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Daily Current Affairs - Banking - March 14 & 15, 2024

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National News

Cabinet Approval

  • The Union Cabinet chaired by Prime Minister Narendra Modi gave approval for the following
  • The signing of Memorandum of Understanding (MoU) between Bureau of Energy Efficiency, Ministry of Power, Government of India and Department of Energy, Ministry of Energy and Natural Resources, Royal Government of Bhutan on extending co­operation in the field of Energy Efficiency and Energy Conservation Measures.
  • The signing of an Agreement between Bhutan Food and Drug Authority (BFDA), Ministry of Health, Royal Government of Bhutan and Food Safety and Standards Authority of India (FSSAI) regarding cooperation in the areas of food safety.
  • The Inter-Governmental Framework Agreement (IGFA) that was signed during the High Level visit between the Government of Republic of India and the Government of the United Arab Emirates on Cooperation for the empowerment and operation of the India-Middle East Europe Economic Corridor (IMEC).
  • The aim of the IGFA is to enhance the bilateral relations and to further strengthen the relations between the two countries in the Ports, Maritime and Logistics sectors.
  • two new corridors of Delhi Metro’s Phase-IV project which are expected to further improve the Metro connectivity in the national capital, they were Inderlok – Indraprastha (12.377 km) & Lajpat Nagar – Saket G Block (8.385 km).
  • Signing of Memorandum of Understanding between the Government of India and the Royal Government of Bhutan on General Supply of Petroleum, Oil, Lubricants (POL) and related products from India to Bhutan.

NITI Aayog Launches ‘Vocal for Local' Initiative Fostering Grassroots Entrepreneurship and Self- reliance

  • NITI Aayog launched the ‘Vocal for Local’ initiative under its Aspirational Blocks Programme in the presence of BVR Subrahmanyam, CEO, NITI Aayog and other dignitaries from various states and blocks.
  • This initiative aims to encourage a spirit of self-reliance among the populace of Aspirational Blocks, propelling them towards sustainable growth and prosperity.
  • The logo for ‘Aakanksha’ was also unveiled under the ‘Vocal for Local’ initiative by Prof. Ramesh Chand, Member, NITI Aayog in presence of B.V.R. Subrahmanyam, CEO, NITI Aayog.
  • As a part of this initiative, indigenous local products from 500 Aspirational Blocks have been mapped and consolidated under Aakanksha.
  • The launch was attended by all 329 Districts and Block Level Officials under Aspirational Blocks Programme who connected virtually for the event.

Prime Minister lays foundation stone of 3 semiconductor projects

  • Prime Minister Narendra Modi virtually laid the foundation stone of three semiconductor projects worth about ₹1.25 trillion, including the ₹91,000 crore facility in Dholera, which will commence chip production by 2026.
  • Two of the three facilities are located in Gujarat, whereas one is based in
  • The three projects are the Semiconductor fabrication facility at the Dholera Special Investment Region (DSIR) in Gujarat, the Outsourced Semiconductor Assembly and Test (OSAT) facility in Morigaon, Assam, and an OSAT facility in Sanand in Gujarat.

Ministry of Minority Affairs approves ‘Centre of Jain Manuscriptology’ (GUCJM) at Gujarat University

  • Ministry of Minority Affairs approved the ‘Centre of Jain Manuscriptology’ (GUCJM) at Gujarat University amounting to ₹40 Crore.
  • This centre would facilitate collaboration between the University and the Ministry to enhance educational opportunities for minority communities in India to carry out research in the field of Jain Studies in the languages and text that on living traditions of Jainism through establishment and strengthening of the required infrastructure and thereby encouraging Undergraduate, Postgraduate, Ph.D and research programs.

International News

Meeting between India and Italy

  • The 12th edition of India-Italy Military Cooperation Group (MCG) Meeting was held in New Delhi.
  • The discussions between the Directorate of International Defence Cooperation, Headquarters Integrated Defence Staff and the Military Policy and Planning Division of the Italian Defence General Staff focused on new initiatives to further enhance the defence cooperation and military to military level exchange between the two countries.
  • Defence Secretary Giridhar Aramane and Italian Secretary General of Defence & National Armament Director Lt Gen Luciano Portolano co-chaired the 10th India-Italy Joint Defence Committee (JDC) meeting in New Delhi.
  • Both sides discussed a wide range of defence industrial and military cooperation issues and also exchanged views on the Indo-Pacific and the security situations.
  • Italy – Rome (Capital) – Euro (Currency) – Sergio Mattarella (President) – Giorgia Meloni (Prime Minister) – Italian (Official Language)

Union Minister Piyush Goyal joins Indo-Pacific Economic Framework for Prosperity (IPEF) Virtual Ministerial Meeting

  • Union Minister of Commerce & Industry, Consumer Affairs, Food and Public Distribution, and Textiles, Piyush Goyal joined U.S. Secretary of Commerce Gina Raimondo, Thai Deputy Prime Minister and Foreign Minister Parnpree Bahiddha-Nukara, along with the ministers from the other IPEF partners, in their first Ministerial meeting this year.
  • During the virtual ministerial meeting on Pillars II-IV, IPEF partners welcomed the significant progress made since the substantial conclusion of the negotiations for the proposed IPEF Clean Economy Agreement (Pillar III), the IPEF Fair Economy Agreement (Pillar IV), and Agreement on IPEF in November 2023.
  • The IPEF partners also discussed the ongoing cooperative work ahead across the three proposed agreements.

  • Thailand – Bangkok (Capital) – Thai Baht (Currency) –Vajiralongkorn (Monarch) – Srettha Thavisin (Prime Minister) – Thai (Official Language)

First Odisha Tribal Artists’ Camp in Dubai Showcases Rich Cultural Heritage

  • The Odisha Lalit Kala Akademi, under the Department of Odia Language, Literature & Culture, hosted the first-ever Odishan Tribal Artists’ Camp in
  • Fifteen renowned tribal artists from Odisha participated in the event.
  • The event has garnered attention for its live creation of tribal paintings, offering spectators a rare glimpse into the intricate process of tribal art forms.
  • The artists created works inspired by their rich tribal heritage, particularly the cultures of the Sauras, Santhals, Kolahs, Kandhas, and Parajas.
  • These artworks often depict themes related to their festive ceremonies.
  • United Arab Emirates – Abu Dhabi (Capital) – United Arab Emirates Dirham (Currency) – Mohammed bin Zayed Al Nahyan (President) – Arabic (Official Language) 

State News

Union Home Minister and Minister of Cooperation, inaugurates various projects

  • Union Home Minister and Minister of Cooperation Amit Shah inaugurated the new office building of three multi-state cooperative societies – Bharatiya Beej Sahakari Samiti Limited (BBSSL), National Cooperative Organics Limited (NCOL), and National Cooperative Export Limited (NCEL) in New Delhi.
  • He also inaugurated and laid the foundation stone for various development projects of Ahmedabad Municipal Corporation, Ahmedabad Urban Development Authority, and Sabarmati Riverfront Development Corporation Limited around 63 development projects totaling more than ₹3,000 crore through a video conference.

Tata Motors to set up manufacturing unit in Tamil Nadu

  • Tata Motors signed a pact with the Tamil Nadu government to set up a vehicle manufacturing plant in Ranipet near Vellore with an investment of ₹9,000 crore.
  • The investment, over a period of five years, is expected to create over 5,000 jobs.
  • This is the second major automobile-related investment in the state in almost two months.
  • Vietnam-based EV player VinFast, a rival of Tesla in the global market, started work on building its ₹16,000 crore EV manufacturing facility at Thoothukudi in Tamil Nadu.

Union Minister Nitin Gadkari approves road projects in Rajasthan

  • Union Road Transport and Highways Minister Nitin Gadkari has sanctioned ₹972.80 crore for widening roads in Rajasthan.
  • The amount has been sanctioned for widening and strengthening work of 31 major district roads and State Highways.
  • ₹384.56 crore have been sanctioned for construction work of seven Road Over Bridge/Road Under Bridge/Flyovers in various districts under Central Road and Infrastructure Fund (CRIF) Setu Bandhan Yojana.

Maharashtra Cabinet Approves Renaming Ahmednagar District as Ahilya Nagar

  • Maharashtra Cabinet approved renaming Ahmednagar district as Ahilya Nagar.
  • The State cabinet also decided to rename eight suburban railway stations in Mumbai that carry colonial names, including Curry Road station, which will be called Lalbaug; Sandhurst Road station, which will be called Dongri, Marine Lines to be renamed Mumbadevi, Charni Road as Girgaon, Cotton Green as Kalachowki, Dockyard as Mazgaon, King’s Circle as Tirthankar Parswanath and Mumbai Central as Nana Jagannath Shankarsheth.
  • The State Cabinet also approved the construction of a sea link between Uttan (Bhayander) and Virar (Palghar).
  • The Maharashtra cabinet approved a new Marathi language policy to establish it as a language of knowledge acquisition and employment in the next 25 years.
  • The cabinet decided to purchase 2.5 acres of land in Srinagar, Jammu and Kashmir to construct a Maharashtra Bhavan.

Schemes

Ministry of Heavy Industries Ministry Announces Electric Mobility Promotion Scheme 2024

  • The Ministry of Heavy Industries has announced the Electric Mobility Promotion Scheme 2024 to accelerate the adoption of Electronic Vehicles (EVs) in India. The Ministry said that a total outlay of ₹500 crore will be implemented for four months under the scheme.
  • It will run from April 1 until July.
  • It added that only electric two-wheelers (e-2W) and electric three-wheelers (e-3W) will be eligible under the scheme, including registered e-rickshaws, e-carts and L5 automobiles.
  • Furthermore, only EVs fitted with advanced batteries will be subject to incentives to encourage the growth of advanced technologies.
  • The Ministry has estimated that the scheme will help over 3 lakh 72 thousand EVs.
  • The Ministry hopes it will promote faster adoption of electric vehicles and provide further impetus to the green mobility and development of the EV manufacturing eco-system in the country.
  • Ministry of Heavy Industries – Mahendra Nath Pandey,Union Minister (Chandauli,UP) – Krishan Pal Gurjar,Minister of State (Faridabad,Harayana)

Banking and Finance

RBI imposes monetary penalty on Bandhan Bank, Bank of India for rule violations

  • The Reserve Bank of India imposed around ₹1.41 crore on Bank of India, ₹29.55 lakh on Bandhan Bank, and ₹13.60 lakh on Indostar Capital Finance.
  • Bandhan Bank was penalised for non-compliance with certain directions on ‘Reserve Bank of India (Interest Rate on Deposits) Directions.
  • Bank of India was penalised as it did not pay interest in certain term deposit accounts as per the schedule of interest rates disclosed in advance, had levied SMS alert charges from customers based on invalid mobile numbers and not on actual usage basis, failed to reset interest rates in MCLR and external benchmark linked advances at prescribed periodicity.

RBI bars Federal, South Indian Bank from issuing co-branded credit cards

  • Reserve Bank of India (RBI) barred Federal Bank and South Indian Bank stopped issuing co-branded credit cards to new customers on account of regulatory deficiencies.
  • South Indian Bank said that it will not onboard new customers on their co-branded credit cards until it is fully compliant with directions under RBI Master Direction on Credit Card and Debit Card issuance.
  • Federal Bank informed the exchanges that post a letter from the RBI the lender has stopped issuance of new co-branded credit cards due to regulatory deficiencies and the bank is rectifying the areas of concern.
  • On March 7, the RBI released a Master Direction on “Amendment to the Master Direction — Credit Card and Debit Card — Issuance and Conduct Directions, 2022.
  • According to the notification, co-branded cards should explicitly indicate that the card has been issued under a co-branding arrangement with clear mention of the card-issuer.”

Asian Development Bank approved loan for various projects

  • Asian Development Bank (ADB) signed a $181 million with Government of India loan to build quality infrastructure and services toward improving urban livability and mobility in the peri-urban areas of Ahmedabad city in Gujarat.
  • The signatories to the loan agreement for the Ahmedabad Peri-urban Livability Improvement Project were Ms.Juhi Mukherjee, Joint Secretary, Department of Economic Affairs, Ministry of Finance for the Government of India, and Shri Rajesh Vasudevan, Officer-in-Charge of ADB’s India Resident Mission, for ADB.
  • The project aims to make peri-urban areas of Ahmedabad livable, environmentally sustainable, and efficient with robust physical andsocial infrastructure, a vibrant economy, and a distinct identity as a preferred investment destination.
  • And also signed a $23 million loan agreement to enhance access to quality fintech education, research, and innovation at the Gujarat International Finance Tec-City (GIFT-City).
  • This project will establish an International Fintech Institute (IFI) to strengthen fintech education, boost start-up success rates, and drive fintech research and innovation.
  • Asian Development Bank (ADB) – 19/12/1966 (Founded) – Mandaluyong, Philippines (HQ) – Masatsugu Asakawa (President) – 49 countries (Regional members) & 19 countries (non regional members)

NPCI grants approval for TPAP licence to One97 Communications

  • National Payments Corporation of India (NPCI) has granted its approval to One97 Communications to participate on the UPI platform as a third-party application provider (TPAP) under the ‘multi-bank’ model.
  • Axis Bank, HDFC Bank, State Bank of India and Yes Bank will act as PSP (payment system provider) banks to One97.
  • Yes Bank will also be the merchant acquiring bank for existing and new UPI merchants for OCL, as per which the ‘@Paytm’ UPI handles will be redirected to Yes Bank.
  • This will enable existing users and merchants to continue to undertake UPI transactions and AutoPay mandates “in a seamless and uninterrupted manner”.
  • National Payments Corporation of India – 2008 (Founded) – Mumbai (HQ) – Dilip Asbe (MD & CEO)

Business and Economy

Indian startups may add $1 trillion to Indian economy by FY30

  • According to the Confederation of Indian Industry (CII) report titled ‘Unicorn 2.0: Adding the Next Trillion’, Indian startups are likely to create 50 million new jobs and add $1 trillion to the economy by 2029-30 (FY30).
  • And also said that the size of the Indian economy was likely to be $7 trillion by 2030.
  • The report was prepared in partnership with McKinsey & Company.
  • Competition Commission of India (CCI) – 14/10/2003 (Founded) – New Delhi (HQ) – Ravneet kaur (Chairperson)

Fitch Ratings ups GDP growth forecast to 7% for FY25

  • Global rating agency Fitch Ratings raised India’s growth forecast for the next financial year (FY25) to 7 per cent from 6.5 per cent estimated earlier, citing robust domestic demand and sustained growth in business and consumer confidence.
  • It also expects the growth in the current financial year to clock 8 per cent, slightly higher than the government’s own forecast of 7.6 per cent.

Agreements and MoUs signed

Ministry of Heavy Industries signs an MOU with Indian Institute of Technology, Roorkee

  • Ministry of Heavy Industries (MHI) and the Indian Institute of Technology, Roorkee (IIT Roorkee) signed a Memorandum of understanding (MoU) to work together to encourage innovation and advance the automotive and electric vehicle (EV) sector.
  • This MoU represents a joint effort to launch advanced initiatives for creating a Centre of Excellence (CoE) and an Industry Accelerator at IIT Roorkee under the Scheme for Enhancement of Competitiveness in the Indian Capital Goods Sector Phase II of MHI.
  • This collaboration seeks to utilize the combined knowledge and resources of both organizations to support groundbreaking projects that will influence the future of transportation.

Easy Trip signs MOU with Archaeological Survey of India

  • Easy Trip Planners Ltd. entered into a Memorandum of Understanding (MOU) with the Archaeological Survey of India (ASI), becoming the steward of four historical monuments as part of the Adopt a Heritage 2.0 program.
  • These monuments include the Qutub Minar in Delhi, the Sun Temple in Konark, Odisha, Agra Fort in Agra, and the Western Group of Temples in Khajuraho, Madhya Pradesh.
  • The company reported, as a Monument Mitra (Smārak Särathi), EaseMyTrip Foundation will collaborate with the government to implement plans for the upkeep, maintenance, and enhancement of these heritage sites.
  • This partnership aims to improve visitor experiences through infrastructural upgrades, amenities provision, and educational initiatives.
  • Archaeological Survey of India (ASI) – 1861 (HQ) – New Delhi (HQ) – Yadubir Singh Rawat (Director General)

India signed Memorandum of Understanding with Singapore on cooperation in the sphere of Law & Dispute Resolution

  • India have signed a Memorandum of Understanding (MoU) with Singapore on cooperation between the two countries in the sphere of Law & Dispute Resolution.
  • The Memorandum of Understanding was signed in a virtual meeting of the Minister of State for Law and Justice (I/C), Government of India, Arjun Ram Meghwal for the Indian side and the Minister for Culture, Community and Youth and Second Minister for Law, Government of Singapore, Mr. Edwin Tong for the Singapore side.
  • The Memorandum of Understanding is on further cooperation between the two countries in the areas of common interest such as international commercial dispute resolution; matters relating to promotion of robust alternative dispute resolution mechanisms in respective countries and establishment of Joint Consultative Committee to oversee the implementation of the Memorandum of Understanding.
  • Singapore – Singapore City (Capital) – Singapore dollar (Currency) – Tharman Shanmugaratnam (President) – Lee Hsien Loong (Prime Minister) – Malay (Official Language) 

Appointments

Fino Payments Bank appoints two new independent directors

  • Fino Payments Bank announced the appointment of two independent directors on its board as part of its plans for ‘the next phase of digital-led growth’.
  • The bank has appointed Anita Sudhir Pai and Neeta Mukerji as additional directors in the capacity of independent directors of the bank.
  • Fino Payments Bank – 23/06/2007 (Founded) – Mumbai (HQ) – Rishi Gupta (MD & CEO)

Government appoints former bureaucrats Gyanesh Kumar and Sukhbir Sandhu as election commissioners

  • The government appointed former IAS officers Gyanesh Kumar and Sukhbir Sandhu as the new election commissioners.
  • Gyanesh Kumar is a retired bureaucrat of the Kerala cadre and served as the Secretary of the Ministry of Parliamentary Affairs and later as Secretary in the Ministry of Cooperation.
  • Sukhbir Sandhu worked as an officer of the Uttarakhand cadre has served as the Chief Secretary of Uttarakhand.

Ranks and Indices

India ranked 134 in United Nations Human Development Index for 2022

  • India’s ranking on the United Nations Human Development Index according to United Nations Development Programme (UNDP) report ‘Breaking the gridlock: Reimagining cooperation in a polarised world’ improved by one position in 2022 to 134 out of 193 countries ranked compared to 135 out of 192 countries ranked in 2021 on the back of a marginal increase in its HDI value to 644 compared to 0.633 in 2021.
  • Switzerland has been ranked number one.
  • Nepal (146) and Pakistan (164) have been ranked lower than India.
  • India’s life expectancy at birth has slightly improved from 2 years in 2021 to 67.7 years in 2022.
  • There is an overall increase (5.88%) in expected years of schooling (EYS) from 9 years to 12.6 years, leading to an improvement of 18 places when the EYS aspect was considered.
  • United Nations Development Programme (UNDP) – 22/11/1965 (Founded) – New York (HQ) – Achim Steiner (Administrator)

India Jumps 14 Ranks In Gender Inequality Index 2022

  • According to the Human Development Report 2023-24 released by the UNDP, India has registered a significant jump of 14 ranks in Gender Inequality Index 2022.
  • The country ranked 108 out of 193 countries with a score of 437 in GII 2022.
  • In GII 2021 rank which was 122 out of 191 countries with a score of 0.490.
  • In 2014, this rank was
  • Denmark topped the Index followed by Norway, Switzerland, Sweden and Netherlands.
  • The Gender Inequality Index (GII) is a composite measure that evaluates gender inequality across three dimensions: Reproductive health, Empowerment and Labor market participation.

Important Days

International Day of Action for Rivers 2024

  • International Day of Action for Rivers is annually observed on March 14.
  • The day is dedicated to solidarity – when diverse communities worldwide come together with one voice to affirm that rivers are vital and need our protection.
  • The day was approved at the first International Meeting of People Impacted by Dams in March 1997 in Curitiba, Brazil.
  • On March 14, river experts from 20 different nations announced the “Day of Action for Rivers”.
  • Theme – “Water for All” 

Pi Day 2024

  • Pi Day is annually celebrated on March 14.
  • The constant value of Pi was first calculated by Mathematician Archimedes of Syracuse.
  • In 1737, Leonhard Euler used the symbol of Pi, and hence it got accepted in the scientific community.
  • In the year 1988, American physicist Larry Shaw celebrated the first Pi Day.

World Consumer Rights Day 2024

  • World Consumer Rights Day is annually observed on March 15.
  • The day is celebrated to spread more awareness about customer rights.
  • On March 15, 1962, President John F. Kennedy addressed the US Congress and spoke on consumer rights.
  • This incident denoted the first time that a world leader discussed consumer rights.
  • In 1983, the first World Consumer Rights Day was observed.
  • Since then, the United Nations has recognised the special day.

Daily Current Affairs - March 14 & 15, 2024 - Consolidated

  • Cabinet Approval
  • NITI Aayog Launches ‘Vocal for Local’ Initiative Fostering Grassroots Entrepreneurship and Self- reliance
  • Prime Minister lays foundation stone of 3 semiconductor projects
  • Ministry of Minority Affairs approves ‘Centre of Jain Manuscriptology’ (GUCJM) at Gujarat University
  • Meeting between India and Italy
  • Union Minister Piyush Goyal joins Indo-Pacific Economic Framework for Prosperity (IPEF) Virtual Ministerial Meeting
  • First Odisha Tribal Artists’ Camp in Dubai Showcases Rich Cultural Heritage
  • Union Home Minister and Minister of Cooperation, inaugurates various projects
  • Tata Motors to set up manufacturing unit in Tamil Nadu
  • Union Minister Nitin Gadkari approves road projects in Rajasthan
  • Maharashtra Cabinet Approves Renaming Ahmednagar District as Ahilya Nagar
  • Ministry of Heavy Industries Ministry Announces Electric Mobility Promotion Scheme 2024
  • RBI imposes monetary penalty on Bandhan Bank, Bank of India for rule violations
  • RBI bars Federal, South Indian Bank from issuing co-branded credit cards
  • Asian Development Bank approved loan for various projects
  • NPCI grants approval for TPAP licence to One97 Communications
  • Indian startups may add $1 trillion to Indian economy by FY30
  • Fitch Ratings ups GDP growth forecast to 7% for FY25
  • Ministry of Heavy Industries signs an MOU with Indian Institute of Technology, Roorkee
  • Easy Trip signs MOU with Archaeological Survey of India
  • India signed Memorandum of Understanding with Singapore on cooperation in the sphere of Law & Dispute Resolution
  • Fino Payments Bank appoints two new independent directors
  • Government appoints former bureaucrats Gyanesh Kumar and Sukhbir Sandhu as election commissioners

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