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Daily Current Affairs – May 24, 2023

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Daily Current Affairs - Banking - May 24, 2023

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National News

G20 Session

  • Union Ministers of State for Commerce and Industries Som Prakash and Anupriya Patel inaugurated the second Trade and Investment Working Group, TIWG meeting in Bengaluru.
  • It is attended by over 100 delegates from G20 member countries, invitee countries, regional groupings and international organizations.
  • The meeting will deliberate on reforming the multilateral trading system, integrating MSMEs in global trade, resilient Global Value Chains, making trade work for growth and prosperity, and efficient logistics for trade.
  • 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)

International Conference on Chemicals and Petrochemicals

  • Department of Chemicals and Petrochemicals is organizing a B20 conference International Conference on Chemicals and Petrochemicals: Sustainable Transitions through Greentech & Digitalization for the global business community, in collaboration with Confederation of Indian Industry (CII) with focus on the Chemicals & Petrochemical sector at New Delhi.
  • The event will be inaugurated by Minister of State for Chemicals and Fertilizers & New and Renewable Energy Shri Bhagwanth Khuba in the presence of Secretary, Department of Chemicals and Petrochemicals and various representatives of G20 member countries.
  • More than 500 delegates from India and Oversees from Industry/Association/Federation across B20 Nations, Government representatives will participate in the conference.
  • Industry representatives from Germany, Mexico, Russia, Hungary, United States of America, Belgium, Singapore, United Arab Emirates and South Korea are expected to participate in the conference.
  • Ministry of Chemicals and Fertilizers – Mansukh Laxmanbhai Mandaviya,Union Minister (Rajya Sabha MP,Gujarat) – Bhagawanth Khuba,Minister of State (Bidar,Karnataka)

‘GAINS’ Startup Challenge

  • Garden Reach Shipbuilders and Engineers (GRSE) Ltd, one of India’s premier defence shipyards and a Category 1 Mini Ratna Company, has embarked on a mission to identify and encourage the development of innovative solutions towards technological advances in shipbuilding by Startups.
  • As part of this drive, the Company launched GRSE Accelerated Innovation Nurturing Scheme – 2023 or “GAINS 2023” in Kolkata leverage the eco-system that addresses present and emerging challenges in the ship design and construction industry.
  • The ‘GAINS 2023’ was launched by the youngest officer of GRSE, Shri G Surya Prakash, Assistant Manager (Finance), in the august presence of Minister of State for Electronics and IT & Skill Development and Entrepreneurship Shri Rajeev Chandrasekhar.
  • With this initiative, the GRSE embraces the energy and ideas of today’s talented youngsters to revolutionise the industry and reaffirms its belief that the young minds of today are the driving force behind the future of both the company and the industry at large.
  • This strategic move signifies GRSE’s unwavering commitment to fostering innovation and embracing fresh perspectives.
  • The GRSE has been a pioneering shipyard since becoming a DPSU way back in 1960 by delivering the first indigenous warship INS Ajay to the Indian Navy in 1961.
  • The shipyard has been adopting technological advances for quite some time now to emerge as a leading name in shipbuilding in the global market.
  • In an effort to boost innovation in the shipyard and propel the yard towards becoming a future-ready shipyard, a scheme for encouraging innovators to be a part of this journey through an “Open Innovation Challenge” is considered the need of the hour.
  • ‘GAINS 2023’ is designed to provide new and emergent innovators, engineers and designers, the opportunity to understand the shipyard’s core business interests and its established or bespoke practices and thereby motivating them to think and innovate in this niche technology area.
  • The Shipyard has created a separate department to pursue the GAINS initiative and seek out and support innovators in Indian line with the thrust of the Government of India.
  • Ministry of Electronics and IT – Ashwini Vaishnaw, Union Minister (Rajya Sabha MP,Odisha) – Rajeev Chandrasekhar,Minister of State (Rajya Sabha MP,Karnataka)

International News

India will host 20th Congress of International Agricultural Museums in October

  • The 20th edition of the Congress of International Agricultural Museums will be hosted in India the first time that the global event is being held in the country from October 13-18.
  • The congress is a triennial event in the calendar of the International Association of Agricultural Museums (AIMA), a forum for organisations dedicated to promoting interest in the impact of agriculture on human society through the ages.
  • It travels to different countries every three years to discover diverse and unique agricultural, environmental and museographic realities that provide new ideas, experiences and projects that can resonate in other regions and countries.
  • The host institutions are Shoolini University (Solan, Himachal Pradesh) and The Heritage Foundation (New Delhi), according to the AIMA website.
  • The event will also include museum and field visits.
  • Punjab Agricultural University, Ludhiana, and the Delhi-based Indian National Trust for Art and Cultural Heritage are also among the partnering institutions.
  • The AIMA was founded in 1966.
  • Congresses were held every three years throughout the Cold War, alternately in the East and the West, providing one of the very rare opportunities for people to exchange their professional and personal experiences.
  • It promotes research and encourages collaboration among professionals working in agriculture and rural museums around the world.

JLR partnered with TCS to launch its open innovation programme in Israel

  • Jaguar Land Rover (JLR) has partnered with Tata Consultancy Services (TCS) to launch the latter’s open innovation programme in Tel Aviv, Israel.
  • The programme will foster disruptive mobility innovation and strengthen relationships between JLR and Israeli start-ups, scale-ups, corporate entities, investors, and academia as part of JLR’s Reimagine strategy.
  • The programme will leverage TCS’ Co-Innovation Network (COIN) in Israel, to identify local technology offerings and scale them to global mobility solutions and services.
  • It will explore opportunities in electrification, connectivity, digital services, metaverse, intelligent enterprise, manufacturing, supply chain and sustainability.
  •  Israel – Jerusalem (Capital) – New shekel (Currency) – Isaac Herzog (President) – Benjamin Netanyahu (Prime Minister) – Hebrew (Language)

State News

President inaugurated newly built greenfield building of Jharkhand High Court in Ranchi

  • The President is on a three-day visit to Jharkhand and inaugurated the newly built greenfield building of High Court of Jharkhand.
  • Union Law Minister Arjun Meghwal in Deoghar announced that the construction work of Tagore Cultural Complex worth Rs 24 crores will begin soon.
  • Jharkhand – Ranchi (Capital)– Hemant Soren (CM) – CP Radhakrishnan (Governor) – Hindi (Language)

Doon to get country's 1st Neo Metro, Haridwar Pod taxis

  • Uttarakhand Metro Rail Corporation (UKMRC) will construct state-of-the-art rapid transit systems in Dehradun, Haridwar and Rishikesh within next four years to ease traffic congestion, MD Jitendra Tyagi.
  • The country’s first Neo Metro will start on two corridors in Dehradun.
  • Also, Haridwar will have the first Pod taxi in the country.
  • The initiative will give a significant lift to the Uttarakhand’s environmentally friendly and cost-effective public transportation.
  • Neo Metro is a mass transit system that runs on rubber tyres and is powered by an overhead electric conductor.
  • It utilises a specialised elevated track.
  • In addition, the corporation will construct two ropeways in Haridwar and Rishikesh to enhance the travel experience of pilgrims and spiritual seekers from around the globe.
  • Ropeways and Pod taxis will be developed through a public-private partnership, while the Centre and the state will each have an equal stake in the Neo Metro initiative.
  • The two Neo Metro lines, which, according to UKMRC Managing Director Tyagi, will run from ISBT to Gandhi Bagh and FRI to Raipur.
  • Uttarakhand – Dehradun (Winter), Gairsain (Summer) (Capital) – Pushkar Singh Dhami (CM) –  Gurmit Singh (Governor) – Hindi (Language)


Vidya Deevena scheme

  • Andhra Pradesh Chief Minister Y S Jagan Mohan Reddy released Rs 703 crore under ‘Jagananna Vidya Deevena’ scheme to mothers of nearly 10 lakh students, in Kovvuru in East Godavari district.
  • The amount for January-March quarter, 2023 was transferred directly to the bank accounts of the beneficiaries.
  • Jagananna Vidya Deevena is a scheme under which the total fees for students pursuing ITI, polytechnic, degree, engineering, medicine and other courses is reimbursed.
  • The southern state has already spent Rs 14,912 crores on Jagananna Vidya Deevena, and Jagananna Vasathi Deevena, another scheme which offers boarding and lodging expenses to eligible students purusing degree, engineering, medicine and polytechnic courses.
  • Andhra Pradesh – Amaravati (Capital) – Y. S. Jagan Mohan Reddy (CM) – S. Abdul Nazeer (Governor) – Telugu (Language)

Banking and Finance

Bank of Baroda introduces live video chat and web chat for customers

  • Bank of Baroda has introduced two new customer service channels – live chat over video and web for customers to interact with the bank.
  • The bank is the first PSU lender in India to offer live video calling through BoB Video Chat and live web chat through BoB Live Chat on its website.
  • In addition, the bank has launched a single 8-digit toll-free number, 1800 5700, which is available around the clock on all days, 24x7x365 in 11 languages.
  • BoB Video Chat and BoB Live Chat are available only during business hours, from 10:00 AM to 6:00 PM, and customers can have all their non-financial queries addressed through these channels.
  • The bank’s virtual assistant/chatbot will allow customers to initiate a live chat with a customer service executive to resolve their queries.
  • The BOB Video Chat facility is available on the bank’s website homepage and at its Digital Banking Units (DBUs) nationwide.
  • Customers can interact with a customer contact centre executive through video, scheduling calls at their convenience.
  • They can connect with an executive immediately if available or schedule a call at a convenient time during the week.
  • Bank of Baroda has 15 crore customers worldwide and operates through more than 46,000 touchpoints spread across 17 countries on five continents.
  • Bank of Baroda (BOB or BoB) – 20/07/1908 (Founded) –      Vadodara, Gujarat (HQ) – Sanjiv Chadha (MD & CEO) – “India’s International Bank” (Tagline)

Paytm Money launched bonds platform, making investing easier for retail investors

  • One97 Communications Limited (OCL), which owns the Paytm brand, said that its wholly-owned subsidiary Paytm Money Limited has launched bonds platform for retail investors in India.
  • The company is making bonds more accessible for retail investors by offering three distinct types: government bonds, corporate bonds and tax-free bonds.
  • Bonds on the Paytm Money app presents investors with all relevant information in one place and convert everything to yield so that investors can analyse and understand the returns they can earn.
  • Now, investors will not have to go to different sources for information on coupon vs yield, clean price vs dirty price, coupon frequency, coupon record dates etc, and instead find it all on one dashboard on the Paytm Money app.
  • The company believes that investing in debt markets in India is still very new and the country has the potential to have 100 million investors, for whom bonds would be the best way to enter capital markets.
  • Bonds are a safe option for investors who are looking at a steady income and fixed returns on their investments and can diversify their portfolio for good returns.
  • One can invest in Government of India Bonds, with maturity ranging from 16 days to 39 years, giving investors flexibility in managing their investments across the tenors.
  • The yield on these bonds are currently between 7-7.3 per cent per annum.
  • Further, bonds can be sold at any time, without any premature penalty/lock in, giving investors flexibility in managing their investments.
  • Tax free bonds are a great investment for Indians.
  • One can invest in tax free bonds, issued by PSUs, like NHAI, IRFC, REC etc at yields of up to 5.8 per cent per annum, and maturity, ranging from 5 months to 13 years.
  • Investors, who wish to expand their portfolio, can also look at corporate bonds like Indiabulls Housing Finance, Edelweiss etc where depending on the credit profile of the company, and the maturity of the bond, one can earn up to 15 per cent per annum.
  • Paytm (pay through mobile) – August 2010 (Founded) – Noida,UP (HQ) -Vijay Shekhar Sharma (CEO)

Business and Economy

RBI economic activity index nowcast Q1 GDP growth forecast at 7.6%

  • The Reserve Bank of India’s economic activity index (EAI) has nowcast GDP growth for Q1 (April-June) FY24 at 7.6 per cent, against real GDP growth of 7.8 per cent projected in the April 2023 Bi-monthly Monetary Policy Statement.
  • The nowcast GDP growth is based on partial data available for April 2023 and assuming an implied GDP growth of 5.1 per cent for Q4 (January-March) FY23, per the article.
  • Reserve Bank of India (RBI) – 01/04/1935 (Founded) – Mumbai (HQ) – Shaktikanta Das (Governor)

ITI bagged Rs 3889 Crores Advance Purchase Order from BSNL

  • Multi-technology public sector major ITI Limited has bagged an Advance Purchase Order (APO) from BSNL worth Rs. 3889 Crores for its 4G rollout.
  • The scope of work includes Planning, Engineering, Supply, Installation & Commissioning, and AMC of 4G Mobile Network for 23,633 sites in West Zone of BSNL Network, and the total value of the contract is Rs. 3889 Crores including AMC for 9 Years.
  • The Supply Period is 18-24 Months and Warranty is 12 Months with Consortium Partner being TCS.
  • The APO for the entire scope of work and the Purchase Order will be issued by BSNL Circles in the West Zone.
  • As part of the contract, ITI Limited will manufacture the Radio Access Network (RAN).

Government cuts FAME-II subsidy on electric 2-wheelers from June

  • The government has reduced the subsidy provided under FAME-II (Faster Adoption of Manufacturing of Electric Vehicles in India) scheme applicable on electric two-wheelers registered on or after June 1, 2023.
  • The Heavy Industries Ministry notified the changes.
  • For electric two-wheelers, the demand incentive will be Rs 10,000 per kWh.
  • The cap on incentives for electric two-wheelers will be 15 per cent of the ex-factory price of vehicles from 40 per cent at present.
  • The Faster Adoption and Manufacturing of Electric and Hybrid Vehicles (FAME) India scheme commenced on April 1, 2019, for a period of three years, which was further extended for a period of two years up to March 31, 2024.
  • The total outlay for FAME Scheme Phase II is Rs 10,000 crore to provide incentives to buyers (end users or consumers) of electric vehicles to enable wider adoption, which may be encouraged as a purchase price.
  • The scheme is exclusively for public and commercial transport in the segments of electric three-wheelers (e-3W), electric four-wheelers (e-4W), and electric buses.
  • The benefit of the incentive is available to privately owned registered electric two-wheelers (e-2W).
  • Ministry of Heavy Industries – Mahendra Nath Pandey,Union Minister (Chandauli,UP) – Krishan Pal Gurjar,Minister of State (Faridabad,Harayana)

Agreements and MoUs signed

Goa Signed MoU with Uttarakhand to Strengthen Tourism Cooperation

  • The officials of the Government of Goa and the Government of Uttarakhand have signed a Memorandum of Understanding (MoU) to collaborate towards enhancing the tourism landscape of both Goa and Uttarakhand.
  • The signing of the MoU was held in the presence of Shri Rohan Khaunte, the Honorable Minister for Tourism, IT, E&C, Printing and Stationary, Government of Goa, and Shri Pushkar Singh Dhami, Hon. Chief Minister of Uttarakhand.
  • The MoU is aimed at promoting bilateral cooperation in the travel and tourism sector and facilitating travel between the states to increase the number of tourists visiting Goa and Uttarakhand respectively.
  • The signing of this MoU between the officials of the two states marks a significant step towards promoting tourism in Goa and Uttarakhand and showcasing India’s rich cultural diversity to the world, aligned with the ‘Dekho Apna Desh’ initiative launched by the honorable Prime Minister Narendra Modi.
  • The initiative aims to encourage people to witness and experience the rich heritage and vivid culture of India.
  • Goa – Panaji (Capital)– Pramod Sawant (CM) – PS Sreedharan Pillai (Governor) – Konkani (Language)


Shirgaonkar elected unopposed as President of India Taekwondo

  • Namdev Shirgaonkar of Maharashtra was re-elected unopposed as the President of India Taekwondo.
  • Shirgaonkar, who holds a black belt in Taekwondo is also secretary-general of Maharashtra Olympic Association (MOA).

K. Govindaraj Elected as President of FIBA

  • Congress MLC K Govindaraj has been elected as the President of the Federation of International Basketball Association (FIBA), Asia.
  • Govindaraj is presently serving as Vice President of the Indian Olympic Association and President of the Basketball Federation of India.
  • He had served as Political Secretary of present Chief Minister Siddaramaiah during the previous regime from 2013 to 2018.

Sourav Ganguly became brand ambassador of Tripura Tourism

  • Indian cricket legend Sourav Ganguly has accepted the offer to become the Brand Ambassador of Tripura Tourism, Tripura Chief Minister Manik Saha.
  • Tripura – Agartala (Capital) – Manik Saha (CM) – Satyadev Narayan Arya (Governor) – Bengali, English, Kokborok (Language)


Moody’s Research Report

  • India’s GDP has crossed USD 3.5 trillion in 2022 and will be the fastest-growing G-20 economy over the next few years, but reform and policy barriers could hamper investment, Moody’s.
  • In a research report, the US-based rating agency said bureaucracy could slow approval processes in obtaining licences and setting up businesses, prolonging project gestation.
  • It said a large young and educated workforce, increasing nuclear families and urbanization will fuel demand for housing, cement and new cars.
  • Government infrastructure spending will bolster steel and cement, while India’s net-zero commitment will drive investment in renewable energy.
  • While demand across the manufacturing and infrastructure sectors will grow 3-12 per cent annually for the rest of the decade, India’s capacity will still rank well behind China’s by 2030.


Indian Navy warship INS Mormugao engaged sea-skimming supersonic target

  • The Indian Navy successfully carried out an engagement of a sea-skimming supersonic target using its latest indigenous guided missile destroyer INS Mormugao.
  • This maiden endeavour showcases the Navy’s future-proof combat readiness and commitment towards Aatmanirbhar Bharat.
  • Named after the historic port city of Goa on the West coast, Mormugao coincidentally undertook her first sea sortie on December 19, 2021, when Goa celebrated 60 years of liberation from Portuguese rule.
  • 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)

Aerospace firms Garuda, Naini team up for drone manufacturing

  • Chennai headquartered drone start-up Garuda Aerospace and Naini Aerospace engineering Limited (NAeL), a wholly owned subsidiary of HAL (Hindustan Aeronautics Limited) under the administrative control of the Ministry of Defence, have signed a joint development partnership to manufacture Advanced Precision Drones.
  • The drones which will be made by Garuda Aerospace will be able to carry a payload of around 25 kg.
  • Garuda Aerospace recently partnered with BEML at Aero India for drone manufacturing at their Mysore facility and initiated a massive indigenisation campaign.
  • The company has also collaborated with 120 local suppliers with the objective of reducing reliance on foreign imports of drone parts, components, and UAV subsystems.
  • Naini Aerospace engineering Limited (NAeL) was incorporated in December 2016 as a wholly-owned subsidiary of Hindustan Aeronautics Limited (HAL).
  • Naini Aerospace has a vision of sustainable manufacturing operations in the aerospace and aviation sector and is situated in the Naini industrial area of Prayagraj developed by UP State Industrial Development Corporation.
  • Hindustan Aeronautics Limited (HAL) – 22/12/1940 (HQ) – Bangalore (HQ) – CB Ananthakrishnan (Chairperson & MD)
  • Garuda Aerospace – 2015 (Founded) – Chennai (HQ) – Agnishwar Jayaprakash (CEO)

Daily Current Affairs - May 24, 2023 - Consolidated

  • G20 Session
  • International Conference on Chemicals and Petrochemicals
  • ‘GAINS’ Startup Challenge
  • India will host 20th Congress of International Agricultural Museums in October
  • JLR partnered with TCS to launch its open innovation programme in Israel
  • President inaugurated newly built greenfield building of Jharkhand High Court in Ranchi
  • Doon to get country’s 1st Neo Metro, Haridwar Pod taxis
  • Vidya Deevena scheme
  • Bank of Baroda introduces live video chat and web chat for customers
  • Paytm Money launched bonds platform, making investing easier for retail investors
  • RBI economic activity index nowcast Q1 GDP growth forecast at 7.6%
  • ITI bagged Rs 3889 Crores Advance Purchase Order from BSNL
  • Government cuts FAME-II subsidy on electric 2-wheelers from June
  • Government cuts FAME-II subsidy on electric 2-wheelers from June
  • Goa Signed MoU with Uttarakhand to Strengthen Tourism Cooperation
  • Shirgaonkar elected unopposed as President of India Taekwondo
  • Govindaraj Elected as President of FIBA
  • Sourav Ganguly became brand ambassador of Tripura Tourism
  • Moody’s Research Report
  • Indian Navy warship INS Mormugao engaged sea-skimming supersonic target

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