Daily Current Affairs – May 18, 2023
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Daily Current Affairs - Banking - May 18, 2023
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National News
Cabinet Committee
- The Cabinet, chaired by Prime Minister Narendra Modi, approved the Production Linked Incentive Scheme 2.0 for IT Hardware with a budgetary outlay of Rs 17,000 crore.
- Electronics manufacturing in India has witnessed consistent growth with a 17 per cent compound annual growth rate (CAGR) in the last 8 years to cross a major benchmark in production USD 105 billion (about Rs 9 lakh crore) this year.
- The government will spend Rs 1.08 lakh crore towards fertiliser subsidy for 2023-24 Kharif season to ensure availability of the soil nutrients to farmers at existing prices, Fertiliser Minister Mansukh Mandaviya.
- The Union Cabinet approved Rs 38,000 crore subsidy for Phosphatic and Potassic (P&K) fertilisers taking the total fertiliser subsidy for the Kharif season (April-September) to Rs 1.08 lakh crore.
- This includes Rs 70,000 crore of urea subsidy earmarked in the Budget for the Kharif season 2023-24.
- Currently, the price of urea is Rs 276 per bag and the price of DAP (Diammonium phosphate) is Rs 1,350 per bag.
- The subsidy is likely to benefit about 12 crore farmers.
Tunnelling projects worth ₹2-lakh crore on NHs underway in India: Minister Nitin Gadkari
- Road and Highways Minister Nitin Gadkari said that so far 144 tunnel projects spanning 357 km across national highways (NH), amounting to ₹2 lakh crore, are currently underway in the country.
- The Minister pointed out that 30 tunnels, covering 45 km, are in operation, while another 16 tunnels, adding up to around 120 km, are under implementation and set to be completed within the next one to two years.
- Besides, 54 tunnels are under the Detailed Project Report (DPR) stage.
- Ministry of Road Transport and Highways – Nitin Gadkari,Union Minister (Nagpur,Maharashtra) – General Vijay Kumar Singh
International News
India, Israel to jointly develop Center of Water Technology at IIT Madras
- Indian Institute of Technology (IIT) Madras has signed a Letter of Intent (LoI) with Israel to build an ‘India-Israel Center of Water Technology’ (CoWT) in Water Resources Management and Water Technologies.
- The LoI to establish this center was signed by Manoj Joshi, Secretary, Ministry of Housing and Urban Affairs (MoHUA), Prof V Kamakoti, Director, IIT Madras, and Naor Gilon, Ambassador of Israel to India in the presence of External Affairs Ministers S Jaishankar and his Israeli counterpart Eli Cohen.
- The Centre aims to build human capacity to ensure the implementation of the best technologies of Israel in a tailor-made context for the Indian requirements and pilot sustainable technologies to ensure water security for the country.
- In cooperation with MASHAV, Israel’s Agency for International Development Cooperation, the upcoming Centre will help MoHUA develop its ‘AMRUT’ Mission for achieving its overall targets.
- Israel – Jerusalem (Capital) – New shekel (Currency) – Isaac Herzog (President) – Benjamin Netanyahu (Prime Minister) – Hebrew (Language)
Nepali Sherpa climbed Mount Everest for record 27th time, sets new record
- Kami Rita Sherpa, a record-holding Nepali Sherpa guide has ascended the world’s highest peak Mount Everest for record 27th time setting a new record.
- The Seven Summit Treks, expedition organizing company of Nepal announced the new record set.
- The 53-year-old Sherpa climber has been scaling the mountains for over two decades.
- His mountaineering journey began in 1992 when he joined an expedition to Everest as a support staff member.
- Nepal – Kathmandu (Capital) – Nepalese rupee (Currency) – Ram Chandra Poudel (President) – Pushpa Kamal Dahal (Prime Minister) – Nepali (Language)
State News
Madhya Pradesh Bhopal becomes first city in India to measure Sustainable Development Goals progress
- Madhya Pradesh capital Bhopal has become the first city in India to accept the localization of the United Nations (UN)-mandated Sustainable Development Goals (SDG).
- Voluntary Local Reviews (VLR) will now be conducted in Bhopal to show the abilities and commitments of the government.
- Madhya Pradesh Chief Minister Shivraj Singh Chouhan had earlier officially unveiled the Agenda for Action: Sustainable Urban Transformation in Bhopal.
- The 2030 Agenda for Sustainable Development, often known as Agenda 2030, is being translated into local actions and impacts as part of the SDGs localization process, which helps promote the goals’ achievement on a global scale.
- Madhya Pradesh – Bhopal (Capital) – Shivraj Singh Chouhan (CM) – Mangubhai C. Patel (Governor) – Hindi (Language)
Schemes
Jal Jeevan Mission
- Under Azadi ka Amrit Kaal, Jal Jeevan Mission (JJM) celebrates a new milestone of ensuring safe and clean drinking water through taps to more than 12 Crore rural households of the country.
- At the time of announcement of launch of JJM by Prime Minister, Shri Narendra Modi from the ramparts of the Red Fort on 15th August 2019, only 3.23 Crore (16.64%) households in villages had access to piped water connection.
- As on date, 5 States (Goa, Telangana, Haryana, Gujarat and Punjab) and 3 UTs (Puducherry, D&D and D&NH and A&N Islands), have reported 100% coverage.
- Himachal Pradesh at 98.35%, followed by Bihar at 96.05%, are also poised to achieve saturation in the near future.
- The relentless efforts of the Union and State governments have also resulted in ensuring the provision of tap water supply in 9.06 lakh (88.55%) schools and 9.39 lakh (84%) anganwadi centres in the country.
- In the 112 aspirational districts of our country, at the time of the launch of the Mission, only 21.64 lakh (7.84%) households had access to tap water which has now increased to 1.67 Crore (60.51%).
- Three Aspirational districts from Telangana (Komaram Bheem Asifabad, Jayashankar Bhupalpalli and Bhadrabri Kothagudem), two districts in Gujarat (Dahod & Narmada) and Punjab (Moga & Ferozepur) and 1 district each in Haryana (Mewat) and Himachal Pradesh (Chamba) have reported 100% tap water coverage.
'Learn and Earn scheme'
- The Madhya Pradesh cabinet has approved a new scheme for unemployed youths in the state ‘Mukhyamantri Sikho Kamao Yojana’ (Chief Minister Learn and Earn Scheme).
- Youth who have passed class 12th, ITI, Graduation and postgraduation, all of them will be eligible for the scheme and a stipend amount will also be given to them for learning skills.
- Under the scheme, the youths will be taught about 700 different types of works of various sectors which includes, engineering, hotel management, tourism, travel, hospital, ITI, software development sector, banking, insurance, accounting, chartered accountant and other financial services related work, industries, MSME industry or other service sector.
- The youth would be paid for learning the skills.
- Youths, who have passed Class 12, would be given a stipend of Rs 8000 and ITI pass would be given Rs 8,500.
- Similarly, youth having a diploma would be given Rs 9,000 and youth having higher degree than the above would get Rs 10,000 a month stipend.
Banking and Finance
RBI cancelled certificate of registration of 7 NBFCS, 14 surrender permits
- The Reserve Bank of India (RBI) has cancelled permits of seven non-banking finance companies (NBFC).
- The NBFCs whose certificate of registration was cancelled were Coorg Tea Company, Trimurthi Finvest, East West Finvest India, J.V.Modi Securities, K K Patel Finance, Purvi Finvest, and Genfin Capital Pvt Ltd.
- RBI also said 14 NBFCs surrendered their licence, which include Icseva Finance Pvt, L&T Infrastructure Development Projects Ltd, and Wondermax Mercantile Pvt Ltd.
- The Reserve Bank of India (RBI) has imposed a monetary penalty on Mizoram Rural Bank and Tripura Gramin Bank for violations of rules.
- The central bank imposed Rs 5 lakh penalty on Mizoram Rural Bank and Rs 2 lakh penalty on Tripura Gramin Bank.
- According to the release, the penalty was levied on both banks as it failed to categorize certain loan accounts as non-performing in line with the Income Recognition and Asset Classification (IRAC) norms.
- Reserve Bank of India (RBI) – 01/04/1935 (Founded) – Mumbai (HQ) – Shaktikanta Das (Governor)
World Bank approved $82 Million for Prevention of Zoonotic, Endemic Diseases in India
- The World Bank’s Board of Executive Directors today approved an $82 million loan towards the adoption of global best practices for animal health management to prevent, detect, and respond to endemic zoonotic, transboundary, and emerging infectious diseases.
- World Bank – December 1944 (Founded) – Washington DC (HQ) – Ajay Banga (President)
Zomato partnered with ICICI Bank to launch its own UPI offering
- Food aggregator platform Zomato has partnered with ICICI Bank to launch its very own unified payments interface (UPI) offering called Zomato UPI, for some of its users.
- Using the new service, customers can pay for their orders directly through the Zomato app – by creating their own UPI ID – without being redirected to other payment gateways like Phonepe, Google Pay, or any other third-party app.
- Users will be able to make both, peer-to-peer, as well as merchant payments using the service.
HDFC Mutual Fund launched India's first defence fund
- HDFC Asset Management Company Ltd announced the launch of the country’s first mutual fund focussed on defence sector, a move that will provide investors an opportunity to participate in growth potential of this space.
- The new fund offering (NFO) of HDFC Defence Fund, an open-ended equity scheme, would open on May 19 and close on June 2.
- The fund will invest at least 80 per cent of its net assets in defence and allied sector companies.
- Defence and allied sector stocks include stocks forming part of aerospace and defence; explosives, shipbuilding and allied services.
Business and Economy
India remains a bright spot, economy expected to grow 6.7% in 2024
- The World Economic Situation and Prospects as of mid-2023 released by United Nation said India’s economy, the largest in the South Asian region, is expected to expand by 5.8 per cent in 2023 and 6.7 per cent in 2024 (calendar year basis), supported by resilient domestic demand.
- Inflation in India is expected to decelerate to 5.5 per cent in 2023.
UN forecasts world economic growth of 2.3% in 2023, 2.5% in 2024
- Global economic growth is projected to be 2.3% in 2023, up 0.4 percentage points from a January forecast, and the prediction for 2024 has dropped 0.2 percentage points to 2.5%, according to a United Nations report.
- United Nations (UN) – 24/10/1945 (Founded) – New York (HQ) – António Guterres (Secretary General) – 193 member states & 2 observer states
India to contribute 16% of global GDP: Morgan Stanley
- According to Morgan Stanley, India is benefitting from a combination of cyclical and structural tailwinds and is expected to contribute 16 per cent of the global gross domestic product (GDP) over 2023-24.
Nature
Mizoram recorded new parachute gecko
- A team of biologists has recorded the Gekko mizoramensis as a new species of parachute gecko, so named because of skin flaps along the body and tail enabling it to glide.
- The study on the lizard, with the common name Mizoram parachute gecko, has been published in the latest edition of Salamandra, the German Journal of Herpetology.
- The authors of the study are Hmar Tlawmte Lalremsanga, Lal Muansanga, and Mathipi Vabeiryureilai of the Mizoram University’s Department of Zoology and Zeeshan A. Mirza of the Max Planck Institute for Biology based in Tübingen, Germany.
- Mizoram – Aizawl (Capital) – Zoramthanga (CM) – Kambhampati Hari Babu (Governor) – Mizo & English (Language)
Acquisitions and Mergers
RBI gave nod to SBIFML to acquire 9.99 pc stake in HDFC Bank
- The Reserve Bank had given its approval to SBI Funds Management (SBIFML) to acquire up to 9.99 per cent stake in HDFC Bank.
- HDFC Bank – August 1994 (Founded) – Mumbai (HQ) – Sashidhar Jagdishan (CEO) – “We Understand Your World” (Tagline)
Appointments
Paytm appointed Bhavesh Gupta as COO, President
- One97 Communications Limited (OCL), the parent company of fintech giant Paytm, announced that it has appointed Bhavesh Gupta as the company’s Chief Operating Officer (COO) and President.
- Prior to joining Paytm in 2020, Gupta held multiple leadership roles including CEO of Clix Capital (formerly known as GE Capital), and Head of SME and Business Banking at IDFC Bank.
- He was also associated with ICICI bank in various roles.
- Paytm (pay through mobile) – August 2010 (Founded) – Noida,UP (HQ) –
- Vijay Shekhar Sharma (CEO)
Lt Gen Devendra Sharma appointed as Western Command’s Chief of Staff
- Lieutenant General Devendra Sharma took over as the Chief of Staff of the Indian Army’s Western Command.
- His meritorious service has been recognised with the award of Sena Medal for Gallantry, Ati Vishisht Seva Medal for distinguished service and also the United Nations Force Commander’s Commendation.
Important Days
World Hypertension Day
- World Hypertension Day is annually observed on May 17.
- World Hypertension Day (WHD) is a day designated and initiated by The World Hypertension League (WHL), which is itself an umbrella to organizations of 85 national hypertension societies and leagues.
- The WHL launched its first WHD on May 14, 2005.
- Since 2006, the WHL has been dedicating May 17 as WHD.
World Telecommunication and Information Society Day
- World Telecommunication and Information Society Day is annually observed on May 17.
- The day was proclaimed in November 2006 by the International Telecommunication Union Plenipotentiary Conference in Antalya, Turkey.
- Theme – Enabling the least developed nations through information and communication technologies
Daily Current Affairs - May 18, 2023 - Consolidated
- Cabinet Committee
- Tunnelling projects worth ₹2-lakh crore on NHs underway in India: Minister Nitin Gadkari
- India, Israel to jointly develop Center of Water Technology at IIT Madras
- Nepali Sherpa climbed Mount Everest for record 27th time, sets new record
- Madhya Pradesh Bhopal becomes first city in India to measure Sustainable Development Goals progress
- Jal Jeevan Mission
- ‘Learn and Earn scheme’
- RBI cancelled certificate of registration of 7 NBFCS, 14 surrender permits
- World Bank approved $82 Million for Prevention of Zoonotic, Endemic Diseases in Indi
- Zomato partnered with ICICI Bank to launch its own UPI offering
- HDFC Mutual Fund launched India’s first defence fund
- India remains a bright spot, economy expected to grow 6.7% in 2024
- UN forecasts world economic growth of 2.3% in 2023, 2.5% in 2024
- India to contribute 16% of global GDP: Morgan Stanley
- Mizoram recorded new parachute gecko
- RBI gave nod to SBIFML to acquire 9.99 pc stake in HDFC Bank
- Paytm appointed Bhavesh Gupta as COO, President
- Lt Gen Devendra Sharma appointed as Western Command’s Chief of Staff
- World Hypertension Day
- World Telecommunication and Information Society Day
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