Daily Current Affairs – May 25, 2023
Daily Current Affairs - Banking - May 25, 2023
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Ministry of Civil Aviation launched 5.1 version of RCS- UDAN to enhance connectivity to remote areas of India
- The Ministry of Civil Aviation has launched the 5.1 version of the Regional Connectivity Scheme (RCS) – Ude Desh Ka Aam Nagrik (UDAN) to enhance the connectivity to remote areas of the country and achieve last mile connectivity through helicopters.
- This round has been designed specifically for helicopter routes.
- The Ministry highlighted that airfare caps have been reduced by as much as 25 percent to make flying in helicopters more affordable for passengers.
- It further said that Viability Gap Funding (VGF) caps for the operators have been increased substantially for both single and twin-engine helicopters to enhance financial viability for operating the awarded routes.
- Union Minister of Civil Aviation Jyotiraditya M. Scindia said that the latest round of UDAN scheme is a testament to two emerging phenomena in Indian civil aviation.
- First, a deeper democratisation of air travel with a focus on last-mile connectivity.
- Second, a growing appetite for helicopters in aiding tourism.
- Greater helicopter penetration through such efforts will help boost tourism, hospitality, and thus, the country’s local economies.
- The Minister said that UDAN 5.1 heralds a new dawn not just for civil aviation, but also for India’s remote and unserved regions.
- Ministry of Civil Aviation – Jyotiraditya Scindia,Union Minister (Rajya Sabha MP,MP) – General Vijay Kumar Singh,Minister of State
Historic Scepter ‘Sengol’ Finds Home in New Parliament Building
- The historical Sengol, which was received by first Prime Minister Jawaharlal Nehru symbolising the transfer of power from the British to India in 1947, is set to be installed in the new Parliament building by Prime Minister Narendra Modi on May 28.
- The sacred scepter traces its origin to the Chola Empire.
Health Ministry to launch 60-day 'Tobacco Free Youth Campaign' on May 31
- The Union Health Ministry is planning to launch a 60-day pan India campaign on the theme ‘tobacco-free youth’ on May 31 which will focus on taking steps to prevent initiation of tobacco use among youngsters and assisting users to quit.
- According to the Global Youth Tobacco Survey (GYTS), current tobacco use among young adolescents (13–15 years) in 2019 was 8.5 per cent and in the previous round (2010), it was 14.6 per cent a decline of 42 per cent.
- Several initiatives like ‘tobacco-free educational institution’ are part of the campaign being planned for World No Tobacco Day observed on May 31.
- In a letter, Joint Secretary of the Health Ministry V Hekali Zhimomi urged states and Union Territories to conduct special drives for enforcement of the provisions of the Cigarettes and Other Tobacco Products (Prohibition of Advertisement and Regulation of Trade and Commerce, Production, Supply and Distribution) Act (CoPTA), 2003.
- Ministry of Health and Family Welfare – Mansukh Laxmanbhai Mandaviya,Union Minister (Rajya Sabha MP,Gujarat) – Dr. Bharati Pravin Pawar,Minister of State (Dindori,Maharashtra)
MSME ministry makes Aadhaar authentication for informal micro units voluntary to boost Udyam registration
- Encouraging informal micro enterprises (IMEs) for Udyam registration to access to the benefits of priority sector lending (PSL), the MSMEs ministry has made the Aadhaar authentication for such enterprises voluntary.
- The notification for the same was issued by MSME Development Commissioner Dr Rajneesh.
- The notification followed the proposal submitted by the MSME ministry to the central government for the Aadhaar authentication “in the interest of good governance, preventing leakage of public funds, promoting ease of living of residents and enabling better access to services for them.”
- The central government authorised the ministry for the Aadhaar authentication of IMEs in March this year.
- Ministry of Micro, Small and Medium Enterprises – Narayan Rane,Union Minister (Rajya Sabha MP,Maharashtra) – Bhanu Pratap Singh Verma,Minister of State (Jalaun,UP)
Tamil Nadu signed six MoUs with Singapore
- Six memoranda of understanding (MoUs) were signed between Tamil Nadu government agencies and various organisations in Singapore in the presence of Chief Minister M.K. Stalin and Singapore’s Minister for Transport and Minister in charge of Trade Relations S. Iswaran.
- One of the MoUs dealt with a proposal to open an electronics spare parts unit on an investment of ₹312 crores.
- The MoU between Guidance Tamil Nadu, the investment promotion agency of the State government, and Singapore Indian Chamber of Commerce and Industries was on research and development, collaboration between universities and between government and private players, and assistance in exports from companies in Tamil Nadu.
- The State Industries Promotion Corporation of Tamil Nadu Ltd (SIPCOT) signed an MoU with Singapore-India Partnership Office (SIPO) for cooperation between them.
- Another MoU was signed between SIPO and FaMe TN (Facilitating MSMEs of Tamil Nadu) and Tamil Nadu Startup and Innovation Mission (TANSIM) for technical education and start-ups.
- Guidance Tamil Nadu signed an MoU with Hi-P International Pvt. Ltd. for manufacture of electronic spare parts on an investment of ₹312 crores.
- Tamil Nadu Skill Development Corporation signed an MoU with ITE Education Services for skill development and technology transfer.
- Singapore – Singapore City (Capital) – Singapore dollar (Currency) – Halimah Yacob (President) – Lee Hsien Loong (Prime Minister) – Malay (Language)
PM Modi flagged off Delhi-Dehradun Vande Bharat Express
- Prime Minister Narendra Modi flagged off Uttarakhand first and country’s 17th Vande Bharat Express.
- The train will run between Delhi (Anand Vihar) and Dehradun.
- Uttarakhand – Dehradun (Winter), Gairsain (Summer) (Capital) – Pushkar Singh Dhami (CM) – Gurmit Singh (Governor) – Hindi (Language)
Banking and Finance
Axis Bank launched ‘Sarathi’, a digital onboarding platform for POS Terminals
- Axis Bank, one of the largest private sector banks in India, has launched ‘Sarathi’, a first of its kind digital onboarding journey to enable Electronic Data Capture (EDC) or Point of Sale (POS) for merchants.
- Unlike the cumbersome traditional onboarding process that can take several days, Sarathi provides a seamless and hassle-free experience for merchants.
- The solution enables merchants to complete the onboarding process in just four simple steps which includes:
- Realtime database checks for faster application processing
- Live video verification to authenticate merchant information at his/ her convenience
- It eliminates the field verification process which helps in instant decision-making
- Instant installation of POS.
- With an innovative onboarding solution, Sarathi is built to provide merchants with a smooth and effective experience.
- The paperless onboarding process eliminates the need for merchants to fill out cumbersome forms or wait for extended periods to have their POS terminals installed.
- Axis Bank – 03/12/1993 (Founded) – Mumbai (HQ) – Amitabh Chaudhry (MD & CEO) – “Badhti Ka Naam Zindagi” (Tagline)
SBI General unveiled 'Surety Bond Bima' for infrastructure projects
- SBI General Insurance, the non-life insurance arm of State Bank of India (SBI), announced the launch of the General Surety Bond Bima (Conditional & Unconditional)’ insurance product.
- Surety Bond Insurance will act as a security arrangement for infrastructure projects and will insulate the contractor as well as the principal (contract awarding authority).
- The product is designed to provide protection against breach of terms and conditions by the contractors either during the bidding stage or during the performance stage of a project.
- The Surety insurance product consists of a wide range of bonds, such as bid bonds, advance payment bond, performance bond, and retention money bond.
- The product caters to the requirements of a diversified group of contractors, many of whom are operating in today’s increasingly volatile environment, he said while launching the product.
- Additionally, there are two variants available in the product i.e. conditional and unconditional.
- SBI General Insurance Company Limited – 2009 (Founded) – Mumbai (HQ) – Kishore Kumar Poludasu (MD & CEO)
Business and Economy
India took 60 years to become a trillion-dollar economy, but can reach next trillion in next 2 years: WEF chief
- India took 60 years to become a trillion-dollar economy but it may reach the next trillion in the next two years, President of the World Economic Forum, Borge Brend while speaking at a CII session in New Delhi.
- The budget for digital infra increased by 25 percent from 2022 to 2023.
- This is on top of the increase in digital budget allocations over the past several years.
- This digitisation has led to the creation of 77,000 startups and several global unicorns, adding, it was the Indians who earlier ran Silicon Valley and now we have Indian startups in its place ruling the world.
- World Economic Forum (WEF) – January 1971 (Founded) – Cologny, Switzerland (HQ) – Borge Brend (President)
Science and Technology
Union Ayush Minister Shri Sarbananda Sonowal inaugurated PCIM&H ‘e-office’ and online portal
- Union Minister of Ayush and Ports, Shipping and Waterways Shri Sarbananda Sonowal visited Pharmacopoeia Commission for Indian Medicine & Homoeopathy (PCIM&H), Ghaziabad and inaugurated “e-Office portal of PCIM&H” and “Online portal”.
- Online portal is for selling the softcopies of pharmacopoeial monographs.
- The online portal will promote the hassle free reach of pharmacopoeia monographs among the stakeholders across the world.
- Minister also released the Monthly Newsletters published by PCIM&H.
- Newsletter of PCIM&H showcases the activities of PCIM&H and is also a way to update the stakeholders about the new developments in the field of Quality Control and Standardization of ASAU&H drugs.
- Pharmacopoeia Commission for Indian Medicine & Homoeopathy (PCIM&H) under Ministry of Ayush is actively engaged in Standardization and Quality Control of Ayurveda, Siddha, Unani and Homoeopathic (ASU&H) drugs and is publishing the standards in the form of Pharmacopoeias.
- Ministry of Ayush – Sarbananda Sonowal,Union Minister (Rajya Sabha MP,Assam) – Dr. Mahendra Munjpara,Minister of State (Surendranagar,Gujarat)
Power Minister RK Singh said India to have 65 percent of its power generation capacity from non-fossil fuels by 2030
- India will have 65 percent of its power generation capacity from non-fossil fuels by 2030.
- Addressing the Confederation of Indian Industry annual session in New Delhi, Power Minister R K Singh said that country per capita energy consumption and per capita carbon emission are one of lowest in the world.
- Net zero is important but what is more important is that there is a need to provide enough electricity to make sure that the country does not run short of electricity when one wants to set up an industry.
- Ministry of Power – Raj Kumar Singh,Union Minister (Arrah, Bihar)
Paytm Payments Bank gets RBI nod to re-appoint Vijay Shekhar as part-time chair for a year
- The Reserve Bank of India (RBI) has given its approval to Paytm Payments Bank for the re-appointment of Paytm chief executive Vijay Shekhar Sharma as part-time chairman for a third term starting from May 23, 2023, for a period of one year.
- Currently, One97 Communications owns a 49 percent stake in PPBL and Sharma holds the remaining of the stake in the entity.
- Paytm Payments Bank (PPBL) – 2015 (Founded) – Noida (HQ) – Vijay Shekhar Sharma (Interim CEO)
President of Swimming Federation of India
- R.N. Jayaprakash and Monal D Chokshi were re-elected President and Secretary of the Swimming Federation of India (SFI) at its annual general body meeting.
Ranks and Indices
Forbes India 30 Under 30 2023
- More than 75 Indians feature on the eighth annual Forbes 30 Under 30 Asia list.
- The list includes 300 young entrepreneurs, trailblazers, disruptors, innovators, and young leaders across the Asia-Pacific region, all under the age of 30.
- Among the Indian winners, 16 were featured on Forbes India’s 30 Under 30 2023 list released in January this year.
- The list also features Tokyo 2020 Olympic gold medallist Neeraj Chopra and, Elwinder Singh, cofounder of Connect and Heal who featured on Forbes India’s list in 2019 and 2022, respectively.
- The Forbes 30 Under 30 Asia Class of 2023 features 30 notable honorees selected for each of the 10 categories, including The Arts (Art & Style, Food & Drink); Entertainment & Sports; Finance & Venture Capital; Media, Marketing & Advertising; Retail & Ecommerce; Enterprise Technology; Industry, Manufacturing & Energy; Healthcare & Science; Social Impact and Consumer Technology.
- Harsh Agarwal, founder of Jaipur-based fashion label Harago; Misbah Ashraf, cofounder of Jar; musician Ambika Nayak aka Kayan: Arun George, Vimal Govind MK, Rashid Karimbanakkal, Nikhil NP of Genrobotics; Jayesh Gadewar, cofounder of Scrut Automation; Mehul Jindal, Shyam Murugan, Eeshan Sharma of BharatX; Anuvrat Jain, VP at Lightspeed Venture Partners; Manish Agarwal, Atulya Kaushik, Aashay Mishra of Prepinsta, Avinash Ramanathan, VP at Kalaari Capital; Siva Teja Kakileti of Niramai Health Analytix; Pulkit Baldev of Metalbook; Harsh Agrawal and Nikita Tiwari of agrotech startup NEERX; Romita Mazumdar, founder of beauty brand Foxtale; Kaushal Shetty, cofounder of Nostos Homes; Aashti Miller, founder of MillerInk, chef Niyati Rao who is the co-founder of Ekaa.
State and Trends of Carbon Pricing 2023 - World Bank
- Revenues from carbon taxes and Emissions Trading Systems (ETS) have reached a record high, about $95 billion, finds the World Bank’s annual “State and Trends of Carbon Pricing” report.
- This is despite the challenging context for governments facing high inflation, fiscal pressures, and energy crises.
- The “State and Trends of Carbon Pricing” report was launched at Innovate4Climate, the World Bank Group’s flagship climate action event held this year in Bilbao, Spain, from May 23 to 25.
- Now in its seventh year, the I4C conference promotes a global dialogue between the public and private sectors, showcasing the opportunities and innovations for low-carbon, resilient development, and fostering exchange of knowledge to promote investments in transformative climate-smart solutions.
- The World Bank has been tracking carbon markets for around two decades and the annual State and Trends of Carbon Pricing report is now in its tenth year.
- When the first report was published a decade ago, only 7% of global emissions were covered by either a carbon tax or an ETS.
- Today, as highlighted in the 2023 report, almost a quarter of global greenhouse gas emissions (23%) are now covered by 73 instruments.
- An ETS places a limit on the amount of greenhouse gas emissions – it allows emitters with lower emissions to sell their extra emission units (or “allowances”) to higher emitters, thereby establishing a market price for emissions.
- A carbon tax, meanwhile, directly sets a price on carbon by defining a tax rate on emissions.
- World Bank – December 1944 (Founded) – Washington DC (HQ) – Ajay Banga (President)
Awards and Recognitions
The International Booker Prize 2023
- Book – Time Shelter (Времеубежище) by Bulgarian author Georgi Gospodinaov, translated by American Angela Rodel and published in the UK by Weidenfeld & Nicolson.
Department of Animal Husbandry and Fisheries, Chandigarh bagged Skoch SILVER Award 2023
- The Department of Animal Husbandry and Fisheries, Chandigarh got Skoch SILVER Award 2023 for e-Governance for computerisation of medical records of livestock being treated by the department.
- This is the first of its kind project in the country.
- The main objective of this application is to facilitate animal owners for online registration of their animals for treatment and other services like artificial insemination, vaccination etc.
- To maintain all records of Veterinary Hospitals and Sub-Centres like OPD, Stock book, daily medicine expenditure and artificial insemination.
- 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)
2023 Slovenia Open
- Indian shuttler Sameer Verma clinched gold in men’s singles competition at the 2023 Slovenia Open beating Su Li Yang while the duo of Rohan Kapoor and Sikki Reddy bagged silver in the mixed doubles event in Maribor, Slovenia.
- Slovenia – Ljubljana (Capital) – Euro (Currency) – Nataša Pirc Musar (President) – Robert Golob (Prime Minister) – Slovene (Language)
World Thyroid Day
- World Thyroid Day is observed every year on May 25 to educate people on thyroid diseases and be aware of the symptoms.
- The butterfly-shaped thyroid gland is situated at the front of the neck, under the voice box.
- Diseases of the thyroid gland are among the most abundant endocrine disorders worldwide, second only to diabetes.
- 1 in 10 people around the world will suffer from some form of thyroid disorder.
- World Thyroid Day was first observed in 2007 by the members of the Thyroid Federation International.
- This global healthcare day was created to honour European Thyroid Association (ETA) which was formed in the year 1965.
International Week of Solidarity with the Peoples of Non-Self-Governing Territories
- The U.N. commemorates International Week of Solidarity with Peoples of Non-Self-Governing Territories annually from May 25 to May 31.
- The U.N. describes a Non-Self-Governing Territory as a territory “whose people have not yet gained a complete degree of self-government.”
- This day aims to request the administering Powers to protect and respect the rights of the peoples in these territories to their natural resources and their property rights.
- Currently, there are 17 non-self-governing territories left in the world.
- The U.N. General Assembly requested the yearly commemoration of International Solidarity Week with the Peoples of Non-Self-Governing Territories in its Resolution 54/91 on December 6, 1999.
- United Nations (UN) – 24/10/1945 (Founded) – New York (HQ) – António Guterres (Secretary General) – 193 member states & 2 observer states
Daily Current Affairs - May 25, 2023 - Consolidated
- Ministry of Civil Aviation launched 5.1 version of RCS- UDAN to enhance connectivity to remote areas of India
- Historic Scepter ‘Sengol’ Finds Home in New Parliament Building
- Health Ministry to launch 60-day ‘Tobacco Free Youth Campaign’ on May 31
- MSME ministry makes Aadhaar authentication for informal micro units voluntary to boost Udyam registration
- Tamil Nadu signed six MoUs with Singapore
- PM Modi flagged off Delhi-Dehradun Vande Bharat Express
- Axis Bank launched ‘Sarathi’, a digital onboarding platform for POS Terminals
- SBI General unveiled ‘Surety Bond Bima’ for infrastructure projects
- India took 60 years to become a trillion-dollar economy, but can reach next trillion in next 2 years: WEF chief
- Union Ayush Minister Shri Sarbananda Sonowal inaugurated PCIM&H ‘e-office’ and online portal
- Power Minister RK Singh said India to have 65 percent of its power generation capacity from non-fossil fuels by 2030
- Paytm Payments Bank gets RBI nod to re-appoint Vijay Shekhar as part-time chair for a year
- President of Swimming Federation of India
- Forbes India 30 Under 30 2023
- State and Trends of Carbon Pricing 2023 – World Bank
- The International Booker Prize 2023
- Department of Animal Husbandry and Fisheries, Chandigarh bagged Skoch SILVER Award 2023
- 2023 Slovenia Open
- World Thyroid Day
International Week of Solidarity with the Peoples of Non-Self-Governing Territories
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