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Daily Current Affairs - Banking - May 20, 2023

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National News

Union Minister Parshottam Rupala launched Sagar Parikrama Yatra Phase-V

  • The Union Minister of Fisheries, Animal Husbandry & Dairying Parshottam Rupala launched the Sagar Parikrama Yatra Phase-V in Karanja in the Raigad district of Maharashtra from the Gateway of India in Mumbai to the Coastal parts of Goa.
  • This ‘Sagar Parikrama’ aims to resolve issues of fishermen and other stakeholders and facilitate their economic upliftment through various schemes. The Phase-V of the ‘Sagar Parikrama’ programme journey began from Karanja in Raigad district and then to Ratnagiri.
  • It also covers different parts of Goa.
  • During this journey, certificates/sanctions related to Pradhan Mantri Matsya Sampada Yojana (PMMSY), KCC (Kisan Credit Card) and state schemes will be awarded to the progressive fishermen, especially coastal fishermen.
  • The Program ‘Sagar Parikrama’ has successfully completed four phases, covering 19 locations in Gujarat, Daman & Diu, Maharashtra, and Karnataka.
  • Phase-I began in Mandvi and concluded in Porbandar.
  • Phase –II start from Mangrol to Veraval and end at Mul Dwaraka, from Mul Dwaraka to Madhwad , further to village visit at Diu Ghoghla followed by Vanakbara, also visit to Diu Pipavav Jetty, Siyalbet and ends at Jafrabad to Hazira , later from Hazira to Daman  Dhodiyapada ,Umargan dist Valsad the program ends. 
  • Phase-III began from Surat, Hazira Port, Gujarat towards coastal belt of Maharashtra.
  • Phase-IV began covering the stretch of Uttar Kannada 3 Udupi followed by Dakshan Kannada. Overall 10 locations are to be covered in 3 costal districts.
  • Ministry of Fisheries, Animal Husbandry and Dairying – Parshottam Rupala,Union Minister (Rajya Sabha MP,Gujarat) – Sanjeev Balyan, Minister of State (Muzaffarnagar,UP), L. Murugan, Minister of State (Rajya Sabha MP,MP)

Shri Nitin Gadkari says country's first elevated 8-lane access control Dwarka Expressway

  • Union Minister for Road Transport and Highways Shri Nitin Gadkari said the country’s first elevated 8-lane access control Dwarka expressway of 29.6 km length is being built at a cost of Rs 9000 crore will be almost completed in April 2024.
  • The 34 meters wide expressway is being constructed on 18.9 km single pillar in Haryana and 10.1 km long in Delhi.
  • The road network of this expressway is of four levels.
  • He said flyover is being constructed over tunnel, underpass, grade road, elevated road and flyover.
  • A 3-lane service road is being constructed on both sides of the expressway.
  • The Minister said the country’s widest 8-lane tunnel of 3.6 km length is being built on this expressway in Delhi.
  • This will improve the connectivity of the people of Haryana and West Delhi to the Indira Gandhi International Airport.
  • Ministry of Road Transport and Highways – Nitin Gadkari,Union Minister (Nagpur,Maharashtra) – General Vijay Kumar Singh

International News

The Seventh Nepal Chamber Expo 2023

  • The seventh Nepal Chamber Expo 2023 kick-started in local Bhrikutimandap in Kathmandu. 
  • The event is organized by the Nepal Chamber of Commerce and showcases stalls of both domestic and international products.
  • Exhibitors from India, Bangladesh, and Pakistan had their products at the Expo.
  • This Expo majorly focuses on trade dialogues, the exchange of export-import information, and the marketing of Nepali goods.
  • Ajrakh saree, fabrics with kalamkari prints, mulberry and tussar sarees from India, along with toys, kitchen equipment, and many more Made in India products were on sale. 
  • The Nepal Chamber of Commerce expects that this expo will encourage the domestic business community to explore potential competitive abilities in collaboration with the foreign trade community.
  • The Expo featured Nepali handicraft products, tea, cottage and food products, herbs, automobilists, electronics, home decor, bamboo goods, hemp products, fashion wear, and leather products.
  • Nepal – Kathmandu (Capital) – Nepalese rupee (Currency) – Ram Chandra Poudel (President) – Pushpa Kamal Dahal (Prime Minister) – Nepali (Language)

State News

Uttar Pradesh government top buyer from GeM portal in FY23

  • Uttar Pradesh emerged as the largest buyer of goods and services among all states and Union Territories from government portal GeM in 2022-23.
  • The Uttar Pradesh government and its agencies procured goods and services worth Rs 12,152 crore from the union commerce ministry’s platform Government e-marketplace (GeM) during last fiscal year.
  • It was followed by Gujarat (Rs 7,964 crore), Maharashtra (Rs 4,130 crore), Jammu and Kashmir (Rs 1,999 crore) and Madhya Pradesh (Rs 1,983 crore).
  • Overall procurement of goods and services from GeM has crossed Rs 2 lakh crore this fiscal year on account of an increase in buying activities by different ministries, departments and states.
  • The GeM portal was launched on August 9, 2016 for online purchases of goods and services by all the central government ministries and departments.
  • GeM has over 63,000 government buyer organisations, over 6 crore sellers and service providers offering a wide range of products and services.
  • Currently, government departments, ministries, public sector units, state governments, and central armed police forces are allowed to carry out transactions through this portal.
  • The portal provides a wide range of products from office stationery to vehicles.
  • Automobiles, computers and office furniture are some of the major product categories.
  • Services, including transportation, logistics, waste management, web casting and analytical, are also listed on the portal.
  • Among central government ministries, the power ministry was the top buyer in 2022-23 from the platform.
  • The ministry procured goods and services worth Rs 30,572.9 crore.
  • It was followed by the defence ministry (Rs 28,741.2 crore), Ministry of Petroleum and Natural Gas (Rs 28,157.2 crore), steel ministry (Rs 12,527.3 crore), and Ministry of Health and Family Welfare (Rs 7,158.3 crore).
  • South Korea’s KONEPS is the largest such platform in the world.
  • Currently, GeM stands at the third position after Singapore’s GeBIZ.
  • Uttar Pradesh – Lucknow (Capital) – Yogi Adityanath (CM) – Anandiben Patel (Governor) – Hindi (Language)

Andhra Pradesh CM felicitates volunteers for taking government schemes to people

  • Andhra Pradesh Chief Minister Y S Jagan Mohan Reddy honoured more than 2.3 lakh ward and village volunteers and presented them with cash awards to the tune of Rs 243 crore for their services in taking a plethora of the state government’s schemes to the masses.
  • The felicitated volunteers were recognised as Seva Vajra at the Assembly constituency level, Seva Ratna at mandal and municipality levels and Seva Mitras across the state.
  • Seva Vajras, the top five volunteers in each constituency will receive a certificate, shawl, badge and a medal, including a cash award of Rs 30,000.
  • As many as 875 Seva Vajras were identified in the 175 constituencies.
  • Also, 4,220 Seva Ratnas, top five performers at the mandal and municipality level and top 10 performers at the municipal corporation level, will receive a cash award of Rs 20,000.
  • Similarly, more than 2.2 lakh Seva Mitras will from across the state who completed at least one year of blemishless service will receive a cash award of Rs 10,000.
  • Over the past three years, the southern state has distributed an amount of Rs 706 crore to volunteers through this felicitation programme, who fan out into the neighbourhoods across the nook and corner of the state to take schemes such as pensions, navaratnalu, door delivery of ration and several others to the people.
  • These volunteers are entrusted with 50 to 100 families each.
  • Andhra Pradesh – Amaravati (Capital) – Y. S. Jagan Mohan Reddy (CM) – S. Abdul Nazeer (Governor) – Telugu (Language)

TN CM laid foundation stone for Porunai museum in Tirunelveli

  • Tamil Nadu Chief Minister M K Stalin laid the foundation stone for establishing the Porunai museum in the southern district of Tirunelveli.
  • The museum boasting world-class facilities will come up on 13.02 acres land at Reddiarpatti near Sivanthipatti hillock on the outskirts of Tirunelveli, at an estimated cost of Rs 33.2 crore.
  • It would showcase rare artefacts obtained during excavation at Adichanallur, considered the cradle of Tamil civilisation; Korkai, the ancient port town of the Pandyas; and the Iron Age Sivakalai.
  • Tamil Nadu – Chennai (Capital) – MK Stalin (CM) – RN Ravi (Governor) – Tamil (Language)

Schemes

Mukhyamantri Kanya Vivah/Nikah Yojana

  • Madhya Pradesh Chief Minister Shivraj Singh Chouhan has announced that the amount of financial assistance given by the state government under its ‘Mukhyamantri Kanya Vivah/Nikah Yojana’ will be raised to Rs 51,000 from the present Rs 49,000 to perform the marriage of poor women.
  • Chouhan made the announcement during a function held at Sonkatch town in Dewas district.
  • Under the ambitious Ladli Behna scheme launched in March this year, Rs 1,000 will be deposited every month into the bank accounts of eligible beneficiaries from June 10.
  • Referring to his government’s flagship Ladli Laxmi Yojana – under which a certificate assuring payment of Rs 1.18 lakh is issued in the girl child’s name at the time of her birth and the amount is paid to her at different stages till she turns 21 – Chouhan said this scheme has turned 44.90 lakh daughters ”lakhpati”.
  • The Ladli Laxmi Yojna was launched in the state in 2007 and it was emulated by six states in the country – Delhi, Uttar Pradesh, Bihar, Chhattisgarh, Jharkhand and Goa.
  • Madhya Pradesh – Bhopal (Capital) – Shivraj Singh Chouhan (CM) – Mangubhai C. Patel (Governor) – Hindi (Language)

Banking and Finance

RBI withdraws Rs 2,000 notes from circulation

  • The Reserve Bank of India (RBI) announced the withdrawal of its highest value currency note, Rs 2,000, from circulation, adding that the notes will continue to be legal tender.
  • It said the existing Rs 2,000 notes can be deposited or exchanged in banks until September 30, but set a limit of “Rs 20,000 at a time”.
  • The central bank advised the public to deposit Rs 2,000 notes introduced during demonetisation in November 2016, when Rs 500 and Rs 1,000 notes were withdrawn into their bank accounts and/ or exchange them into notes of other denominations at any bank branch.
  • It also advised banks to stop issuing Rs 2,000 notes with immediate effect.

RBI approved Rs 87,416 crores dividend payout to GoI for 2022-23

  • The Reserve Bank approved Rs 87,416 crore dividend payout to the central government for 2022-23, nearly triple of what it paid in the previous year.
  • The dividend payout was Rs 30,307 crore for accounting year 2021-22.
  • The decision was taken at the 602nd meeting of the Central Board of Directors of Reserve Bank of India held under the chairmanship of Governor Shaktikanta Das.
  • Reserve Bank of India (RBI) – 01/04/1935 (Founded) – Mumbai (HQ) – Shaktikanta Das (Governor)

Paytm partnered with SBI Card, NPCI to launch next-gen co-branded RuPay credit cards

  • Payments and financial services company Paytm announced that it has partnered with SBI Card to launch Paytm SBI Card on the RuPay network.
  • The Paytm and SBI Card partnership, which began in 2020, is now expanding with the addition of National Payments Corporation of India’s RuPay, as all three home-grown brands join forces to further drive the growth of inclusive, digital-first financial services in the country.
  • Cardholders of either variant will be entitled to 2 per cent cashback on all Paytm ecosystem spends and 1 per cent cashback on all other purchases except wallet reloads and fuel expenditures.
  • They will also receive the added benefit of a 1 per cent fuel surcharge waiver and Rs 1,00,000 cyber fraud insurance coverage in the case of ‘Platinum’ cardholders.
  • As a welcome benefit, customers can enjoy exclusive privileges worth up to Rs 75,000 with a complimentary Paytm First membership that also includes OTT platform membership, flight ticket discounts through Paytm app.
  • Cardholders will receive a cashback of 3 per cent on Paytm SBI card on booking movie and travel tickets on the Paytm app, 2 per cent cashback on all other purchases on Paytm app, and 1 per cent cashback on spends elsewhere.
  • Paytm (pay through mobile) – August 2010 (Founded) – Noida,UP (HQ) – Vijay Shekhar Sharma (CEO)

JCB partnered with NPCI to offer 40% cashback for RuPay JCB cardholders

  • Japan’s international payment brand JCB International Co will partner with National Payments Corporation of India (NPCI) and offer 40 per cent cashback to RuPay JCB cardholders on in-store purchases.
  • RuPay and JCB announced the third phase of a limited-time cashback campaign for all RuPay JCB Debit and Credit Cardholders.
  • During the offer period, customers using a RuPay JCB Card will receive 40 per cent cashback on purchases made at retail stores in the UAE, Thailand, Malaysia, and Spain.
  • In-store purchase means a face-to-face point of sale (PoS) transaction made at a merchant location.
  • The offer will be valid from May 15 to August 15, 2023.
  • The maximum cashback amount per transaction will be Rs 3,000, with an overall cap of Rs 15,000 per card during the offer period.
  • National Payments Corporation of India – 2008 (Founded) – Mumbai (HQ) – Dilip Asbe (MD & CEO)

Agreements and MoUs signed

MoU signed for ‘Riverine Based Religious Tourism Circuit’ to connect 7 Religious Sites in Assam

  • In a significant development, a Memorandum of Understanding (MoU) was signed in Guwahati, Assam, which aims to facilitate the creation of a ‘Riverine Based Religious Tourism Circuit’ in the region.
  • The agreement involves the collaboration of multiple entities, including the Inland Waterways Authority of India (IWAI), Sagarmala Development Corporation Limited (SDCL), Assam Tourism Development Corporation (ATDC), and the Department of Inland Waterways Transport (DIWT), Government of Assam.
  • Under the provisions of the agreement, a modern ferry service will be established, following a ‘Hop On Hop Off’ model, connecting seven renowned religious sites in the vicinity of Guwahati.
  • These sites include Kamakhya, Pandunath, Ashwalknata, Doul Govinda, Umananda, Chakreshwar, and Auniati Satra.
  • The MoU implementation will pave way for the construction of a state-of-the-art infrastructure like waiting lounge and other facilities at the ferry terminal, providing passengers with a comfortable environment.
  • Assam– Dispur (Capital) – Himanta Biswa Sarma (CM) – Gulab Chand Kataria (Governor) – Assamese & Boro (Language)

Science and Technology

Odisha Chief Minister launched State Dashboard & CM Dashboard

  • Odisha Chief Minister Naveen Patnaik launched the State Dashboard, a data and analytics-powered platform which will streamline performance monitoring of government schemes, aiding data-driven decision-making.
  • Patnaik said technology has been the fulcrum of our governance model.
  • The State Dashboard consists of three critical components – CM Dashboard, Department Dashboard and Administrative Action Monitoring Portal.
  • It also showcases 30 different dashboards from 16 departments currently, with a plan to add more departments subsequently.
  • The CM component of the State Dashboard called CM Dashboard is made public so that citizens can access it through the link https://cmdashboard.odisha.gov.in/.
  • Public participation will increase accountability among the departments and ensure more transparency in the service delivery processes.
  • Odisha – Bhubaneswar (Capital) – Naveen Patnaik (CM) – Ganeshi Lal (Governor) – Odia (Language)

Power

Suzlon bagged 69 MW wind energy order

  • Renewable energy solutions provider Suzlon has secured a 69 MW wind energy order from the Indian subsidiary of a leading Nordic Energy Company.
  • The order is for the development of a 69 MW wind power project for the Indian subsidiary of a leading Nordic Energy Company.
  • Suzlon will install 23 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3 MW each.
  • Suzlon Energy Limited – 1995 (Founded) – Pune (HQ) – JP Chalasani (CEO)

Acquisitions and Mergers

CCI approves proposed merger of Credit Suisse Group AG with UBS Group AG

  • The Competition Commission of India (CCI) approves the proposed merger of Credit Suisse Group AG with UBS Group AG.
  • The UBS Group AG (UBS) is a multinational investment bank and financial services company founded and based in Switzerland, and active globally.
  • UBS’ businesses comprise wealth management, asset management, investment banking services, and retail and corporate banking.
  • In India, UBS’ business is primarily focused on brokerage services.
  • Competition Commission of India (CCI) – 14/10/2003 (Founded) – New Delhi (HQ) – Sangeeta Verma (acting), (Chairperson)

Appointments

BharatPe appointed former ICICI Bank executive Sandeep Indurkar as CBO

  • Fintech major BharatPe has appointed former ICICI Bank employee Sandeep Indurkar as its Chief Business Officer- Banking and Alliances.
  • Indurkar has spent over 18 years with ICICI Bank, where he lead the digital transformation agenda.
  • Sandeep will be reporting to Nalin Negi, CFO and Interim CEO, BharatPe and will lead all banking-related partnerships at BharatPe.
  • He will also lead the P&L for BharatSwipe, the company’s POS business as well as the roll out of BharatPe Speaker across markets.
  • Additionally, he will be leading the partnership with Unity Bank as well as the NBFC partners of BharatPe.
  • BharatPe – 2018 (Founded) – New Delhi (HQ) – Suhail Sameer (CEO)

Reports

Report by Global Trade Research Initiative (GTRI)

  • India’s exports of products like coffee, leather hides and paperboard worth USD 1.3 billion annually to the European Union will get impacted due to the deforestation regulation adopted by the EU earlier this week, a report by economic think tank GTRI.
  • Within three weeks of introducing the carbon border tax, the European Union Council adopted the European Union Deforestation-Free Products Regulation (EU-DR).
  • The Global Trade Research Initiative (GTRI) said that the EU-DR appears to prioritise protecting its own agricultural sector and promoting exports, making imports more difficult as it is a trade barrier disguised as a green measure.
  • The regulation covers cattle, buffalo, the meat of bovine animals, preparations, Oil cake, soya beans, palm oil, cocoa bean, powder, chocolate, coffee, leather hide, skin, paper, paperboard, wood, wood articles, wood pulp, boards and wood furniture.
  • European Union (EU) – 27 members – 24 languages & 3 main official languages (English, French, German) – Charles Michel (President of the European Council) – Ursula von der Leyen (President of the European Commission)

Important Days

National Endangered Species day

  • Every year, National Endangered Species Day is celebrated nationwide on the third Friday of May.
  • This year we celebrate on May 19.
  • The first National Endangered Species Day was held in 2006.
  • This year marking the 18th edition.

Defence

Value of defence production crosses Rs 1 lakh crore mark in FY 2022-23

  • For the first time, the value of India’s defence production has crossed Rs one lakh crore mark in the financial year 2022-23, the defence ministry.
  • The value currently stands at Rs 1,06,800 crore and it will go further up once the data is received from the remaining private defence industries.
  • The value of defence production in 2022-23 is a rise of more than 12 per cent over the figure in 2021-22 when it was Rs 95,000 crore.
  • There is almost a 200 per cent increase in the number of defence licenses issued to the industries in the last seven-eight years by the government.
  • India is one of the largest importers of arms globally.
  • According to estimates, the Indian armed forces are projected to spend around USD 130 billion in capital procurement in the next five years.
  • The government now wants to reduce dependence on imported military platforms and has decided to support domestic defence manufacturing.
  • The Defence Ministry has set a goal of a turnover of USD 25 billion (Rs 1.75 lakh crore) in defence manufacturing by 2024-25 that included an export target of USD 5 billion (Rs 35,000 crore) worth of military hardware.
  • Ministry of Defence – Rajnath Singh,Union Minister (Lucknow,UP) – Ajay Bhatt,Minister of State (Nainital–Udhamsingh Nagar,Uttarakhand)

Indian Navy’s sixth and final Kalvari class submarine, Vaghsheer began its sea trials

  • The Indian Navy’s sixth and final Kalvari class submarine, Vaghsheer, has begun its sea trials.
  • Vaghsheer is scheduled for delivery to the Indian Navy in early 2024 after completion of these trial.
  • The submarine was launched on 20th April 2022 from the Kanhoji Angre Wet Basin of Mazagon Dock Shipbuilders Limited (MDL).
  • Ministry of Defence said MDL has delivered’ three submarines of the Project – 75 in 24 months and the commencement of sea trials of the sixth submarine is a significant milestone.
  • Indian Navy – 26/01/1950 (Founded) – New Delhi (HQ) – Navy Day (December 4) – Admiral R. Hari Kumar (Chief of Naval Staff) – ‘May the Lord of Water be auspicious unto us’ (Motto)

Daily Current Affairs - May 20, 2023 - Consolidated

  • Union Minister Parshottam Rupala launched Sagar Parikrama Yatra Phase-V
  • Shri Nitin Gadkari says country’s first elevated 8-lane access control Dwarka Expressway
  • The Seventh Nepal Chamber Expo 2023
  • Uttar Pradesh government top buyer from GeM portal in FY23
  • Andhra Pradesh CM felicitates volunteers for taking government schemes to people
  • TN CM laid foundation stone for Porunai museum in Tirunelveli
  • Mukhyamantri Kanya Vivah/Nikah Yojana
  • RBI withdraws Rs 2,000 notes from circulation
  • RBI approved Rs 87,416 crores dividend payout to GoI for 2022-23
  • Paytm partnered with SBI Card, NPCI to launch next-gen co-branded RuPay credit cards
  • JCB partnered with NPCI to offer 40% cashback for RuPay JCB cardholders
  • MoU signed for ‘Riverine Based Religious Tourism Circuit’ to connect 7 Religious Sites in Assam
  • Odisha Chief Minister launched State Dashboard & CM Dashboard
  • Suzlon bagged 69 MW wind energy order
  • CCI approves proposed merger of Credit Suisse Group AG with UBS Group AG
  • BharatPe appointed former ICICI Bank executive Sandeep Indurkar as CBO
  • Report by Global Trade Research Initiative (GTRI)
  • National Endangered Species day
  • Value of defence production crosses Rs 1 lakh crore mark in FY 2022-23
  • Indian Navy’s sixth and final Kalvari class submarine, Vaghsheer began its sea trials

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