Daily Current Affairs – March 13, 2024
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Daily Current Affairs - Banking - March 13, 2024
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National News
Union Agriculture Minister inaugurates the mega Pusa Krishi Vigyan Mela
- Union Minister for Agriculture and Farmers Welfare, Narendra Singh Tomar inaugurated the three-day Pusa Krishi Vigyan Mela which was organized by the Indian Agricultural Research Institute (IARI) in New Delhi.
- The first technical session was chaired by Dayashankar Singh, Head, Farmers Producers Organisation Association of Uttar Pradesh and Co-chaired by Dr Neeru Bhushan, ADG, IPM&TM, ICAR, New Delhi.
- The second session was chaired by Dr K. V. Prabhu, Former Chairperson, Protection of Plant Varieties and Farmers’ Rights Authority, Government of India, New Delhi.
- During the mela 6 Fellow farmers and 42 Innovative farmers with ‘IARI Innovative Farmer Award’ were felicitated including women farmers.
International News
India signs protocol for establishment of its first bilateral institutional mechanism with Dominican Republic on trade and commerce
- The protocol for establishment of Joint Economic and Trade Committee (JETCO) between India and Dominican Republic was signed at the Ministry of Foreign Affairs (MIREX) of Dominican Republic at Santo Domingo.
- The protocol was signed by H.E. Mr. Roberto Álvarez, Minister of Foreign Affairs of Dominican Republic and Ramu Abbagani, Ambassador of India to the Dominican Republic on behalf of the Department of Commerce.
- The Union Cabinet had approved the proposal for signing of the said protocol for establishment of JETCO on January 24, 2024.
- The agreement, signed in the 25 years of establishment of diplomatic relations between the two countries, is an important step to elevate the existing economic and commercial relations further.
- The protocol envisages to strengthen and develop cooperation on trade, services, industrial technologies and various other sectors by means of technical assistance, training programmes and capacity building.
- It will be pivotal in mitigating challenges faced by the trade and industry and provide a platform for sharing of knowledge and best practices between the two countries.
- India primarily imports gold from the Dominican Republic and exports pharmaceuticals, marine products, motor vehicles, two and three wheelers to them.
- Dominican Republic – Santo Domingo (Capital) – Dominican peso (Currency) – Luis Abinader (President) – Spanish (Official Language)
State News
Various Road Projects sanctioned by Union Road Transport and Highway Minister
- Union Minister for Road Transport & Highways Nitin Gadkari had sanctioned various projects which includes
- 4-lane configuration of rehabilitation and upgradation of Kashipur to Ramnagar section of National Highway 121 (New 309) in Udham Singh Nagar and Nainital districts, Uttarakhand at a cost of ₹494.45 crores.
- For the completion of the 4-laning of the Bellary Bypass, encompassing the Bellary to Byrapur Section of National Highway 150A, spanning 13.087 Km across Bellary and Ananthpur districts, Andhra Pradesh at a cost of ₹626.01 crores.
- For the expansion of the existing 2 – Lane Paved Shoulder, spanning from the Tamil Nadu/Andhra Pradesh border to Puttur (20.03 Km) on National Highway-716 at a cost of ₹1346.81 crores.
- For the construction of a 3.5 Km long 6-lane flyover at Ainthapalli junction and a 2-lane ROB (LHS) on NH-53 (formerly NH-6) in the Sambalpur district, Odisha, utilizing the EPC mode at a cost of ₹374.17 crores.
- For the construction of the Shopian Bypass on National Highway-444, transforming it into a 2- lane configuration with a paved shoulder spanning 8.925 Km in the Shopian district, Jammu & Kashmir will executed using the EPC Mode at a cost of ₹224.44 crores.
- For the construction of eight packages on National Highway-913, designated as the Frontier Highway, transitioning to an Intermediate Lane configuration using the EPC mode spans a total length of 265.49 Km at a cost of ₹6621.62 crores.
- For Four-laning of Tower Chowk to Basukinath section of National Highway 114A in Dumka district, Jharkhand using the HAS mode at a cost of ₹292.65 crores.
Schemes
Telangana government launched ‘Telangana Mahila Shakti’ scheme
- Telangana Chief Minister Revanth Reddy had launched the ‘Telangana Mahila Shakti’ scheme designed to uplift the lives of 63.86 lakh SHG members in the State, transforming them into successful entrepreneurs.
- He also announced plans for the establishment of 100 stalls to facilitate the sale of produce by women self-help groups (SHGs) near Shilparamam in Hyderabad within a month.
Banking and Finance
India allows RBI to import gold without paying import levies
- India has allowed its Reserve Bank of India to import gold without paying import levies.
- Indian gold importers need to pay basic customs duty and Agriculture Infrastructure and Development Cess (AIDC).
- As of September 2023, the Reserve Bank of India held 79 metric tonnes of gold, including gold deposits of 39.89 tonnes.
- Of that, 388.06 tonnes is held overseas and 84 tonnes is held domestically.
L&T Finance signs $125-million pact with JICA to aid rural, peri-urban financing
- L&T Finance Holdings Ltd (LTFH) has signed a financing pact with Japan International Cooperation Agency (JICA) for $125 million to support financing in rural and peri-urban areas in India, particularly women borrowers.
- In November 2023, LTFH had sourced $125-million loan from Asian Development Bank (ADB), and as part of the co-financing agreement, additional $125-million loan is now being raised from JICA.
- At least 40 per cent of the proceeds will be allocated for women borrowers, while the rest will be allocated to support farmers, MSMEs, as well as loans to purchase new two-wheeler vehicles including electric two-wheelers.
Business and Economy
Chief Economic Advisor: FY24 GDP growth to be closer to 8% on higher activity in industry
- According to Chief Economic Advisor V Anantha Nageswaran, India’s real GDP growth in FY24 will be “closer” to 8 per cent on higher activity in industry and services verticals.
India's current account deficit likely to narrow below 1% in FY24
- According to the report by UBS Securities, India’s current account deficit (CAD) is expected to narrow to less than 1 per cent of gross domestic product (GDP) in FY24 due to contained goods trade deficit, improved net services receipts, increased remittances and macroeconomic stability.
- Heading into FY25, we estimate that CAD will modestly increase to 3 per cent of GDP.
- We estimate that India can sustain global crude oil prices up to $90/bbl, all else remaining unchanged.
- But, lower the oil price goes, the better it would be for India.
- Tanvee Gupta Jain is the UBS India Economist.
Agreements and MoUs signed
Tripartite MoU signed among USOF, Prasar Bharati and ONDC: Propelling the mandate for Digital Empowerment for Rural India
- Universal Service Obligation Fund (USOF) under Department of Telecommunications (DoT), signed a tripartite MoU with Prasar Bharati (under the Ministry of Information & Broadcasting) and Open Network for Digital Commerce (a Digital Public Infrastructure (DPI) initiative of Department for Promotion of Industry and Internal Trade, Ministry of Commerce & Industry) to proliferate affordable and accessible digital services across the country.
- The objective of the MoU is to bundle broadband services with OTT and e-commerce platform for the rural India riding on BharatNet infrastructure under the USOF.
- The USOF has been instrumental in enabling highspeed broadband and mobile connections across Gram Panchayats (GPs) and villages in the country.
- This MoU will enable the bundled Prasar Bharati OTT as a service, including linear channels, Live TV and on-demand content, among the end consumers while USOF will ensure efficient and high-speed broadband services in rural and remote areas.
- The national public service broadcaster, Prasar Bharati, with an unparallel legacy content, consumer reach and brand recall, will source and produce content that will run on its OTT platform.
- In addition, the Open Network for Digital Commerce (ONDC), a leading player in digital infrastructure, will provide the technical expertise and necessary framework in enabling digital commerce in products & services.
- This will be expanded to cover more services like education, health, training, credit, insurance, agriculture amongst others.
National Institute of Electronics and Information Technology (NIELIT) signed MoU with ITI Egypt
- National Institute of Electronics and Information Technology (NIELIT), an autonomous scientific society under Ministry of Electronics and Information Technology had signed a Memorandum of Understanding with Information Technology Institute (ITI) affiliated by Ministry of Communication and Information Technology of the Arab Republic of Egypt in Cairo, Egypt to foster mutual collaboration for improving workforce skills, promoting employment opportunities, addressing skills gaps, and fostering international cooperation.
- The broad areas of collaboration includes Curriculum and Training Materials Development, Exchange of Trainers and Experts, Mutual Recognition of Certification, Sharing of Virtual Labs Facility, Offering of Post Graduate (PG) Diplomas/ Technical Certificates to interns nominated by ITI Egypt, Offering of B.Tech/ M.Tech Programs to Egyptian students, Free Digital literacy flagship course to Egyptian students through NIELIT Virtual Academy etc.
- Egypt – Cairo (Capital) – Egyptian pound (Currency) – Abdel Fattah el-Sisi (President) – Moustafa Madbouly (Prime Minister) – Arabic (Official Language)
Ministry of Rural Development signs a MoU with IIT Delhi to formalize their partnership in applications of geospatial technology and artificial intelligence
- Ministry of Rural Development has signed a MoU with the Indian Institute of Technology Delhi to formalize their partnership in applications of geospatial technology and artificial intelligence.
- The MoU centers around the project “BhuPRAHARI,” an ambitious initiative aimed at leveraging ground and space-based geospatial technologies along with Artificial Intelligence to monitor and manage assets under the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA).
- The project is to be executed by the HydroSense lab led by Manabendra Saharia.
- This collaboration is a commitment to harnessing the power of technology for the betterment of rural development processes.
- The MoU marks the beginning of a collaborative effort to explore and apply technological solutions to the challenges faced by rural communities.
- Through this partnership, IIT Delhi and MoRD are setting a precedent for how academic institutions and government bodies can work together to foster innovation and drive socio-economic progress.
- The BhuPRAHARI project is set to commence with immediate effect, with both parties eager to translate this vision into reality.
Acquisitions and Mergers
CCI approves merger of a financial technology company, Garagepreneurs Internet Private Limited with the North East Small Finance Bank
- The Competition Commission of India (CCI) has approved the merger of a financial technology company, Garagepreneurs Internet Private Limited (GIPL) (including Quadrillion Finance Private Limited (QFPL) (an NBFC-SI-ICC) and Intergalactory Foundry Private Limited (IFPL) with North-East Small Finance Bank Limited (NESFB) (including RGVN (North-East) Microfinance Limited (RGVN)), pursuant to the composite scheme of amalgamation to be filed before the jurisdictional National Company Law Tribunal and certain related transactions.
- GIPL operates under the brand name “slice” and focuses on facilitating payments and credit products through digital means in India.
- GIPL primarily focuses on enabling access to financial services for underbanked customers through affordable and transparent cost solutions and structures.
- North-East Small Finance Bank Limited has headquartered in Guwahati, Assam and has branches in the North Eastern states (Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Tripura, and Sikkim), and West Bengal.
- Competition Commission of India (CCI) – 14/10/2003 (Founded) – New Delhi (HQ) – Ravneet kaur (Chairperson)
Appointments
Three Members sworn in to the Lokpal of India
- Justice Lingappa Narayana Swamy, before joining as Judicial Member of Lokpal of India, was the Chief Justice of Himachal Pradesh High Court and is a former Judge of the Karnataka High Court.
- Justice Sanjay Yadav, before joining as Judicial Member of Lokpal of India, was the Chief Justice of the Allahabad High Court and is a former Judge of the Allahabad High Court and Madhya Pradesh High Court.
- Sushil Chandra is a 1980 batch IRS (IT) officer joined as Member of Lokpal of India, he was the 24th Chief Election Commissioner of India and previously served as the Chairperson of the Central Board of Direct Taxes.
- With the swearing in of three new members, the office of the Lokpal of India is now at its full strength of nine members including the Chairperson.
Bandhan Bank names Rajinder K. Babbar as ED & CBO
- Bandhan Bank has announced the appointment of Rajinder Kumar Babbar as Executive Director and Chief Business Officer.
- He will oversee all business verticals including digital banking and treasury portfolio of the bank.
- In his last role, he was Group Head – Transportation, Infrastructure and Tractor Finance Group at HDFC Bank.
- Rajeev Mantri had joined as CFO, and would oversee the bank’s financial operations and efficient resource allocation.
- Santosh Nair had joined the bank as Head of Consumer Lending and Mortgages.
Nayab Singh takes oath as the new Chief Minister of Haryana
- BJP’s Nayab Singh Saini replaced Manohar Lal Khattar as the new chief minister of Haryana after taking oath in front of Governor Bandaru Dattatreya in Chandigarh.
Jothi Nirmalasamy is new State Election Commissioner of Tamil Nadu
- IAS officer Jothi Nirmalasamy was named the Tamil Nadu State Election Commissioner succeeding outgoing retired IAS officer V. Palanikumar.
- Jothi Nirmalasamy would have a tenure of five years or until she attains 65 years of age, whichever was earlier.
Kishor Makwana Assumes Charge as Chairman of National Commission for Scheduled Castes
- Kishor Makwana was appointed as the Chairman of National Commission for Scheduled Castes (NCSC) in New Delhi by the President of India.
- Luv Kush Kumar also assumed the charge of Member of National Commission for Scheduled Castes (NCSC) in New Delhi.
Ranks and Indices
India world’s top arms importer between 2019-23
- According to Stockholm International Peace Research Institute (SIPRI), India was the world’s top arms importer for the period 2019-23 with 9.8% while during period 2014-18 it was 9.1% followed by Saudi Arabia (8.4% & in 2014-18 Top Position), Qatar (7.6%), Ukraine (4.9%) and Pakistan (4.3%).
- At the same time, arms imports by European countries increased by 94% between 2014–18 and 2019–23, the report said, which comes in the backdrop of the war in Ukraine.
- Arms exports of the world’s largest supplier, U.S. grew by 17% between 2014–18 and 2019–23, while those by Russia fell by more than half, -53%.
- At the same time, France emerged as the world’s second largest arms supplier as its exports grew by 47%.
- Among the top 10 arms exporters, five of them saw decrease between the two five-year periods: China (-5.3%), Germany (-14%), K. (-14%), Spain (-3.3%) and Israel (-25%).
Awards and Recognitions
The University of Mauritius honoured President of India
- The University of Mauritius conferred Honoris Causa Degree of Doctor of Civil Law on the President of India, Droupadi Murmu.
- President Droupadi Murmu has been conferred with Suriname’s highest civilian award (“Grand Order of the Chain of the Yellow Star”) by President Chandrikapersad Santokhi to honour the deep-rooted bilateral ties in June 2023.
- Mauritius – Port Louis (Capital) –Mauritian rupee (Currency) – Prithvirajsing Roopun (President) – Pravind Jugnauth (Prime Minister) – English & French (Official Language)
Sports News
ICC Player of Month Award February 2024
- Women – Annabel Sutherland (Australia)
- Men – Yashasvi Jaiswal (India)
Important Days
No Smoking Day 2024
- No Smoking Day is annually observed on second Wednesday of March.
- This year the day falls on March 13.
- The day aims to create awareness about the destructive impacts of smoking and also motivate individuals to quit smoking.
- The practice of observing a ‘No Smoking Day’ originally came up in the United Kingdom, and the first of many such days to come was the Ash Wednesday in 1984.
- The date was later fixed as the second Wednesday in March.
Daily Current Affairs - March 13, 2024 - Consolidated
- Union Agriculture Minister inaugurates the mega Pusa Krishi Vigyan Mela
- India signs protocol for establishment of its first bilateral institutional mechanism with Dominican Republic on trade and commerce
- Various Road Projects sanctioned by Union Road Transport and Highway Minister
- Telangana government launched ‘Telangana Mahila Shakti’ scheme
- India allows RBI to import gold without paying import levies
- L&T Finance signs $125-million pact with JICA to aid rural, peri-urban financing
- Chief Economic Advisor: FY24 GDP growth to be closer to 8% on higher activity in industry
- India’s current account deficit likely to narrow below 1% in FY24
- Tripartite MoU signed among USOF, Prasar Bharati and ONDC: Propelling the mandate for Digital Empowerment for Rural India
- National Institute of Electronics and Information Technology (NIELIT) signed MoU with ITI Egypt
- Ministry of Rural Development signs a MoU with IIT Delhi to formalize their partnership in applications of geospatial technology and artificial intelligence
- CCI approves merger of a financial technology company, Garagepreneurs Internet Private Limited with the North East Small Finance Bank
- Three Members sworn in to the Lokpal of India
- Bandhan Bank names Rajinder K. Babbar as ED & CBO
- Nayab Singh takes oath as the new Chief Minister of Haryana
- Jothi Nirmalasamy is new State Election Commissioner of Tamil Nadu
- Kishor Makwana Assumes Charge as Chairman of National Commission for Scheduled Castes
- India world’s top arms importer between 2019-23
- The University of Mauritius honoured President of India
- ICC Player of Month Award February 2024
- No Smoking Day 2024
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