Daily Current Affairs – May 05, 2023
Daily Current Affairs - Banking - May 05, 2023
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India, Egypt held 12th round of Foreign Office Consultations
- The 12 rounds of India-Egypt Foreign Office Consultations were held in Cairo of Egypt.
- The consultations were co-chaired by Dr. Ausaf Sayeed, Secretary (Consular, Passport & Visa and Overseas Indian Affairs) in the External Affairs Ministry and Assistant Foreign Minister for Asian Affairs, Ministry of Foreign Affairs, Egypt Ayman Kamel.
- External Affairs Ministry said that during the consultations, both sides undertook a comprehensive review of the entire range of bilateral relations covering political, trade and commerce and investments.
- They also discussed ways to strengthen ties between India and Egypt and enhance cooperation in multilateral forums.
- Both sides also exchanged views on regional and global issues of mutual interest including climate change, resilient supply chains and participation of Global South under India’s G20 Presidency.
- The last round of consultations took place in 2015 in New Delhi.
- Egypt – Cairo (Capital) – Egyptian pound (Currency) – Abdel Fattah el-Sisi (President) – Moustafa Madbouly (Prime Minister) – Arabic (Language)
TN Health Minister launched website for food safety and mobile app for consumers
- A website for food safety and a mobile app for consumers were launched by Health Minister Ma. Subramanian.
- The Minister said the website would provide information about the Food Safety Department’s activities, banned items, Acts governing food safety and licences.
- The website “www.foodsafety.tn.gov.in” would be available in English and Tamil.
- The TN Consumer App for mobiles can be downloaded for Android and iOS platforms.
- Recently, the department introduced a WhatsApp number for consumers to get their grievances redressed.
- Besides, short films on reuse of edible oils and food fortification are being popularised on social media.
- Tamil Nadu – Chennai (Capital) – MK Stalin (CM) – RN Ravi (Governor) – Tamil (Language)
Vivad se Vishwas scheme
- The Department of Expenditure, Ministry of Finance, had launched the scheme, “Vivad se Vishwas I – Relief to MSMEs” for providing relief to Micro, Small and Medium Enterprises (MSMEs) for COVID-19 period.
- The scheme was announced in the Union Budget 2023-24 by Union Finance Minister Smt. Nirmala Sitharaman.
- Under the scheme, Ministries have been asked to refund performance security, bid security and liquidated damages forfeited/ deducted during the COVID-19 pandemic.
- Certain relief has also been provided to MSMEs debarred for default in execution of contracts during the COVID-19 period.
- The Ministry of Finance, through this scheme, decided to give following additional benefits to eligible MSMEs, affected during the COVID-19 period:
- 95% of the performance security forfeited shall be refunded.
- 95% of the Bid security shall be refunded.
- 95% of the Liquidated Damages (LD) deducted shall be refunded.
- 95% of the Risk Purchase amount realized shall be refunded.
- In case any firm has been debarred only due to default in execution of such contracts, such debarment shall also be revoked, by issuing an appropriate order by the procuring entity.
- However, in case a firm has been ignored for placement of any contract due to debarment in the interim period (i.e. date of debarment and the date of revocation under this order), no claim shall be entertained.
- No interest shall be paid on such refunded amount.
- Ministry of Finance – Nirmala Sitharaman,Cabinet Minister (Rajya Sabha MP,Karnataka) – Bhagwat Karad, Minister of State (Rajya Sabha MP,Maharashtra) & Pankaj Choudhary, Minister of State (Maharajganj,UP)
Geetha Karmikula Bima Scheme
- Telangana Chief Minister K Chandrasekhar Rao established a unique program called Geeta Karmikula Bhima or insurance for toddy tappers that offers toddy tappers an insurance cover of Rs. 5 lakhs.
- Telangana – Hyderabad (Capital) – K Chandrashekar Rao (CM) – Tamilisai Soundarajan (Governor) –Telugu (Language)
Banking and Finance
India’s green financing requirement estimated at 2.5% of GDP
- Axis Bank and India Shelter Finance Corporation Ltd (India Shelter) announced a strategic partnership under the co-lending model.
- With this partnership, both lenders will be offering Secured MSME loans to middle and low-income segment borrowers based in the semi-urban regions.
- Axis Bank – 03/12/1993 (Founded) – Mumbai (HQ) – Amitabh Chaudhry (MD & CEO) – “Badhti Ka Naam Zindagi” (Tagline)
Yes Bank partnered with Cashfree Payments to offer international payment collection service to Indian exporters
- Cashfree Payments and Yes Bank have come together to offer ‘Global Collections’, an international collection service for exporters, who are account holders of Yes Bank.
- Under this partnership, the Bank’s account holders will be able to collect payments in over 30 foreign currencies using the Global Collections service.
- The funds so received can then be converted into INR and settled into their local bank account in India within one business day.
- In addition to having dedicated facilities in 4 currencies (USD, GBP, EUR and CAD), the product also enables global collections in over 30 currencies up to the equivalent of $10,000 in line with the Reserve Bank of India’s (RBI’s) Online Payment Gateway Service Providers (OPGSP) guidelines.
- Yes Bank – 2004 (Founded) – Mumbai (HQ) – Prashant Kumar (MD & CEO) – “Experience Our Expertise” (Tagline)
Business and Economy
India's exports likely to touch $900 billion in FY24
- India’s exports of goods and services could touch $900 billion in FY24, up from $770 billion in the previous year, keeping resilient despite global headwinds.
- Merchandise exports could expand to between $495 billion and $500 billion, while services exports could touch $400 billion in the year ending March 2024, said Ajay Sahai, director general of the Federation of Indian Export Organisations (FIEO).
- The Union government has set an export target of $2 trillion by 2030, offering benefits to boost exports of electronics, engineering, pharmaceutical, and other goods.
- India’s exports have increased by more than $200 billion in the last two years, led by a surge in exports of software, mobile exports, and agricultural and petroleum products.
- Exports of engineering, gems, and jewellery goods have slowed in the last few months, however.
- Exports of agricultural, petroleum, and electronic goods remained strong in the Western markets due to pricing factors, while exports to Asian and Middle east countries have grown substantially.
- Federation of Indian Export Organisations (FIEO) – 1965 (Founded) – New Delhi (HQ) – Dr A Sakthivel (President)
SEBI imposed ₹10 lakh penalty on Angel Broking for violating regulatory norms
- Market regulator Securities Exchange Board of India (SEBI) imposed a penalty of ₹10 lakh on brokerage firm Angel Broking Ltd (ABL) for alleged violation of regulatory norms.
- The order came after a comprehensive joint inspection by SEBI, stock exchanges, and the depositories.
- The investigation revealed that the SEBI-registered stock and commodity broker pledged securities of clients with a credit balance and the mis-utilization was about ₹32.97 crore.
- Securities and Exchange Board of India (SEBI) – 12/04/1988 (Founded) – Mumbai (HQ) – Madhabi Puri Buch, (Chairman) – Ministry of Finance (Parent)
Agreements and MoUs signed
Army signed MoU with IIT Kanpur for making cantonments carbon-neutral
- The Army has decided to have carbon-neutral stations and has engaged the Indian Institute of Technology (IIT) Kanpur to carry out yearly audits of cantonments to contribute to India’s net zero emissions by 2070.
- To roll out another green initiative after Army decided to have e-vehicles from buses to bikes, the Military Engineer Services (MES) Jhansi signed an MoU with IIT Kanpur to establish a demonstrable model through a real-world example of achieving carbon neutrality.
- Now five campuses under the MES Jhansi cantonment have been identified initially for converting each of them into net zero carbon, net zero energy, net zero water, and net zero waste campuses in a phased manner, said the premier education institute.
- Indian Army – 26/01/1950 (Founded) – New Delhi (HQ) – Army Day (January 15) – General Manoj Pande (Chief of Army Staff) – “Service Before Self” (Motto)
Summit and Conference
Union Minister Piyush Goyal addressed 23rd FICCI FRAMES in Mumbai
- Union Minister for Commerce and Industry, Piyush Goyal said that the media and entertainment industry has a huge potential to connect people, to connect businesses and to connect nations.
- The Union Minister was virtually delivering the keynote address at a special session titled ‘Commerce meets Creativity’ at the 23rd FICCI FRAMES in Mumbai.
- FICCI FRAMES is a platform for the Media and Entertainment Industry that discusses issues related to the sector.
- Ministry of Commerce and Industry – Piyush Goyal,Cabinet Minister (Rajya Sabha MP,Maharashtra) – Anupriya Patel, Minister of State (Mirzapur,UP), Som Parkash, Minister of State (Hoshiarpur,Punjab)
Science and Technology
UGC launched ‘CU-Chayan’, common Faculty Recruitment portal for Central universities
- The University Grants Commission (UGC) launched the online portal “CU-Chayan” with the goal of streamlining the faculty hiring procedure in all central universities.
- It was made clear that all future hiring will only occur through this portal.
- According to UGC chairperson M. Jagadesh Kumar, the portal will offer a standard platform for listing open positions at all central universities (CUs) and completely move the hiring process online.
- University Grants Commission (UGC) – 28/12/1956 (Founded) – New Delhi (HQ) – Mamidala Jagadesh Kumar (Chairman)
Acquisitions and Mergers
CCI approved acquisition of shareholding of Tower Vision India Private Limited by Ascend Telecom Infrastructure Private Limited and GIP EM Ascend 2 Pte. Ltd.
- The Competition Commission of India (CCI) approved the acquisition of shareholding of Tower Vision India Private Limited by Ascend Telecom Infrastructure Private Limited and GIP EM Ascend 2 Pte. Ltd.
- The proposed combination pertains to acquisition Ascend Telecom Infrastructure Private Limited (Ascend) and GIP EM Ascend 2 Pte. Ltd. (GIP EM) (collectively, Acquirers) of 100 percent of the shareholding of Tower Vision India Private Limited (Target) (Proposed Combination).
- Competition Commission of India (CCI) – 14/10/2003 (Founded) – New Delhi (HQ) – Sangeeta Verma (acting), (Chairperson)
Indian origin Ajay Banga became next President of World Bank
- Indian origin Ajay Banga was confirmed as the 14th President of World Bank.
- The World Bank’s 25-member executive board elected former Mastercard CEO to a five-year term as president.
- The Indian-born finance and development expert was charged with revamping the lender to tackle climate change and other global crises.
- In 2016, he was also awarded the Padma Shri by the Government of India.
- In 2010, Ajay Banga was appointed as President and CEO at MasterCard.
- He was also a member of the Board of Directors.
- In 2020, he took over as the Chairman of the International Chamber of Commerce (ICC).
- Currently, he serves as Vice Chairman at General Atlantic.
- International Chamber of Commerce (ICC) – 1919 (Founded) – Paris (HQ) – John W.H. Denton AO (Secretary General)
HDFC ERGO General Insurance elevated Anuj Tyagi to joint managing director
- HDFC ERGO General Insurance had elevated Anuj Tyagi and designated him as Joint Managing Director of the Company.
- The elevation was approved by the nomination and remuneration committee and the board of directors of the company decided during their meeting held on April 27, 2023 in Mumbai.
- HDFC ERGO General Insurance Company – 2002 (Founded) – Mumbai (HQ) – Ritesh Kumar (MD)
Ranks and Indices
Swachh Bharat Mission’s ODF Plus rankings
- Wayanad has become the first district in the country to be declared ODF (open defecation-free) Plus.
- Wayanad district has come first in the ODF Plus rankings of the Swachh Bharat Mission in three-star category, followed by Mancheriyal district in Maharashtra and Anupur in Madya Pradesh, District Suchitwa Mission.
- While Wayanad scored 100 points in the ODF ranking, Manchaeriyal and Anupur got 90.45 and 88.79 points respectively.
- The ODF Plus scores of panchayats and districts were calculated on the basis of the ODF Plus progress report submitted by the villages till October 1, 2022.
- Earlier, the district had won two national awards in the sanitation and waste management sectors.
National Manufacturing Innovation Survey (NMIS) 2021-22
- Dr. S. Chandrasekhar, Secretary, Department of Science and Technology, released the “National Manufacturing Innovation Survey (NMIS) 2021-22: Summary for Policymakers”.
- The National Manufacturing Innovation Survey (NMIS) 2021-22 is a joint study by the Department of Science and Technology (DST) and the United Nations Industrial Development Organization (UNIDO) to evaluate the innovation performance of manufacturing firms in the India.
- The NMIS 2021-22 study was conducted as a 2-pronged survey that examined the innovation processes, outcomes, and barriers in manufacturing firms and also studied the innovation ecosystem that affects innovation outcomes in these firms.
- This study is a follow-up of DST’s first National Innovation Survey held in 2011.
- According to the report, which has carried out its survey across over 8,000 firms in 28 states and 6 Union Territories (UTs), covering manufacturing and related service sector and MSMEs, found that there is a need to increase innovation in manufacturing.
- It stated that an increase in innovation carried out by firms has resulted in higher sales for them.
- DST ranked Karnataka, followed by Telangana, Tamil Nadu, Maharashtra, and Haryana as high innovation states.
- Uttarakhand has the highest score among the hill states, while Dadra and Nagar Haveli and Daman and Diu has the highest score among the UTs.
- The state of Karnataka is not only the most innovative in its manufacturing sector but also has the highest number of companies in manufacturing that carry out innovations.
- United Nations Industrial Development Organization (UNIDO) – 07/11/1966 (Founded) – Vienna, Austria (HQ) – Gerd Müller (Director General)
‘The Future of India Retail Payments’ report
- India is expected to become in three years a nearly 50 per cent non-cash economy in consumption as digital tools like UPI help financial transactions.
- Household consumption is expected to reach more than $3 trillion by FY26, propelled by the upper-middle and high-income segments, according to consulting firm Bain & Company’s ‘The Future of India Retail Payments’ report.
- With the current technical and financial momentum, India is expected to become a nearly 50 per cent non-cash economy in consumption in the next three years with approximately 350–400 million digital consumers.
- This growth could be further propelled to 60–75 per cent in case of continued government incentives and higher traction for UPI 2.0, 123 Lite, credit on UPI, Central Bank Digital Currency (CBDC).
Coal Miners Day
- Coal Miners Day is observed every year on May 4th to recognize and honour the tireless efforts and significant contribution of coal miners in extracting coal.
- Although the first coal mine was opened in Scotland in 1575, India’s first coal mine was established much later in 1774.
International Firefighters' Day
- International Firefighters’ Day (IFFD) is observed on May 4.
- It was instituted after a proposal was made on January 4, 1999, following the deaths of five firefighters in tragic circumstances in a bushfire in Australia.
- One of the symbols of International Firefighters’ Day is a red and blue lapel ribbon.
- This ribbon is five centimeters long and one centimeter wide, with the two separate colors conjoined at the top.
- The red of the ribbon represents fire while the blue represents water.
- The ribbon is traditionally worn on the lapel but is not limited to the lapel.
Buland Bharat exercise
- An integrated surveillance and firepower training Exercise BULAND BHARAT was conducted in the recently operationalised longest High Altitude Artillery Ranges of Eastern Theatre.
- Exercise BULAND BHARAT involved the synergised application of surveillance and firepower capabilities of the Artillery and the Infantry in close coordination with Special Forces, Aviation and Central Armed Police Forces deployed in West Kameng and Tawang districts of Arunachal Pradesh.
- Arunachal Pradesh – Itanagar (Capital) – Pema Khandu (CM) – Kaiwalya Trivikram Parnaik (Governor) – English (Language)
Daily Current Affairs - May 05, 2023 - Consolidated
- India, Egypt held 12th round of Foreign Office Consultations
- TN Health Minister launched website for food safety and mobile app for consumers
- Vivad se Vishwas scheme
- Geetha Karmikula Bima Scheme
- India’s green financing requirement estimated at 2.5% of GDP
- Axis Bank announced partnership with India Shelter
- Yes Bank partnered with Cashfree Payments to offer international payment collection service to Indian exporters
- India’s exports likely to touch $900 billion in FY24
- Army signed MoU with IIT Kanpur for making cantonments carbon-neutral
- Union Minister Piyush Goyal addressed 23rd FICCI FRAMES in Mumbai
- UGC launched ‘CU-Chayan’, common Faculty Recruitment portal for Central universities
- CCI approved acquisition of shareholding of Tower Vision India Private Limited by Ascend Telecom Infrastructure Private Limited and GIP EM Ascend 2 Pte. Ltd.
- Indian origin Ajay Banga became next President of World Bank
- HDFC ERGO General Insurance elevated Anuj Tyagi to joint managing director
- Swachh Bharat Mission’s ODF Plus rankings
- National Manufacturing Innovation Survey (NMIS) 2021-22
- ‘The Future of India Retail Payments’ report
- Coal Miners Day
- International Firefighters’ Day
- Buland Bharat exercise
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