Daily Current Affairs – May 03, 2023
Daily Current Affairs - Banking - May 03, 2023
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Indian Railways earned revenue of over Rs 2,000 crore in FY23 by suspending concession for senior citizen travellers
- Indian Railways has earned an additional revenue of more than Rs 2,000 crore in the financial year 2022-23, by suspending the senior citizen concession on trains.
- The railways had earned a total revenue of Rs 5,062 crore from senior citizen commuters in the previous fiscal.
- This also includes an additional revenue of Rs 2,242 crore, which earned due to the suspension of the concession.
- The national transporter suspended the concession on March 20, 2020, due to the outbreak of the Covid pandemic.
- Indian Railways – 06/05/1836 (Founded) – New Delhi (HQ) – V.K.Tripathi (Chairman & CEO)
NITI Aayog Released Compendium on Best Practices in Social Sector 2023
- NITI Aayog released the “Best Practices in Social Sector: A Compendium, 2023” today in collaboration with the United Nations Development Programme.
- To commemorate 75 years of India’s independence and highlight and laud the efforts of Union Ministries and State Governments, this compendium includes 75 case studies cutting across 14 key social sectors.
- The case studies have been sourced from all States/ Union Territories and 30 Ministries and Departments of the Government of India.
- The seventy-five best practices highlight models which are innovative, sustainable, replicable and impactful.
- The aim of this exercise has been to synthesise lessons for the future to expand, enhance and improve life at the grassroots level.
- Due care was taken to ensure that the cases identified are spread over diverse themes, including education, health and nutrition, e-governance and digitization, agriculture, women’s empowerment, sports, and financial inclusion, among others.
FSSAI amended labeling rules for pre-packaged foods
- The Food Safety and Standards Authority of India (FSSAI) has amended labeling and display rules for pre-packaged foods.
- It has asked the Food Business Operators (FBOs) to substitute “Best Before Date” on the packages with “Expiry Date” or “Use By Date”.
- The “Best Before Date” can be displayed as additional or optional information on the label.
- Foods with less than three months of shelf life need to display production details in the “date-month-year” format.
- Food Safety and Standards Authority of India (FSSAI) – 05/09/2008 (Founded) – New Delhi (HQ) – Shri Rajesh Bhushan (Chairman)
56th Annual General Meeting of Board of Directors of Asian Development Bank
- Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman lead the Indian delegation attended the 56th Annual General Meeting of the Board of Governors of Asian Development Bank (ADB) along with Investor/ Bilateral and other associated meetings, in Incheon, the Republic of Korea.
- The Indian delegation, comprising of officials from the Department of Economic Affairs, Ministry of Finance. Government of India, is scheduled to depart later.
- The Meetings will be attended by official delegations of ADB members, observers, non-governmental and civil society organisations, media, financial institutions and banks and other private sector companies.
- The engagements of Union Finance Minister will consist of the following components:
- Interaction with Global Economists, Governors / Finance Ministers of the ADB member countries etc.
- Bilateral engagements with countries and international organisations.
- Interaction with global business leaders and investors in roundtables.
- Engagement with Community Diaspora
- During the visit, Smt. Sitharaman will participate in annual meeting focal events like the Governors’ Business, and also as a panelist in the ADB Governors’ Seminar on ‘Policies to Support Asia’s Rebound’.
- Asian Development Bank (ADB) – 19/12/1966 (Founded) – Mandaluyong, Philippines (HQ) – Masatsugu Asakawa (President) – 68 countries
International Apparel & Textile Fair kicked off in Dubai
- The International Apparel & Textile Fair (IATF) had returned to Dubai in 2023, for its 15th edition.
- The fair is known as the premier platform for sourcing apparels, fashion fabrics, prints, clothing accessories, home textiles, footwear and more in the UAE.
- This year’s event will showcase the Spring Summer Collections & Autumn Winter Highlights of 2023-2024.
- With over 200 exhibitors from 22 countries, IATF aims to expand with each exhibitor becoming a major influence in UAE’s Fashion scene.
- The India Pavilion Jointly organised by the Apparel Export Promotion Council Ministry of Textiles, Government of India and Federation of Indian Export Organisation boasts 67 stalls combined, which showcase a variety of Indian textiles for exports.
- Around twenty-three companies have come on their own too for showcasing their apparels.
- The Indian Pavilion was Inaugurated by the Consul General of India Dr Aman Puri.
- The event attracts a wide range of Textile Mills, Garments Manufacturers, Accessories/ Trim Suppliers, Print Designers, and major Footwear manufacturers.
- IATF provides manufacturers and their agents an opportunity to showcase their products to the most influential buyers and designers in the Middle East & North Africa (MENA) Fashion sphere.
Neighbourhood First Policy: Rajnath Singh heads to Maldives; Maritime Cooperation tops agenda
- To further strengthen bilateral cooperation in defence and security relations, defence Minister Rajnath Singh has left for Maldives which is a very important neighbour in the Indian Ocean Region (IOR), and he gifted a Landing Craft and one Fast Patrol Vessel ship to the Maldives National Defence Forces.
- During the three-day visit to the island nation, Singh held bilateral talks with his counterpart Mariya Ahmed Didi and the focus is expected to be on defence and security and maritime cooperation, and later hold talks with the foreign minister Abdulla Shahid of the island nation on wide range of issues including High Impact Community Development Projects, Tourism, people to people as well as connectivity.
- Maldives – Male (Capital) – Maldivian rufiyaa (Currency) – Ibrahim Mohamed Solih (President) – Dhivehi (Language)
Largest Indian design centre - The Colosseum launched in Hyderabad
- Spanning an incredible two lakh plus sq. ft. over seven floors, India’s largest design destination The Colosseum has opened its doors in Hyderabad.
- The grand opening was witnessed by 400+ renowned interior designers, architects, HNIs and media houses all under the same roof to celebrate a never-before-seen launch.
- Telangana – Hyderabad (Capital) – K Chandrashekar Rao (CM) – Tamilisai Soundarajan (Governor) –Telugu (Language)
Startup Seed Fund Scheme
- The government has allocated Rs 611 crore to incubators and out of that, Rs 61 crore was released to startups under the seed fund scheme so far.
- In April 2021, the government launched the Startup India Seed Fund Scheme (SISFS) with a corpus of Rs 945 crore.
- The corpus is divided over the next four years (till 2025) for providing seed funding to eligible startups through eligible incubators across India.
- The fund aims to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry, and commercialisation.
- The scheme has completed two years and it is helping in promoting innovation, joint secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Manmeet Nanda.
- She said that so far 165 incubators have been selected under the scheme and Rs 611 crore has been approved for them.
- “Over 1,000 startups are benefitted from the scheme so far,” she said, adding if required the department would seek more funds.
Banking and Finance
Airtel Payments Bank and NPCI partner to roll out Face Authentication for AePS
- Airtel Payments Bank had collaborated with the National Payments Corporation of India (NPCI) to roll out face authentication for the Aadhaar-enabled Payment System at its 5 lakh banking points.
- Airtel Payments Bank is among the first four banks to offer face authentication for AePS (Aadhaar-enabled Payment System).
- Airtel Payments Bank is the first payments bank in the country to offer this facility.
- NPCI’s AePS allows customers to carry out financial and non-financial transactions at any banking point using their Aadhaar number or virtual ID to access their Aadhaar-linked bank account.
- Until now, transactions were being authenticated using the customer’s Aadhaar number and fingerprint or Iris match in the UIDAI records.
- The new facility will enable customers to validate the transaction by undertaking face authentication along with the Aadhaar number.
- Currently, the face authentication feature is available for non-financial transactions such as balance inquiry and mini-statements.
- The bank will soon make it available for financial transactions for customers of other banks as well.
- Airtel Payments Bank Limited – 23/11/2016 (Founded) – New Delhi (HQ) – Anubrata Biswas (MD & CEO) – “Banking Is Now At Your Fingertips India’s First Payment Bank” (Tagline)
Reliance General Insurance partnered with Swiggy for insurance cover to delivery partners
- Reliance General Insurance, the private general insurance company had partnered with food delivery company Swiggy to provide tailored health insurance along with personal accident and mobile phone insurance coverage to its 3 lakh delivery partners.
- The insurance protection will be offered through the insurance brokerage firm Gallagher Insurance Brokers.
- The benefits include Group Mediclaim policy under which Swiggy’s delivery partners can avail OPD treatment, medical hospitalization, maternity cover, etc., as per the eligibility criteria of the master policy.
- Likewise, under the Group Personal Accident policy, the delivery partners will be covered in the unfortunate event of accidental death and accidental permanent partial disablement.
- Moreover, in the case of accidental temporary total disablement, the insured partner will receive a loss of pay benefit during recovery.
- Reliance General Insurance Company Limited – 17/08/2000 (Founded) – Mumbai (HQ) – Rakesh Jain (CEO)
BharatPe acquired NBFC Trillion Loans
- BharatPe has acquired a 51 percent stake in Mumbai-based non-banking financial company (NBFC) Trillion Loans, which sells a range of secured and unsecured loans to small businesses and credit products such as auto, gold and education loans to retail customers.
- With this acquisition, the fintech unicorn joins well-funded fintech peers like Cred, Uni and LendingKart in acquiring NBFCs to shore up their credit play.
- The trend has been growing as the Reserve Bank of India’s tightened norms make it harder for fintech players to operate in the digital loans space without an NBFC licence.
- BharatPe – 2018 (Founded) – New Delhi (HQ) – Suhail Sameer (CEO)
Credit card due jumped 31% in FY23 to Rs 1.94 lakh crore
- Credit card outstanding surged by 31 per cent or Rs 45,866 crore to Rs 1.94 lakh crore in the fiscal ended March 31, 2023, reflecting the rising discretionary spending by consumers using unsecured loans.
- In fiscal 2022, the credit card or unsecured loan outstanding jumped by 13 per cent to Rs 1.48 lakh crore from Rs 1.32 lakh crore in FY2021.
- The share of credit cards outstanding in the overall retail loan stood at 5 per cent in the 12 months ended March 2023.
- There was a marginal uptick in the share of credit card outstanding to retail loans compared to FY22 when it had stood at 4 per cent.
Direct Tax Collections Exceeds Union Budget Estimates by 16.97%
- The Central Board of Direct Taxes, under the Ministry of Finance, released the provisional figures for direct tax collections in the Financial Year (FY) 2022-23.
- The gross direct tax collections (provisional) for FY 2022-23 amount to Rs. 19.68 lakh crore, which is a 20.33% growth rate from the previous financial year, which was Rs. 16.36 lakh crore.
- The net direct tax collections (provisional) for FY 2022-23 are at Rs. 16.61 lakh crore, recording a growth rate of 17.63% compared to the previous financial year’s Rs. 14.12 lakh crore.
- The refunds amount to Rs. 3,07,352 crores, an increase of 37.42% from the previous year’s Rs. 2,23,658 crores.
- Central Board of Direct Taxes (CBDT) – 1964 (Founded) – New Delhi (HQ) – Nitin Gupta (Chairman)
Agreements and MoUs signed
International Financial Services Centres Authority (IFSCA) signed MoU with IHub-Data, International Institute of Information Technology Hyderabad (IIITH)
- International Financial Services Centres Authority (IFSCA) and IHub-Data, IIIT Hyderabad signed an MoU at IIIT Hyderabad campus.
- This MoU aims to put in place a framework for cooperation and understanding between IFSCA and IHub-Data, IIIT Hyderabad to collaborate in supporting and facilitating FinTech and TechFin entities.
- This MoU will enable cooperation and collaboration on diverse initiatives regarding FinTech.
- FinTechs and TechFins registered with IHub-Data, IIIT Hyderabad may be facilitated to access IFSCA’s Regulatory and Innovation Sandbox and apply to the IFSCA (FinTech Incentive) Scheme 2022.
MoHUA signed MoU with RITES for technical assistance for Solid Waste Management under SBM-U
- The introduction of Used Water Management (UWM) as a newly funded component for towns with less than 1 lakh population, has led to a paradigm shift in urban sanitation.
- Focusing on accelerating Solid Waste and Used Water Management, the Ministry of Housing and Urban Affairs (MoHUA) signed a Memorandum of Understanding (MoU) with RITES Limited, for technical assistance for Solid Waste Management (SWM) & UWM under Swachh Bharat Mission-Urban 2.0.
- The Technical Support Unit (TSU) of RITES will assist SBM-U for a period of 3 years.
- Under SWM, the areas of engagement will be process standardization and engineering design of waste management facilities, like Material Recovery Facility, legacy waste etc.
- Under UWM, RITES will provide technical support for standards & specification in the field of sewage and faecal sludge management and reuse, engineering design and process of wastewater treatment units.
- RITES will further assist with preparation of model tender document and procurement in the field of sewage, wastewater management and Solid Waste Management.
- Ministry of Housing and Urban Affairs – Hardeep Singh Puri,Cabinet Minister (Rajya Sabha MP,UP) – Kaushal Kishore, Minister of State (Mohanlalganj,UP)
Tripura signed eight MoUs worth Rs 312.38 crore
- Tripura Chief Minister Manik Saha said his government signed eight Memorandum of Understanding (MoU) with private players amounting to Rs 312.38 crore to promote industries in the northeastern state.
- The MoUs include setting up of a medical college with an estimated cost of Rs 247 crore on Public Private Partnership (PPP) model in Dhalai, a tribal-dominated district.
- Tripura – Agartala (Capital) – Manik Saha (CM) – Satyadev Narayan Arya (Governor) – Bengali, English, Kokborok (Language)
ZSI team discovered 2 new spider species in Karnataka, Tamil Nadu
- Researchers of Zoological Survey of India have discovered two new species of jumping spiders from southern India.
- The two discoveries include Phintella dhritiae from Mookambika Wildlife Sanctuary in Karnataka and Phintella platnicki from Salem district of Tamil Nadu.
- Phintella dhritiae has been named in honour of Dr Dhriti Banerjee, the first woman director of the ZSI.
- Banerjee had taken over as the director of the more-than-100-year-old institution in August 2021.
- Phintella platnicki has also been named in honour of late Dr Norman Platnick for his contribution to the field of arachnology.
- Karnataka – Bengaluru (Capital) – Basavaraj Bommai (CM) –Thawarchand Gehlot (Governor) – Kannada (Language)
Justice TS Sivagnanam appointed as Chief Justice of Calcutta High Court
- The Central government appointed of Justice TS Sivagnanam, the senior-most judge of the Calcutta High Court, as its Chief Justice.
Raj Kumar Dubey Took Over as Director (HR) of Bharat Petroleum
- Bharat Petroleum Corporation Limited (BPCL) announced that Shri Raj Kumar Dubey had taken over as Director (Human Resources) of the company.
- Shri Dubey brings with him a wealth of experience in business and human capital development, having worked in the industry for over 34 years.
- Bharat Petroleum Corporation Limited (BPCL) – 1976 (Founded) – Mumbai (HQ) – G Krishnakumar (Chairman & MD)
Air Marshal Saju Balakrishnan AVSM, VM took Over as 17th Commander-In-Chief, Andaman & Nicobar Command
- Air Marshal Saju Balakrishnan, AVSM, VM had taken over as the 17th Commander-in-Chief of the Andaman and Nicobar Command (CINCAN).
- The Andaman and Nicobar Command (ANC) is the only Joint-services Command in India and serves as a model for the country’s planned theaterisation of Army, Navy, and Air Force capabilities.
- Air Marshal Saju Balakrishnan is a distinguished alumnus of the National Defence Academy Khadakwasla, having been commissioned into the fighter stream of the Indian Air Force (IAF) in 1986.
- For his distinguished service, he has been awarded the Presidential Awards of Ati Vishisht Seva Medal and Vayu Sena Medal.
Air Marshal Narmdeshwar Tiwari took over as Air Officer Commanding in chief South Western Air Command
- Air Marshal Narmdeshwar Tiwari took over as Air Officer Commanding-in-Chief (AOC-in-C), South Western Air Command (SWAC) at Gandhinagar.
- He succeeded Air Marshal Vikram Singh, who superannuated on 30 Apr 2023.
- Air Marshal Narmdeshwar Tiwari was commissioned in the Fighter Stream on 07 Jun 1986.
- He is an alumnus of the National Defence Academy and passed out as the President Gold Medalist.
- He has flown over 3600 hours on various types of aircraft.
- He is a Qualified Flying Instructor as well as an Experimental Test Pilot.
- Indian Air Force (IAF) – 26/01/1950 (Founded) – New Delhi (HQ) – Airforce Day (October 08) – Air Chief Marshal Vivek Ram Chaudhari (Chief of Air Staff) – ‘Touch the sky with Glory’ (Motto)
Daily Current Affairs - May 03, 2023 - Consolidated
- Indian Railways earned revenue of over Rs 2,000 crore in FY23 by suspending concession for senior citizen travellers
- NITI Aayog Released Compendium on Best Practices in Social Sector 2023
- FSSAI amended labeling rules for pre-packaged foods
- 56th Annual General Meeting of Board of Directors of Asian Development Bank
- International Apparel & Textile Fair kicked off in Dubai
- Neighbourhood First Policy: Rajnath Singh heads to Maldives; Maritime Cooperation tops agenda
- Largest Indian design centre – The Colosseum launched in Hyderabad
- Startup Seed Fund Scheme
- Airtel Payments Bank and NPCI partner to roll out Face Authentication for AePS
- Reliance General Insurance partnered with Swiggy for insurance cover to delivery partners
- BharatPe acquired NBFC Trillion Loans
- Credit card due jumped 31% in FY23 to Rs 1.94 lakh crore
- International Financial Services Centres Authority (IFSCA) signed MoU with IHub-Data, International Institute of Information Technology Hyderabad (IIITH)
- MoHUA signed MoU with RITES for technical assistance for Solid Waste Management under SBM-U
- Tripura signed eight MoUs worth Rs 312.38 crore
- ZSI team discovered 2 new spider species in Karnataka, Tamil Nadu
- Justice TS Sivagnanam appointed as Chief Justice of Calcutta High Court
- Raj Kumar Dubey Took Over as Director (HR) of Bharat Petroleum
- Air Marshal Saju Balakrishnan AVSM, VM took Over as 17th Commander-In-Chief, Andaman & Nicobar Command
- Air Marshal Narmdeshwar Tiwari took over as Air Officer Commanding in chief South Western Air Command
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