Daily Current Affairs – March 11, 2023
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Daily Current Affairs - Banking - March 11, 2023
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National News
Boeing to set up 737 freighter conversion facility in India
- Boeing Co would set up a facility in India to convert 737 passenger planes into dedicated freighters to tap into regional and global demand for the service.
- Boeing with partner GMR Aero Technic, an Indian maintenance, repair and overhaul provider, will over the next 18 months set up the facility in Hyderabad to convert old passenger planes into freighters.
- The deal adds to Boeing’s $1 billion supply chain sourcing from India and will help support India’s ambitions to become a global cargo hub, Chief Strategy Officer Marc Allen.
- The Boeing Company – 15/07/1916 (Founded) – Arlington County, Virginia,USA (HQ) – Dave Calhoun (President and CEO)
Agriculture Minister Narendra Singh Tomar to attend National Workshop on Bamboo Sector Development
- Agriculture and Farmers Welfare Minister Narendra Singh Tomar will attend the National Workshop on Bamboo Sector Development in New Delhi.
- He will be joining for the session on Vision for Bamboo in India.
- The workshop is structured to have five technical sessions, which includes presentations from experts in the bamboo industry as well as interactive directions.
- Ministry of Agriculture and Farmers Welfare – Narendra Singh Tomar,Cabinet Minister (Morena,UP) – Shobha Karandlaje,Minister of State (Udupi Chikmagalur,Karnataka), Kailash Choudhary, Minister of State (Barmer,Rajasthan)
NPS, APY subscribers rise 23 per cent as of March 4 this year
- The number of subscribers under the National Pension Scheme (NPS) and Atal Pension Yojana (APY) increased 23 per cent to over 6.24 crore as of March 4, the Finance Ministry.
- Of this, there was over 28 per cent growth in APY subscribers and more than 1 crore new customers were added.
- The total pension assets under management (AUM) under NPS and APY grew 23.45 per cent year-on-year to ₹8.82 lakh crore as of March 4, 2023.
- Of the total 6.24 crore subscribers currently, 23.86 lakh and 60.72 lakh are central and state government employees, respectively.
- Corporate subscribers stood at 16.63 lakh.
- National Pension Scheme (Old Pension Scheme)– 01/01/2004 (Launched) – New Delhi (HQ) – Department of Financial Services, Ministry of Finance (Under)
- Atal Pension Yojana – 09-05-2015 (Kolkata) (Launched)
FCI sells 5.39 lakh tonnes of wheat in fifth round of e-auction under Open Market Sale Scheme
- Food Corporation of India (FCI) sold 5.39 lakh tonnes (lt) of wheat worth Rs 1,185 crore in the fifth round of e-auction under the Open Market Sale Scheme (OMSS).
- But, the offtake in Madhya Pradesh, where the new crop has started arriving in mandis, is only 10 per cent, indicating that there could be a fall in market rates in the state, after the trade’s lukewarm response at Rs 2,125-2,150/quintal.
- On the other hand, the all-India weighted average selling price has increased by about Rs 4/quintal to Rs 2,197.91/quintal in the fifth round from the previous round.
- Food Corporation of India (FCI) – 14/01/1965 (Founded) – New Delhi (HQ) – Ashok Kumar Meena, IAS (Chairman & Managing Director)
Shri Narayan Rane launches MSME Competitive (LEAN) Scheme under MSME Champions Scheme
- Union Minister for MSME Shri Narayan Rane launched the MSME Competitive (LEAN) Scheme.
- LEAN has the potential to become a national movement and that it aims to provide a roadmap to global competitiveness for the MSMEs of India.
- LEAN will not only attempt to improve quality, productivity & performance, but also the capability to change the mind-sets of manufacturers and transform them into world class manufacturers.
- This Scheme is an extensive drive to create awareness amongst MSMEs about LEAN Manufacturing practices and motivate and incentivize them to attain LEAN levels while also encouraging them to become MSME Champions.
- Under the scheme, MSMEs will implement LEAN manufacturing tools like 5S, Kaizen, KANBAN, Visual workplace, Poka Yoka etc under the able guidance of trained and competent LEAN Consultants to attain LEAN levels like Basic, Intermediate and Advanced.
- Through the LEAN journey, MSMEs can reduce wastages substantially, increase productivity, improve quality, work safely, expanding their markets, and finally becoming competitive and profitable.
- Ministry of Micro, Small and Medium Enterprises – Narayan Rane,Union Minister (Rajya Sabha MP,Maharashtra) – Bhanu Pratap Singh Verma,Minister of State (Jalaun,UP)
International News
ECTA signed between India and Australia to unlock next level of potential in trade and investment: PM Albanese
- Honourable PM of Australia, Mr. Anthony Albanese said that Economic Cooperation and Trade Agreement (ECTA) signed between India and Australia is a transformative agreement which will unlock the next level of potential in trade and investment.
- He was addressing the India-Australia CEO forum held in Mumbai.
- Australia – Canberra (Capital) – Australian Dollar (Currency) – Charles III (Monarch) – Anthony Albanese (Prime Minister) – English (Language)
India and US sign MoU on semiconductor Supply Chain and Innovation Partnership
- India and the United States have signed an MoU on semiconductor Supply Chain and Innovation Partnership following the Commercial Dialogue 2023.
- It was signed between Commerce and Industry Minister Piyush Goyal and US Secretary of Commerce Gina Raimondo in New Delhi.
- United States of America – Washington, D.C. (Capital) – US Dollar (Currency) – Joe Biden (President) – English (Language)
Union Minister Rajkumar Ranjan Singh participates in 19th BIMSTEC Ministerial Meeting
- Minister of State for External Affairs Dr. Rajkumar Ranjan Singh participated in the 19th BIMSTEC Ministerial Meeting virtually from Bangkok.
- The meeting was hosted by Chair Thailand.
- The Meeting also approved the Terms of Reference for an Eminent Person’s Group on the Future Directions of BIMSTEC.
- The Terms of Reference were finalized under the special scheme for institution building announced by Prime Minister Narendra Modi during the 5th BIMSTEC Summit in Colombo.
- Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) – 06/06/1997 (Founded) – Dhaka, Bangladesh (Secretariat) – Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand (Members) – Sri Lanka (Chairman Since 2018) – Tenzin Lekphell of Bhutan (Secretary General)
State News
Punjab FM presents Rs 1.96-lakh-cr budget for 2023-24
- Punjab Finance Minister Harpal Singh Cheema presented a Rs 1.96-lakh-crore state budget for 2023-24 in the assembly.
- Total budget size has been increased by 26 per cent to Rs 1,96,462 crore for 2023-24 over the previous year.
- A sum of Rs 1,000 crore has been allocated for crop diversification.
- A revolving fund for Basmati crop purchase has also been set up.
- The government has decided to launch a new risk mitigation scheme–Bhaav Antar Bhugtan Yojana for horticulture producers.
- Punjab – Chandigarh (Capital) – Bhagwant Mann (CM) – Banwarilal Purohit (Governor) – Punjabi (Language)
Loans worth Rs 7.81 crore disbursed to women SHGs in Latur under Maha govt programme
- Loans worth Rs 7.81 crore were disbursed to 334 women self-help groups (SHGs) set up in Latur district under ‘UMED’ – Maharashtra State Rural Livelihoods Mission.
- Banks should provide loan to the women’s groups for the successful implementation of government schemes, such as the Chief Minister’s employment generation programme, Pradhan Mantri employment generation programme and Pradhan Mantri Formalisation of Micro food processing Enterprises (PMFME).
- Maharashtra – Mumbai (Capital) – Eknath Shinde (CM) – Ramesh Bais (Governor) – Marathi (Language)
Uttarakhand CM inaugurates hot air balloon, para motor adventure activities in Tanakpur
- Uttarakhand Chief Minister Pushkar Singh Dhami inaugurated the hot air balloon and para motor adventure activities organized during Purnagiri fair at Kiroda Nala, Tanakpur during his visit to Tanakpur Purnagiri.
- Uttarakhand – Dehradun (Winter), Gairsain (Summer) (Capital) – Pushkar Singh Dhami (CM) – Gurmit Singh (Governor) – Hindi (Language)
Banking and Finance
Axis Bank hikes FD interest rates by up to 40 bps on select tenures
- Axis Bank, a private sector bank, has increased fixed deposit interest rates by up to 40 basis points (bps) on select tenors for amounts below Rs 2 crore.
- The new rates are effective from March 10, 2023, according to the bank website.
- Axis Bank Limited – 03/12/1993 (Founded) – Mumbai (HQ) – Amitabh Chaudhry (MD & CEO) – “Badhti Ka Naam Zindagi” (Tagline)
India's digital payments market will more than triple to $10 trillion by 2026: Report
- A recent report by PhonePe and Boston Consulting Group concluded that India’s digital payments market will more than triple from $3 trillion to $10 trillion by 2026.
- In a span of just six years, India, primarily a cash-based economy, now leads the world in real-time digital payments, accounting for almost 40 per cent of all such transactions.
- PhonePe – 2015 (Founded) – Bangalore (HQ) – Sameer Nigam (Co-Founder & CEO)
Business and Economy
Flipkart co-founder Binny Bansal planning to invest $100-150 mn in PhonePe
- Binny Bansal, the co-founder of Flipkart, is considering investing $100–150 million in the online payment platform PhonePe.
- In a statement released in December, 2022, PhonePe claimed to have a 50.2 per cent market share in the UPI payment space in India.
- Flipkart Private Limited – 2007 (Founded) – Bengaluru (HQ) – Kalyan Krishnamurthi (CEO)
Acquisitions and Mergers
Bank of Baroda board approves 49 per cent stake divestment in BFSL
- The Bank of Baroda board has approved up to 49 per cent in its 100 per cent owned subsidiary BoB Financial Solutions.
- Bank of Baroda (BOB or BoB) – 20/07/1908 (Founded) – Vadodara, Gujarat (HQ) – Sanjiv Chadha (MD & CEO) – “India’s International Bank” (Tagline)
Appointments
Xi clinches third term as China's president amid host of challenges
- Xi Jinping secured a precedent-breaking third term as president of China during a parliamentary session in which he tightened his control of the world’s second-largest economy as it emerges from a COVID slump and diplomatic challenges mount.
- China – Beijing (Capital) – Renminbi (Currency) – Xi Jinping (President) – Standard Chinese (Language)
HUL board names Rohit Jawa next MD & CEO
- Hindustan Unilever Ltd (HUL) named Rohit Jawa as its managing director and chief executive officer, succeeding Sanjiv Mehta, who is retiring after spending nearly 10 years at the company’s helm.
- Jawa, currently chief of transformation for Unilever, will take charge as MD and CEO from June 27.
- Hindustan Unilever Limited (HUL) – 1933 (Founded) – Mumbai (HQ) – Rohit Jawa (CEO)
Axis AMC names B Gopkumar as CEO
- Axis Asset Management Company (AMC) has appointed B Gopkumar as its managing director and chief executive officer (MD and CEO) in place of Chandresh Nigam, who is leaving the asset manager after almost 14 years.
- Gopkumar, presently the MD and CEO of Axis Securities, will take over Axis AMC on May 1, 2023.
Nepal elects Ram Chandra Poudel of Nepali Congress as new President
- Ram Chandra Poudel of Nepali Congress elected as the third president of Nepal.
- This is the third presidential election in Nepal since the country became a republic in 2008.
- Nepal – Kathmandu (Capital) – Nepalese rupee (Currency) – Ram Chandra Poudel (President) – Pushpa Kamal Dahal (Prime Minister) – Nepali (Language)
BMW names Walter Mertl as new CFO from May
- BMW’s Chief Financial Officer Nicolas Peter will retire in May after the carmaker’s annual general meeting and be replaced by Walter Mertl.
- Peter has worked at BMW for over thirty years and been on the board since 2017.
- Mertl, at BMW since 1998, has worked across the Finance and Sales & Commercial divisions in Germany and the UK in managerial roles, the statement said, most recently heading up the BMW Group Corporate Controlling division.
- Bayerische Motoren Werke AG (BMW) – 07/03/1916 (Founded) – Munich, Germany (HQ) – Oliver Zipse (Chairman)
Awards and Recognitions
Tata AIA wins Kincentric Best Employer in India for the 7th time in a row
- Tata AIA Life Insurance Company Limited (Tata AIA), one of India’s leading life insurers, has been recognized as a Kincentric Best Employer in India for 2022.
- Kincentric is a globally renowned platform that showcases organizations which are industry leaders in employee engagement and development.
- The award recognizes Tata AIA’s core value of ‘People at our Core,’ that focuses on engaging with employees and partnering with them in the organization’s success journey.
- Being named as a Kincentric Best Employer for the 7th consecutive time, and being recognized as a member of the prestigious Best Employers Club is a great honor for all of us at Tata AIA.
- Tata AIA Life Insurance Company Limited – 01/04/2001 (Founded) – Mumbai (HQ) – Naveen Tahilyani (CEO)
Obituary
Actor Robert Blake, star of 'Baretta', dies at age 89
- Actor Robert Blake, a child star from the “Our Gang” comedies who won adult fame as a street-wise undercover cop on the popular 1970s television series “Baretta” before being charged in the 2001 killing of his wife, has died at age 89.
Sports News
Sports Minister Anurag Singh Thakur inaugurates Khelo India Dus Ka Dum Tournament
- Youth Affairs and Sports Minister Anurag Singh Thakur inaugurated the Khelo India Dus Ka Dum Tournament in New Delhi.
- The objective of this tournament is to provide a platform to the women athletes who were unable to participate in national or state-level competitions.
- It is also aimed at ensuring that competitive sports reach untapped geographical areas.
Daily Current Affairs - March 11, 2023 - Consolidated
- Boeing to set up 737 freighter conversion facility in India
- Agriculture Minister Narendra Singh Tomar to attend National Workshop on Bamboo Sector Development
- NPS, APY subscribers rise 23 per cent as of March 4 this year
- FCI sells 5.39 lakh tonnes of wheat in fifth round of e-auction under Open Market Sale Scheme
- Shri Narayan Rane launches MSME Competitive (LEAN) Scheme under MSME Champions Scheme
- ECTA signed between India and Australia to unlock next level of potential in trade and investment: PM Albanese
- India and US sign MoU on semiconductor Supply Chain and Innovation Partnership
- Union Minister Rajkumar Ranjan Singh participates in 19th BIMSTEC Ministerial Meeting
- Punjab FM presents Rs 1.96-lakh-cr budget for 2023-24
- Loans worth Rs 7.81 crore disbursed to women SHGs in Latur under Maha govt programme
- Uttarakhand CM inaugurates hot air balloon, para motor adventure activities in Tanakpur
- Axis Bank hikes FD interest rates by up to 40 bps on select tenures
- India’s digital payments market will more than triple to $10 trillion by 2026: Report
- Flipkart co-founder Binny Bansal planning to invest $100-150 mn in PhonePe
- Bank of Baroda board approves 49 per cent stake divestment in BFSL
- Xi clinches third term as China’s president amid host of challenges
- HUL board names Rohit Jawa next MD & CEO
- Axis AMC names B Gopkumar as CEO
- Nepal elects Ram Chandra Poudel of Nepali Congress as new President
- BMW names Walter Mertl as new CFO from May
- Tata AIA wins Kincentric Best Employer in India for the 7th time in a row
- Actor Robert Blake, star of ‘Baretta’, dies at age 89 –report
- Sports Minister Anurag Singh Thakur inaugurates Khelo India Dus Ka Dum Tournament
Daily Current Affairs - February, 2023
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