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Daily Current Affairs – Banking – May 19, 2023

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National News

Shri Sarbananda Sonowal inaugurated two-day National Ayush Mission (NAM) Conclave in New Delhi

• Ministry of Ayush organised a two days National Ayush Mission Conclave in New Delhi.
• Union Minister of Health and Family Welfare Dr. Mansukh Mandaviya was the Chief Guest and Minister of Ayush and Ports, Shipping & Waterways Shri Sarbananda Sonowal inaugurated the conclave in presence of Health and Ayush Ministers from Uttar Pradesh, Madhya Pradesh, Haryana, Himachal Pradesh, Goa, Jharkhand, Uttarakand, Assam, Mizoram, Nagaland, Arunachal Pradesh including representatives from Jammu & Kashmir etc.
• National Ayush Mission (NAM) is the flagship program of Ministry of Ayush launched in 2014 and with active cooperation of states and UTs governments; it is changing the Health and wellness landscape in states.
• The two days conclave will pave way for better coordination among stakeholders and strengthen AHWCs functioning.
• During the two days conclave, subject experts from participating states will deliberate on various aspects of National Ayush Mission (NAM), focused on enhanced efficiency in budget absorption under NAM and institutionalization for improvised execution of the scheme, enabling better supply of medicines to Ayush Health Facilities, capacity building for Ayush and upgradation of Ayush Health Wellness centers (AHWCs), strengthening the education ecosystem in Ayush to strengthen Public Health and technological integration for research and quality assurance in Ayush public healthcare.
• National Ayush Mission aims to enhance the availability, accessibility, and quality of Ayush healthcare services across the country through Ayush Health Wellness centers (AHWCs) as part of Government of India’s Ayushman Bharat scheme.
• The NAM comprises the components of Ayush Services and Ayush Educational Institutions in addition to newly introduced Ayush Public Health Programs.
• Union Cabinet has approved the operationalization of 12,500 Ayush HWCs by upgrading existing Ayush Dispensaries / Health Sub-centre through State/UT Governments in Centrally Sponsored Scheme mode and under the broad umbrella of National Ayush Mission (NAM) in a phased manner.
• Till date more than 8500 AHWCs has been setup across India and are serving the communities.
• Ministry of Ayush – Sarbananda Sonowal,Union Minister (Rajya Sabha MP,Assam) – Dr. Mahendra Munjpara,Minister of State (Surendranagar,Gujarat)

Cabinet Committee

• The Union Cabinet, chaired by the Hon’ble Prime Minister Shri Narendra Modi, approved the signing of Memorandum of Understanding between Institute of Chartered Accountants of India (ICAI) and The Chartered Accountants of the Maldives (CA Maldives).
• ICAI and CA Maldives aim to establish mutual co-operation for the advancement of Accounting Knowledge, Professional and Intellectual Development, Advancing the interests of their respective members and positively contributing to the development of the Accountancy Profession in the Maldives and India.
• The MoU aims to strengthen cooperation between ICAI and CA Maldives in the matters of accountancy profession through exchange of views, information in respect of Professional Accountancy Training, Professional Ethics, Technical Research, Professional Development of Accountants.
• It is also intended to promote mutual cooperation through linkages to each other website, seminars, conferences, students exchange programmes and other joint activities mutually beneficial to both the institutes.
• This MoU will also provide updates on the development of the accountancy profession in India and Maldives to promote the profession in the world.
• Further, CA Maldives intends to become the member of International Federation of Accountants (IFAC), the global voice of accountancy profession with more than 180 members in 135 countries.
• Union Cabinet also approved the signing of Memorandum of Understanding (MoU) between Competition Commission of India (CCI) and Egyptian Competition Authority (ECA).
• The MoU envisages promotion and strengthening of cooperation in competition law and policy through exchange of information, sharing of best practices as well as through various capacity building initiatives.
• The MoU also aims to develop and strengthen linkages between CCI and ECA, and learn and emulate from each other’s experiences in the enforcement of competition law in their respective jurisdictions through experience sharing and technical cooperation.
• Union Cabinet was was apprised of signing of Project Collaboration Agreement between the Department of Health Research (DHR) and the World Health Organization (WHO) for promoting access to high quality affordable assistive technology mainly through fostering research, innovation, and capacity building.
• The Project Collaboration Agreement (PCA) was signed on 10.10.2022 by WHO and on 18.10.2022 by Department of Health Research (DHR).
• This collaboration aims to work towards drawing global attention toward access to assistive technology, fostering research and innovation and developing and disseminating appropriate training programmes.

Centre will form 1,100 new Farmer Producer Organizations in cooperative sector

• The Centre decided to form 1,100 new Farmer Producer Organizations (FPOs) in the cooperative sector, an initiative that will ensure remunerative prices to farmers for their produce by providing them necessary market linkages, said an official statment.
• Under the FPO Scheme, financial assistance of Rs 33 lakhs is provided to each FPO.
• Further, financial aid of Rs 25 lakhs per FPO is supplied to the Cluster-Based Business Organizations (CBBO).
• A target of these 1,100 additional FPOs has been allocated to National Cooperative Development Corporation (NCDC) by the Ministry of Agriculture and Farmers’ Welfare under its ‘Formation and Promotion of 10,000 FPOs’ scheme.
• Ministry of Agriculture and Farmers Welfare – Narendra Singh Tomar,Cabinet Minister (Morena,UP) – Shobha Karandlaje,Minister of State (Udupi Chikmagalur,Karnataka), Kailash Choudhary, Minister of State (Barmer,Rajasthan)

PM Modi inaugurated International Museum Expo

• Prime Minister Shri Narendra Modi inaugurated the International Museum Expo 2023 at Pragati Maidan.
• He also flagged the issue of trafficking of ancient Indian art and antiques.
• He said 10 special museums are being built to immortalise the contribution of the tribal community in the country’s freedom struggle.
• He also unveiled the mascot of the International Museum Expo, a graphic novel titled ”A day at the Museum”, a directory of Indian museums, a pocket map of Kartavya Path, and museum cards.
• The mascot of the International Museum Expo is a contemporised version of the dancing girl made of wood in the Chennapatnam art style.
• The graphic novel portrays a group of children visiting the National Museum where they learn about different career opportunities that are available at a museum.
• The expo is being organised as part of ‘Azadi ka Amrit Mahotsav’ to celebrate the 47th International Museum Day (IMD), according to an official statement.
• The IMD theme for this year is ”museums, sustainability and well-being”.

International News

Two projects to be undertaken in Nepal with Indian government grant

• India and Nepal signed a memorandum of understanding for undertaking two High Impact Community Development Projects with the assistance of the Indian government.
• The two projects, namely, the construction of Malagiri Shanti Yogashram, Ramechhap District and Kedar Jyotipunja Multiple Campus, Doti District of Nepal shall be implemented through Ramechhap Municipality and Badikedar Rural Municipality, respectively at a total cost of approx NRs 80.33 million.
• Nepal – Kathmandu (Capital) – Nepalese rupee (Currency) – Ram Chandra Poudel (President) – Pushpa Kamal Dahal (Prime Minister) – Nepali (Language)

State News

PM Modi launched multiple railway projects in Odisha worth Rs 8,200 crore

• PM Modi launched multiple railway projects in Odisha worth Rs 8,200 crore.
• He also flagged off the state’s first and nation’s 16^th Vande Bharat Express that will connect Puri to West Bengal’s Howrah.
• He also laid the foundation stone for the redevelopment of Puri and Cuttack railway stations.
• He also inaugurated the doubling of the Sambalpur-Titlagarh rail line, a new broad gauge rail line between Angul and Sukinda, the third line connecting Manoharpur-Rourkela-Jharsuguda-Jamga and a new broad-gauge line between Bichhupali and Jhartarbha.
• Odisha – Bhubaneswar (Capital) – Naveen Patnaik (CM) – Ganeshi Lal (Governor) – Odia (Language)

Schemes

Mahila Samman Savings Scheme

• The Central Board of Direct Taxes (CBDT) has clarified by a way of notification that TDS under Section 194A will be applicable on the interest earned from Mahila Samman Savings Scheme.
• However, the TDS will be applicable only if the interest earned from the scheme exceeds the specified threshold.
• The TDS under Section 194A is applicable if the interest earned from the scheme in a financial year exceeds Rs 40,000.
• The interest can be earned from deposits held with a bank, post office or co-operative society.
• This is the same way TDS is applicable on the interest earned on bank FDs.
• In case of senior citizens, the threshold is Rs 50,000.
• The Mahila Samman Savings Scheme was announced by Finance Minister Nirmala Sitharaman in the Union Budget 2023.
• The scheme is a women-specific small savings scheme.
• The scheme was notified by the government on March 31, 2023, and came into force from April 1, 2023 onwards.
• The scheme offers an interest rate of 7.5 per cent per annum.
• The interest rate will remain fixed throughout the investment period of two years.
• The interest earned from the scheme is also taxable.
• There is no tax exemption available on the interest earned from the scheme.
• The scheme’s minimum and maximum investment amounts are Rs 1,000 and Rs 2 lakh, respectively.
• The scheme has a tenure of two years.
• A woman can invest in the scheme between April 1, 2023 and March 31, 2025.
• The investment in the scheme will not be allowed after April 1, 2025 unless the government extends the date.
• 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)

Banking and Finance

SEBI levied ₹50 lakhs fine on 10 entities for indulging in non-genuine trades

• SEBI, levied fined  ₹50 lakh on ten entities for indulging in non-genuine trades in the illiquid stock options segment on BSE.
• The regulator imposed a fine of ₹5 lakhs each on Auroplus Marketing Pvt Ltd, Baba Iron Industries, Atlantic Invest Advisory, Avinash V Mehta HUF, Navneet Agarwal and Sons HUF, Neeraj Gandhi HUF, and Athwani Shrichand.
• Aviral Gupta, Ayushi Agarwal, and Saloni Ruia were also penalised by the markets watchdog.
• SEBI had observed large-scale reversal trades in the illiquid stock options segment on BSE, leading to artificial volumes on the exchange.
• Securities and Exchange Board of India (SEBI) – 12/04/1988 (Founded) – Mumbai (HQ) – Madhabi Puri Buch, (Chairman) – Ministry of Finance (Parent)

Mobile wallets market in India to surpass $5 trillion in 2027, says GlobalData

• According to a survey by GlobalData, a data and analytics company, the use of mobile wallets is expanding at a rapid space and is gradually replacing conventional payments like cash and credit cards.
• The company predicted in its analysis that payments made using mobile wallets will increase at a compound annual growth rate (CAGR) of 23.9 per cent between 2023 and 2027 and reach Rs 472.6 trillion ($5.7 trillion) in 2027.
• According to the survey, UPI has emerged as one of the most popular options for making daily payments.
• The Reserve Bank of India (RBI) mandated mobile wallet interoperability as of April 1, 2022, allowing customers to make QR code-based payments regardless of the merchant’s QR code solution.

Science and Technology

Amazon Web Services will invest ₹1.06-lakh crore into cloud infrastructure in India

• Amazon Web Services (AWS) announced it plans to invest ₹1,05,600 crores ($12.7 billion) into cloud infrastructure in India by 2030 to meet the growing customer demand for cloud services in India.
• This investment is estimated to contribute ₹1,94,700 crores ($23.3 billion) to India’s total gross domestic product (GDP) by 2030.
• This planned investment in data centre infrastructure in India will support an estimated average of 1,31,700 full-time equivalent (FTE) jobs in Indian businesses each year.
• These positions, including construction, facility maintenance, engineering, telecommunications, and other jobs, are part of the data centre supply chain in India.
• This follows AWS’s investment of ₹30,900 crores ($3.7 billion) between 2016-2022, which will bring AWS’s total investment in India to ₹1,36,500 crores ($16.4 billion) by 2030.
• AWS has two data centre infrastructure regions in India – the AWS Asia Pacific (Mumbai) Region, launched in 2016, and the AWS Asia Pacific (Hyderabad) Region, launched in November 2022.
• The company has invested more than ₹30,900 crores ($3.7 billion) in the AWS Asia Pacific (Mumbai) Region between 2016 and 2022.

UGC rolled out UTSAH portal to track NEP 2020 implementation, invites HEIs to register

• The University Grants Commission (UGC) has launched a new portal named UTSAH to monitor the implementation of the National Education Policy (NEP) 2020 in Higher Education Institutes (HEIs).
• This portal will effectively track the qualitative reforms and initiatives taken by educational institutions across the country in line with the NEP.
• The UTSAH portal, short for “Undertaking Transformative Strategies and Actions in Higher Education,” has been designed in consultation with esteemed institutes such as National Institute of Technology (NITs), Indian Institutes of Technology (IITs), and Institute of National Importance (INIs).
• Universities and colleges will be required to register on the UTSAH portal and provide information about the progress made in executing the new education policy.  
• The data collected through the UTSAH portal will focus on ten key areas outlined in the NEP.
• These areas include digitalisation, international education, industry-academia collaboration, research, and the promotion of Indian languages and knowledge systems.
• University Grants Commission (UGC) – 28/12/1956 (Founded) – New Delhi (HQ) – Mamidala Jagadesh Kumar (Chairman)

Power

Bharat Petroleum Unveiled Ambitious Rs. 49,000 Crore Petrochemical & Capacity Expansion Project at Bina Refinery

• Bharat Petroleum Corporation Limited (BPCL), a leading oil and gas company in India, is pleased to announce its ambitious expansion plans worth Rs. 49,000 Crore, further increasing the Company’s footprints in petrochemical segment and renewable energy, together with augmenting marketing infrastructure.
• The core component of the expansion projects is the Ethylene Cracker Project, which will drive the production of essential petrochemicals.
• The project encompasses the establishment of an Ethylene Cracker (EC) Complex, downstream Petrochemical Plants, as well as the expansion of the existing Refinery capacity from 7.8 MMTPA to 11 MMTPA and associated facilities at Bina Refinery.
• Bharat Petroleum Corporation Limited (BPCL) – 1976 (Founded) – Mumbai (HQ) – G Krishnakumar (Chairman & MD)

Appointments

Cabinet Reshuffle

• Minister of State for Parliamentary Affairs and Culture Arjun Ram Meghwal has been assigned the independent charge as Minister of State in the Ministry of Law and Justice in addition to his existing portfolios.
• Kiren Rijiju who was serving as Law and Justice Minister will now hold the portfolio of Ministry of Earth Sciences.
• SP Singh Baghel who was Minister of State for Law and Justice now been assigned as Minister of State in the Ministry of Health and Family Welfare.

Collegium named Andhra Pradesh chief justice Prashant Kumar Mishra, KV Viswanathan for Supreme Court judgeship

• Senior advocate K V Viswanathan, whose name was recommended by the collegium for judgeship in the Supreme Court, will become the 58th Chief Justice of India in August 2030 for a period of over nine months would serve till May 25, 2031 if the Centre gives the nod.
• The collegium, headed by Chief Justice of India D Y Chandrachud, in its meeting on Tuesday recommended two names Andhra Pradesh High Court Chief Justice Prashant Kumar Mishra and Viswanathan to regain its full sanctioned strength of 34 judges, including the CJI.
• Justice MR Shah and Justice Dinesh Maheshwari demitted office within a span of last two days, bringing the strength of the top court to 32 judges.
• If the recommendation goes through, Viswanthan will join the elite list of lawyers who went on to become the CJI after being directly elevated to the apex court bench from the Bar.
• Justice S M Sikri was the first CJI, who was directly elevated to the apex court bench from the Bar.
• Justice U U Lalit was second in the list.
• Sitting apex court judge Justice P S Narasimha will become the third CJI who was directly elevated from the Bar.

Reports

Report – Emkay Global Financial Services

• The Reserve Bank of India annual dividend will overshoot budgeted estimates by about 0.15-0.2 per cent of GDP, jumping to about Rs 80,000-95,000 crore, according to a research report by Emkay Global Financial Services.
• This will be about 2.4x of the estimated budgeted amount of Rs 38,000-40,000 crore, and a tad lower than the all-time high of Rs 99,000 crore seen in FY21.
• The lows of Rs 30,300 crore in FY22 are not comparable (9M only due to change in the accounting year).
• Reserve Bank of India (RBI) – 01/04/1935 (Founded) – Mumbai (HQ) – Shaktikanta Das (Governor)

Awards and Recognitions

Tata Sons Chairman Chandrasekaran got France’s highest civilian award

• Tata Group Chairman N. Chandrasekaran has been given France’s highest civilian award Chevalier de la Legion d’honneur for his contributions to strengthen the trade relationship between India and France.
• French Minister for Europe and Foreign Affairs Catherine Colonna gave the award to Mr. Chandrasekaran on behalf of the French President.
• Earlier this year, Tata Group-owned Air India had inked a multi-billion dollar deal with Airbus to buy 250 aircraft from Airbus, which included 210 A320 neo planes and 40 A350 aircrafts.
• In December 2022, Tata Technologies inaugurated its innovation centre in Toulouse, France, to cater for the new-age product engineering and digital requirements of the global aerospace and defence sector.
• Tata Group – 1868 (Founded) – Mumbai (HQ) – Ratan Tata (Chairman Emeritus) – Natarajan Chandrasekaran (Chairman & Managing Director)

Sports News

South Asian Youth Table Tennis Championship 2023

• South Asian Youth Table Tennis Championship 2023 was the prestigious three-day international sporting event, hosted in Itanagar, Arunachal Pradesh.
• The event was inaugurated by Union Minister Kiren Rijiju.
• More than 100 athletes and officials from six countries Bhutan, Bangladesh, India, Maldives, Sri Lanka and Nepal participated.
• Arunachal Pradesh Governor, Lt. General KT Parnaik, (Retd.) attended the closing ceremony of the South Asian Youth Table Tennis Championship (SAYTTC) 2023 as Chief Guest at Dorjee Khandu Indoor Stadium, Itanagar.
• India won 16 Gold Medals and 4 silver medals.
• Arunachal Pradesh – Itanagar (Capital) – Pema Khandu (CM) – Kaiwalya Trivikram Parnaik (Governor) – English (Language)

Important Days

International Museum Day

• International Museum Day (IMD) is an international day held annually on or around 18 May.
• The first International Museum Day took place in 1977, coordinated by International Council of Museums (ICOM).
• An annual theme for the event was first adopted in 1992.
• An international poster from ICOM was first developed in 1997.
• Theme – Museums, Sustainability and Well-being

Global Accessibility Awareness Day

• Global Accessibility Awareness Day is annually observed on third Thursday of May.
• This year in 2023 observed on May 18.
• The day focus on digital access and inclusion for the more than one billion people alive today who live with disabilities or impairments.
• Global Accessibility Awareness Day launched in May 2012.
• The day was started by Joe Devon, Jennison Asuncion.
• The Department of Empowerment of Persons with Disabilities (DEPwD) under Ministry of Social Justice and Empowerment celebrated the Global Accessibility Awareness Day (GAAD).
• Keeping ‘inclusion’ as a central mandate, the Department with 65 institutes/organisations that are associated with DEPwD will be conducting events at more than 80 places across India.

World AIDS Vaccine Day

• World AIDS Vaccine Day, also known as HIV Vaccine Awareness Day, is observed annually on May 18.
• The day also recognizes professionals who are working together in development of vaccine against AIDS.
• The campaign is led by National Institute of Allergy and Infectious disease.
• The concept of World AIDS Vaccine Day is rooted in a May 18, 1997 commencement speech at Morgan State University made by then-President Bill Clinton.
• The first World AIDS Vaccine Day was observed on May 18, 1998, to commemorate the anniversary of Clinton’s speech, and the tradition continues today.

Daily Current Affairs – May 19, 2023 – Consolidated

• Shri Sarbananda Sonowal inaugurated two-day National Ayush Mission (NAM) Conclave in New Delhi
• Cabinet Committee
• Centre will form 1,100 new Farmer Producer Organizations in cooperative sector
• PM Modi inaugurated International Museum Expo
• Two projects to be undertaken in Nepal with Indian government grant
• PM Modi launched multiple railway projects in Odisha worth Rs 8,200 crore
• Mahila Samman Savings Scheme
• SEBI levied ₹550 lakhs fine on 10 entities for indulging in non-genuine trades
• Mobile wallets market in India to surpass $5 trillion in 2027, says GlobalData
• Amazon Web Services will invest ₹1.06-lakh crore into cloud infrastructure in India
• UGC rolled out UTSAH portal to track NEP 2020 implementation, invites HEIs to register
• Bharat Petroleum Unveiled Ambitious Rs. 49,000 Crore Petrochemical & Capacity Expansion Project at Bina Refinery
• Cabinet Reshuffle
• Collegium named Andhra Pradesh chief justice Prashant Kumar Mishra, KV Viswanathan for Supreme Court judgeship
• Report – Emkay Global Financial Services
• Tata Sons Chairman Chandrasekaran got France’s highest civilian award
• South Asian Youth Table Tennis Championship 2023
• International Museum Day
• Global Accessibility Awareness Day
• World AIDS Vaccine Day

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