Gujarat announces financial assistance for potato, onion growers

  • Amidst dwindling prices of onion and potato on higher output than last year, the Gujarat government, announced financial assistance in terms of freight and subsidy for exports, price difference, and storage subsidy for sale within the State.
  • A price difference of ₹2 per kg (or ₹200 per quintal) for onion crop (red onion variety) with a ceiling of 250 quintals will be provided per farmer.
  • The State will spend ₹70 crores on this assistance.
  • For potato growers, cold storage assistance of ₹1 per kg or ₹100 per quintal with up to 300 quintals will be provided to each farmer.
  • The State has provisioned ₹200 crores under this scheme, applicable till March 31, 2023.
  • Gujarat – Gandhinagar (Capital) – Bhupendrabhai Patel (CM) –        Acharya Devvrat (Governor) – Gujarati & Hindi (Language)

OPPO India to promote start-ups, innovation in AP

  • OPPO India, a mobile company, has signed an agreement with the Andhra Pradesh Innovation Society (APIS), the State Nodal Agency for promoting the growth of the entrepreneurship ecosystem, to support deep tech start-ups in the State.
  • The agreement, signed during the recent Global Investors Summit, is aimed at promoting innovation culture and mentoring start-ups.

Andhra Pradesh govt to launch family doctor scheme from March 15

  • The Andhra Pradesh government is all set to launch the family doctor scheme on March 15, aimed at taking medical services to the citizens’ doorstep.
  • As part of the family doctor pilot project, the state health department has so far extended nearly 46 lakh medical services to people of the state.
  • Andhra Pradesh – Amaravati (Capital) – Y. S. Jagan Mohan Reddy (CM) – S. Abdul Nazeer (Governor) – Telugu (Language)

Startup investments of ₹18.4 crore announced at KSUM’s Seeding Kerala

  • Kerala’s efforts to boost its startup ecosystem received a major boost when nascent companies in the State received assurances of investments worth ₹18.4 crore, turning a new chapter in the Government’s efforts to create a dynamic early-stage ecosystem.
  • At the ‘Seeding Kerala’ conclave organized by the Kerala Startup Mission (KSUM), Kozhikode-based Sparks Angel Network announced bringing in an investment of ₹8 crores in the State’s startups, while Kerala Angel Network pegged its figure at ₹5 crores.
  • Phoenix Angels said it was investing ₹3.5 crore, and another ₹1.45 crore was set to come from a pool led by startup founders.
  • GSF Accelerator revealed it would invest ₹40 lakhs in 2018-founded Humblx, a real estate startup based in Kochi.
  • Kerala – Thiruvananthapuram (Capital) – Pinarayi Vijayan (CM) – Arif Mohammad Khan (Governor) – Malayalam (Language)

Sagasahi a model solar village

  • Sagasahi, a remote village in Odisha’s tribal dominated Sundergarh district has become a model in the state as the entire village is electrified by solar energy.
  • Odisha – Bhubaneswar (Capital) – Naveen Patnaik (CM) – Ganeshi Lal (Governor) – Odia (Language)

UP CM inaugurates PICU units at two CHCs, to benefit 5 lakh kids

  • Newly constructed Pediatric Intensive Care Units (PICUs) were inaugurated at Gorakhpur’s Jangal Kauria and Chargaon (Khuthan) Community Health Centres (CHCs) by Chief Minister Yogi Adityanath.
  • Uttar Pradesh – Lucknow (Capital) – Yogi Adityanath (CM) – Anandiben Patel (Governor) – Hindi (Language)

Banking and Finance

Bandhan Bank opens Mega Currency Chest in West Bengal

  • Bandhan Bank has opened a Mega Currency Chest in Kolkata to help the bank in cash management for MSME customers, 1,757 banking outlets and ATMs in West Bengal.
  • Gunveer Singh, Chief General Manager of the Reserve Bank of India, inaugurated the currency chest.
  • This is the bank’s third mega currency chest, with the other two being in Patna and Guwahati.
  • Bandhan Bank – 2015 (Founded) – Kolkata, West Bengal (HQ) – Chandra Shekhar Ghosh (MD & CEO) – “Aapka Bhala, Sabki Bhalai” (Tagline)

City Union Bank rolls out credit card in tie-up with 42 Card Solutions

  • City Union Bank has launched its first credit card, the Dhi CUB Visa Signature Credit Card, in partnership with credit cards-as-a-service provider 42 Card Solutions.
  • The private sector bank initially issued the cards to its employees in a trial run, and plans to have around 30,000 active cards by the end of March 2023.
  • City Union Bank – 1904 (Founded) – Kumbakonam, Tamil Nadu (HQ) – Dr. N. Kamakodi (MD & CEO) – “Trust and Excellence since 1904” (Tagline)

RBI initiates 75 digital villages programme

  • The Reserve Bank of India (RBI) has launched a programme to adopt 75 villages and convert them into digital payment enabled villages.
  • Under the initiative, payment system operators (PSOs) will adopt these villages across the country and conduct two camps in each of these villages with an aim to improve awareness and onboard merchants for digital payments.
  • Reserve Bank of India (RBI) – 01/04/1935 (Founded) – Mumbai (HQ) – Shaktikanta Das (Governor)

Business and Economy

BSE & UN Women India launches a new programme, 'FinEMPOWER', at Bombay Stock Exchange

  • BSE and UN Women India launched a new programme, ‘FinEMPOWER’, at the Bombay Stock Exchange (BSE).
  • It is a year-long joint capacity-building programme between BSE and UN Women to empower women towards financial security.
  • In commemoration of International Women’s Day, BSE and UN Women India collaboratively organised the ‘Ring the Bell for Gender Equality ceremony to accelerate investment in women leaders and entrepreneurs at BSE.
  • Bombay Stock Exchange (BSE)– 09/07/1875 (Founded) – Mumbai, Maharashtra (HQ) – SS Mundra (Chairman) – Sundararaman Ramamurthy (MD & CEO)

India to allow 1 mt additional sugar for export if output reaches 33.6 mt

  • The government will consider allowing additional 1 million tonnes (mt) of sugar over and above the 6.1 mt already permitted if the domestic production reaches 33.6 mt.

Airbus bags order for two ACH160 helicopters in India

  • Airbus has received an order for two advanced ACH160 helicopters in India.
  • ACH160 is the latest member of the ACH family and has 68 new Airbus patented technologies.
  • It provides 20 per cent greater volume per passenger compared to previous generation medium twin helicopters and 35 per cent larger windows than its competitors.
  • Airbus – 18/12/1970 (Founded) – Leiden, Netherlands (HQ) – Guillaume Faury (CEO)

Amazon joins hands with ‘Womennovator’ to enable 200 Indian women entrepreneurs

  • Amazon India has announced its association with a global incubator for women entrepreneurs, Womennovator, to support them in scaling operations across India and the world –
  • As part of this association, Amazon will enable 200 women entrepreneurs to launch their products on Amazon’s international marketplaces/websites and create global brands from India.
  • Amazon – 05/07/1994 (Founded) – Seattle, Washington (HQ) – Andy Jassy (CEO)

Jindal Stainless to invest ₹120 crores for two rooftop solar plants

  • Jindal Stainless, the country’s largest stainless steel producer, plans to install two rooftop solar plants, one of 21 Megawatt Peak (MWp) capacity and another of 6 MWp, at the Jajpur and Hisar facilities.
  • The estimated investment is to the tune of Rs 120 crore.
  • Both projects are scheduled to be completed by March 2024.

Haier Recognized as World’s Most Admired Company by Fortune

  • India Fortune released the 25th edition of the World’s Most Admired Companies wherein Haier Smart Home, the world’s leading home appliance brand, smart home ecosystem builder and a subsidiary of Haier Group, has re-entered the list again, ranking no.1 for companies in the home equipment & furnishings industry.
  • The Fortune Global Most Admired Companies were selected from 645 global companies with the highest revenue in 27 countries and various industries were selected by 3,760 executives, directors, and analysts, who had responded to the industry surveys.

Agreements and MoUs signed

ONGC, TotalEnergies ink MoU for oil and gas exploration in offshore deep water blocks

  • State-run Oil and Natural Gas Corporation (ONGC) has signed a Memorandum of Understanding (MoU) with French multinational TotalEnergies to establish a holistic framework for the exchange of each other’s technical strengths in deep-water offshore, especially in the Mahanadi and Andamans.
  • This strategic, technology-driven collaboration will develop future cooperation for potential business in the deep waters of the Bay of Bengal for mutually aligned purposes, the oil and gas exploration and production (E&P) major.
  • Oil and Natural Gas Corporation (ONGC) – 14/08/1956 (Founded) – Dehradun, Uttarakhand (HQ) – Rajesh Kumar Srivastava (Chairman)

IGNOU, AICTE to translate MBA courses in Hindi, regional languages

  • The Indira Gandhi National Open University (IGNOU) signed an MoU with All India Council for Technical Education (AICTE) for translation of the varsity’s MBA courses into Hindi and other Indian languages.
  • According to the official notification, IGNOU’s MBA courses will be translated into 12 Indian languages — Hindi, Odia, Tamil, Telugu, Kannada, Punjabi, Bengali, Marathi, Gujarati, Malayalam, Urdu and Assamese.

Digilogic Systems Signs MoU with ERAP Korea to Explore Synergies in Defense and Aerospace

  • Digilogic Systems, a Hyderabad based leading company providing systems, solutions and products for Defense, Aerospace, Automotive and Manufacturing market segments, has entered into a strategic partnership with ERAP Korea.
  • Under the agreement, both companies will mutually explore and expand their business/operations in national and international markets especially South Korea, USA and Europe besides others.

Science and Technology

Tamil Nadu to set up space park near upcoming Kulasekarapattinam spaceport

  • The Tamil Nadu government is planning to set up Space Industrial Park and Propellants Park near Thoothukudi to take advantage of Centre’s move to build a new spaceport in Kulasekarapattinam in southern Tamil Nadu.
  • Kulasekarapattinam will be used by private companies to launch small satellites into orbit.
  • The State government has mandated Tamil Nadu Industrial Development Corporation (Tidco) as the nodal agency to implement Defence Industrial Corridor project to promote aerospace and defence industries in the State.
  • Tamil Nadu – Chennai (Capital) – MK Stalin (CM) – RN Ravi (Governor) – Tamil (Language)

Acquisitions and Mergers

NCLT approves Suraksha group's bid to acquire Jaypee Infratech Ltd through insolvency resolution process.

  • NCLT approves Suraksha group’s bid to acquire Jaypee Infratech Ltd through insolvency resolution process.
  • The company was sent for debt resolution by lenders in August 2017 after it defaulted on its Rs 23,000-crore debt.
  • Suraksha Realty had made the winning bid of Rs 7,736 crore against government-owned NBCC (India)’s Rs 6,536 crore offer in June 2021.
  • National Company Law Tribunal (NCLT) – 01/06/2016 (Founded) – New Delhi (HQ) – Ramalingam Sudhakar (Chairman)

Allcargo buys partner's 39% stake in contract logistics arm for Rs 145 crores

  • Allcargo Logistics acquired the remaining 38.87 per cent stake of its partner ACCI in the contract logistics arm for Rs 145 crore, valuing the company at Rs 373 crore at an enterprise level.
  • Allcargo has also decided to sell its non-core customs clearance business by divesting its 61.13 per cent stake for an enterprise value of Rs 42 crore.
  • With the acquisition, Allcargo will take its stake to 100 per cent in the contract logistics business and create an effective synergy between contract logistics and express distribution.

Sun Pharma completes acquisition of Concert Pharmaceuticals

  • Drug major Sun Pharma has completed the acquisition of US-based Concert Pharmaceuticals.
  • In January, the Mumbai-based company inked a pact to acquire Concert in a $576 million deal.

Appointments

Former Credit Suisse exec Ashish Gupta to join Axis MF as CIO

  • Axis Mutual Fund has appointed former Credit Suisse executive Ashish Gupta as its Chief Investment Officer (CIO).
  • Previously, Gupta was the head of equity research for India at Credit Suisse.
  • He left the Zurich-based bank in November 2022 after a 14-year stint.

Conrad K Sangma takes oath as Chief Minister of Meghalaya; Neiphiu Rio to be sworn-in as Nagaland CM for fifth term

  • In Meghalaya, Conrad K Sangma has been sworn-in as Chief Minister of the state, for the second consecutive term.
  • In Nagaland, Neiphiu Rio will be sworn-in as the Chief Minister for the fifth term.

S S Dubey takes charge as Controller General of Accounts

  • Civil Accounts Service officer S S Dubey took charge as the Controller General of Accounts (CGA), the finance ministry said.
  • Prior to taking charge as the CGA, a 1989-batch Indian Civil Accounts Service (ICAS) officer Dubey was Additional Controller of Accounts, Public Financial Management System (PFMS).

Awards and Recognitions

Sipra Das gets Lifetime Achievement honour in National Photography Awards ceremony

  • Thirteen photographers including senior photojournalist Sipra Das have been conferred with National Photography Awards in various categories at a function in New Delhi.
  • Minister of State for Information and Broadcasting Dr L Murugan gave away the awards in presence of Secretary, Information and Broadcasting Apurva Chandra.
  • Photojournalist Sipra Das has been honoured with the Lifetime Achievement Award.
  • Six photographers each were conferred in the category of Award for Professional Photographers and Award for Amateur Photographers.

Important Days

International Women's Day

  • International Women’s Day or Women’s Day celebrated annually on March 8 is an important occasion where achievements of women in their social, economic, cultural, and political spheres are hailed, acknowledged and appreciated the world over.
  • The first International Women’s Day was observed in 1911.
  • The United Nations (UN) started celebrating International Women’s Day in 1977, it was officially agreed that the day will be widely observed on March 8 every year.
  • Theme – “DigitALL: Innovation and technology for gender equality”.

Defence

Defence ministry inks Rs 6,800-cr contract with HAL to procure 70 basic trainer aircraft

  • The defence ministry sealed a deal with Hindustan Aeronautics Limited (HAL) to procure 70 HTT-40 basic trainer aircraft at a cost of over Rs 6,800 crore for the Indian Air Force.
  • The ministry also finalised a contract with the Larsen & Toubro Ltd (L&T) for acquisition of three cadet training ships worth over Rs 3,100 crore.

Navy successfully test-fires MRSAM

  • The Indian Navy carried out a successful test-firing of a Medium Range Surface to Air Missile (MRSAM) from frontline warship INS Visakhapatnam.
  • The MRSAM has been produced at state-run Bharat Dynamics Ltd.
  • Bharat Dynamics Limited (BDL) – 1970 (Founded) – Hyderabad,Telangana (HQ) – Commodore Siddharth Mishra (Chairman & MD)

India-France joint military exercise FRINJEX-23 begins in Thiruvananthapuram

  • The first ever joint military exercise between the Indian and French Army, FRINJEX-23, begins at Pangode Military Station, Thiruvananthapuram in Kerala.
  • This exercise is focused on Humanitarian Assistance and Disaster Relief.
  • The theme for the exercise is based on “Humanitarian Assistance and Disaster Relief Operations in a Contested Environment”.
  • France – Paris (Capital) – Euro (Currency) – Emmanuel Macron (President) – Élisabeth Borne (Prime Minister) – French (Language)

Daily Current Affairs - March 08, 2023 - Consolidated

  • Power Grid Corp board approves investments of about Rs4,071 crores
  • Genesis, IGL to invest Rs110 crores to set up meter manufacturing plant
  • Shri Bhupender Yadav says more than 9,000 Jan Aushadhi Kendras have been opened across the country to make health facilities accessible to all
  • Shri Nitin Gadkari says 4-lane National Highway (NH) developed in Kerala at cost of Rs 571 crore to connect ICTT Vallarpadam with Kalamassery
  • Himachal CM Sukhu announces to increase award money from Rs 21,000 to Rs 1 Lakh for women
  • Assam conducts roadshow in Mumbai to promote film tourism
  • Union Health Minister Mandaviya, Karnataka CM inaugurate NaMo Free Dialysis Centre in Bengaluru
  • 350 modern health infrastructure projects coming up in J&K: LG Manoj Sinha
  • Kitex Group ups investments in Telangana to ₹3,000 crores
  • Sterlite Power commissions green energy transmission corridor in Gujarat
  • Gujarat announces financial assistance for potato, onion growers
  • OPPO India to promote start-ups, innovation in AP
  • Andhra Pradesh govt to launch family doctor scheme from March 15
  • Startup investments of ₹18.4 crore announced at KSUM’s Seeding Kerala
  • Sagasahi a model solar village
  • UP CM inaugurates PICU units at two CHCs, to benefit 5 lakh kids
  • Bandhan Bank opens Mega Currency Chest in West Bengal
  • City Union Bank rolls out credit card in tie-up with 42 Card Solutions
  • RBI initiates 75 digital villages programme
  • BSE & UN Women India launches a new programme, ‘FinEMPOWER’, at Bombay Stock Exchange
  • India to allow 1 mt additional sugar for export if output reaches 33.6 mt
  • Airbus bags order for two ACH160 helicopters in India
  • Amazon joins hands with ‘Womennovator’ to enable 200 Indian women entrepreneurs
  • Jindal Stainless to invest ₹120 crores for two rooftop solar plants
  • Haier Recognized as World’s Most Admired Company by Fortune
  • ONGC, Total Energies ink MoU for oil and gas exploration in offshore deepwater blocks
  • IGNOU, AICTE to translate MBA courses in Hindi, regional languages
  • Digilogic Systems Signs MoU with ERAP Korea to Explore Synergies in Defense and Aerospace
  • Tamil Nadu to set up space park near upcoming Kulasekarapattinam spaceport
  • NCLT approves Suraksha group’s bid to acquire Jaypee Infratech Ltd through insolvency resolution process
  • Allcargo buys partner’s 39% stake in contract logistics arm for Rs 145 crores
  • Sun Pharma completes acquisition of Concert Pharmaceuticals
  • Former Credit Suisse exec Ashish Gupta to join Axis MF as CIO
  • Conrad K Sangma takes oath as Chief Minister of Meghalaya; Neiphiu Rio to be sworn-in as Nagaland CM for fifth term
  • S S Dubey takes charge as Controller General of Accounts
  • Sipra Das gets Lifetime Achievement honour in National Photography Awards ceremony
  • International Women’s Day
  • Defence ministry inks Rs 6,800-cr contract with HAL to procure 70 basic trainer aircraft
  • Navy successfully test-fires MRSAM
  • India-France joint military exercise FRINJEX-23 begins in Thiruvananthapuram

Daily Current Affairs - February, 2023

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