Daily Current Affairs – May 27, 2023
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Daily Current Affairs - Banking - May 27, 2023
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National News
Paddy worth Rs 159,660 crores procured from farmers at support price
- Payments worth Rs 159,659.59 crore have been made to as many as 1.12 crore farmers by the centre for having procured paddy at Minimum Support Price (MSP), the Union food ministry.
- Food Corporation of India, the nodal central agency, along with other state agencies undertakes procurement of paddy under the price support scheme (at MSP).
- Those procured paddy is then milled to make rice and distributed to the public under various food security schemes.
- Farmers are not legally bound to sell their produce to government agencies but they are free to sell their produce anywhere at any prices they get.
- Before the harvest, during each Rabi or Kharif crop season, the central government declares the minimum support prices (MSP) for procurement.
- Paddy MSP for 2022-23 is Rs 2,040-2,060.
- India has three cropping seasons summer, kharif, and rabi.
- Crops sown during June-July and harvested in October-November are kharif.
- Crops that are sown during October-November and the produce harvested from January-March depending on maturity is Rabi.
- Crops produced after rabi but ahead of kharif are summer crops.
PM Narendra Modi chaired NITI Aayog’s eighth Governing Council meet
- Prime Minister Narendra Modi chaired the eighth Governing Council Meeting of NITI Aayog, which will deliberate on several issues including, health, skill development, women empowerment and infrastructure development, with an aim to make India a developed nation by 2047.
- The theme for this meeting, conducted at the new Convention Centre in Pragati Maidan, Delhi, is ‘Viksit Bharat @ 2047: Role of Team India’.
- Eight prominent themes will be discussed during the day-long Meeting including (i) Viksit Bharat@2047, (ii) Thrust on MSMEs, (iii) Infrastructure and Investments, (iv) Minimising Compliances, (v) Women Empowerment, (vi) Health and Nutrition, (vii) Skill Development, and (viii) Gati Shakti for area development and social infrastructure.
- The Council meeting was not convened in 2020 due to the coronavirus pandemic.
- The first meeting of the Council took place on February 8, 2015.
India will host 14th Clean Energy Ministerial and 8th Mission Innovation meeting alongside G20 Energy Transitions Ministerial in Goa in July 2023
- The 14th Clean Energy Ministerial and 8th Mission Innovation meeting (CEM14/MI-8) will be held in Goa during 19th to 22nd of July, 2023.
- Scheduled on the margins of the G20 Energy Transitions Ministerial Meeting, the theme for CEM-14 / MI-8 is “Advancing Clean Energy Together”.
- This year’s Clean Energy Ministerial (CEM) and Mission Innovation (MI) meetings will bring together governments, international organizations, private sector, academia, innovators, civil society, early career researchers and policymakers over a four-day program featuring high-level ministerial dialogues, global initiative launches, award announcements, minister-CEO roundtables and a wide array of side-events cutting across diverse themes of clean energy transition.
- CEM14 / MI8 will also feature a public-facing technology showcase demonstrating cutting-edge advances in clean energy from India and around the world.
- The Ministerial plenaries are scheduled for July 21, 2023, while back-to-back G20 Energy Transition Ministerial Meeting will be held on July 22.
- Under the theme of ” Advancing Clean Energy Together”, high-level roundtables, side-events and technology showcases would enable stakeholders to accelerate the deployment of clean energy by encouraging development of policies and programmes which advance clean energy technology and solutions around the world.
- Union Power and New & Renewable Energy Minister R. K. Singh and Union Science & Technology Minister Dr. Jitendra Singh together launched the website and logo for the 14th Clean Energy Ministerial and 8th Mission lnnovation meetings.
- The website can be accessed here: https://www.cem-mi-india.org/.
- The website provides information on delegate registration, program overview, speakers’ details, participant and member portals and more.
Centre will provide 3.5 lakh free transponders made by ISRO to fishermen for security, business promotion
- In a bid to enhance coastal security, the Centre is going to provide 3.5 lakh free-of-cost two-way communication transponders to fishermen which will help in tracking them and also promote their business, in a phase-wise manner
- In the first phase, one lakh transponders would be fitted on boats which are less than 20-metre size.
- The project is going to be carried out under the Pradhan Mantri Matsya Sampada Yojana.
- The transponders are going to be manufactured by the Indian Space Research Organisation which will be made in India and supported by new satellites to be launched for this purpose only by the space agency.
- Government organisations including the fisheries departments of the states and Centre along with the National Security Council are coordinating for implementation of the project across the coastal areas.
- Indian Space Research Organisation (ISRO) – 15/08/1969 (Founded) – Bangalore, India (HQ) – Sreedhara Somanath (Chairman)
Centre signed agreement with 6 states to start digital crop survey
- The Centre signed an agreement with six states Assam, Gujarat, Madhya Pradesh, Odisha, Rajasthan and Uttar Pradesh to begin the digital crop survey.
- The agreement was signed at a workshop organised by the Union agriculture ministry to discuss with state governments the implementation plan of the digital crop survey.
- Digital crop survey is part of the government’s Agristack or India Digital Ecosystem for Agriculture (IDEA) that has been under development since 2020.
- Addressing the workshop, agriculture secretary Manoj Ahuja said Agristack and Krishi-Decision Support System (Krishi-DSS) will solve the issues and challenges faced in the agriculture sector.
- 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)
International News
Mukesh Ambani Joined COP28 President's Advisory Committee
- Mukesh Ambani has been named to the President’s Advisory Committee for the 28th Session of the Conference of the Parties (COP28) to the United Nations Framework Convention on Climate Change (UNFCCC).
- He joined the COP28 Advisory Council alongside Larry Fink, Chairman and CEO of BlackRock, Olafur Grimsson, Chairman of Arctic Circle (Former President of Iceland), Laurent Fabius, President of COP21 / Paris Agreement, Former Prime Minister of France, Francesco La Camera, Director General, International Renewable Energy Agency (IRENA), and Bob Dudley, Chair of the Oil and Gas Authority.
- Apart from Sunita Narain, Director General of the Centre for Science and Environment, Ambani is the only Indian on the Advisory Committee to the President of COP28.
- Climate experts from six continents are represented in the COP28 UAE Advisory Committee.
- The 31 members of the Committee, 65 per cent of whom are from the Global South and represent policy, industry, energy, finance, civil society, youth, and humanitarian issues, will provide guidance and counsel to the COP Presidency in the run-up to COP28 and beyond.
- The United Arab Emirates (UAE) will be hosting the 28th Conference of Parties (COP 28) to the UNFCCC (United Nations Framework Convention on Climate Change) from November 30 to December 12, 2023.
- It will take place at Dubai Expo City.
State News
Kari Ishad mango of Ankola in Uttar Karnataka got GI tag
- The Kari Ishad mango prominently grown in Ankola taluk of Uttara Kannada has bagged the Geographical Indication (GI) tag from the Geographical Indications Registry under the Union Government.
- The GI certificate issued to Matha Totagars Farmer Producer Company Limited, Ankola is valid till March 1, 2032 from March 31, 2023.
- Kari Ishad is accepted as one of the finest quality mangoes due to its unique aroma, luscious taste, high amount of pulp, shape, and size.
- Karnataka – Bengaluru (Capital) – Basavaraj Bommai (CM) –Thawarchand Gehlot (Governor) – Kannada (Language)
NABARD launched initiative to promote eco-cultural tourism in Arunachal village
- The National Bank for Agriculture and Rural Development (NABARD) has launched a project at a village in West Siang district of Arunachal Pradesh for promoting eco-cultural tourism.
- Eco-cultural tourism is a concept where both ecological and cultural aspects of a landscape are combined for attracting tourists.
- The project was launched at Kabu village by NABARD general manager Partho Saha.
- Young Men’s Adventure Club (YMAC), the implementing agency of the project, has a responsibility of sensitising the entrepreneurs about the importance of conservation.
- National Bank for Agriculture and Rural Development (NABARD) – 12/07/1982 (Founded) – Mumbai (HQ) – Shri. Shaji K V (Chairman)
Centre approved supplementary budget under National Health Mission for Maharashtra
- The Centre has approved the supplementary budget under National Health Mission in the programme implementation plans (PIPs) for Maharashtra.
- The supplementary approval of Rs 652.13 crore for fiscal 2022-23 and Rs 1,618.54 crore for fiscal 2023-24 is approved for Maharashtra, according to a statement from the ministry of health and family welfare.
- Under National Health Mission (NHM) to strengthen the healthcare systems, the ministry has approved additional new posts for public health specialists, medical officers, staff nurses and other staff in Maharashtra.
- Many new posts have also been recommended by the ministry under National Urban Health Mission to meet the healthcare needs of the urban population with a focus on the urban poor, by making available to them essential primary healthcare services and reducing their out-of-pocket expenses for treatment.
- Maharashtra – Mumbai (Capital) – Eknath Shinde (CM) – Ramesh Bais (Governor) – Marathi (Language)
Jyotiraditya Scindia inaugurated new Civil Enclave with enhanced passenger capacity at Kanpur Airport
- Shri Jyotiraditya M Scindia, Minister of Civil Aviation and Steel along with Shri Yogi Adityanath, Chief Minister of Uttar Pradesh and Gen. V.K Singh (Rtd.) MoS Ministry of Civil Aviation and Road Transport and Highways inaugurated a new Civil Enclave with an enhanced passenger capacity at the Kanpur Airport.
- Ministry of Civil Aviation – Jyotiraditya Scindia,Union Minister (Rajya Sabha MP,MP) – General Vijay Kumar Singh,Minister of State
Uttar Pradesh’s First Land Port Set to Be Operational in Bahraich District
- The first land port in Uttar Pradesh, close to the Rupaidiha border in Bahraich, is gearing up for its inauguration.
- Situated around 184 km from Lucknow, the integrated check post has been developed to promote cross-border trade with Nepal and is set to welcome truckers and tourists frequenting the region.
- Uttar Pradesh – Lucknow (Capital)– Yogi Adityanath (CM) – Anandiben Patel (Governor) – Hindi (Language)
Schemes
Centrally Sponsored Scheme for Development of Infrastructure Facilities for The Judiciary
- The Centrally Sponsored Scheme (CSS) of the Department of Justice (Ministry of Law & Justice) for Development of Infrastructure Facilities for the Judiciary is transforming judicial infrastructure at District and Subordinate Courts since its inception, enhancing state government resources for constructing court buildings, digital computer rooms, lawyers’ halls, toilet complexes and residential accommodations for Judicial officers.
- The fund-sharing pattern under the scheme is 60:40 (Centre: State), 90:10 for 8 North-Eastern and 2 Himalayan States & 100% central funding for the Union Territories.
Banking and Finance
RBI imposed Rs 84.50 lakh penalty on Central Bank of India
- The RBI has imposed a penalty of Rs 84.50 lakh on Central Bank of India for non-compliance with certain provisions of norms related to frauds classification and reporting.
- The Reserve Bank had conducted statutory inspection for supervisory evaluation of the bank with reference to its financial position as on March 31, 2021.
- Examination of the reports revealed that the public sector lender had failed to report as fraud to RBI certain accounts within seven days of decision of Joint Lenders’ Forum (JLF) to declare the accounts as fraud.
- It had recovered SMS alert charges from its customers on flat basis rather than on actual usage basis.
- Central Bank of India – 21/12/1911 (Founded) – Mumbai (HQ) – Matam Venkata Rao (MD & CEO) – “Build a better life around us”
RBI sanctioned merger of Maratha Co-op Bank with Cosmos Co-op Bank
- The Reserve Bank of India (RBI) has sanctioned the voluntary Scheme of Amalgamation of Maratha Sahakari Bank with The Cosmos Co-operative Bank.
- The central bank had placed Maratha Sahakari Bank, which was founded in 1946 and has seven branches in Mumbai, under Directions under Section 35 of the Banking Regulation Act, 1949, on August 31, 2016.
- The Scheme has been sanctioned in exercise of the powers conferred under Sub-Section (4) of Section 44A read with Section 56 of the Banking Regulation Act, 1949.
- Reserve Bank of India (RBI) – 01/04/1935 (Founded) – Mumbai (HQ) – Shaktikanta Das (Governor)
Indian Bank empanelled as Clearing and Settlement Bank with ICCL
- Indian Bank has been empanelled as a Clearing and Settlement Bank with the Indian Clearing Corporation Ltd (ICCL).
- The public sector bank can now facilitate banking services to members of BSE for clearing and settlement operations.
- Now, the clearing members can open settlement accounts with the Bank for funds settlement under equity derivatives segment.
- The proposal to extend this facility to the members of NSE is under active consideration.
- The bank also launched the e-TDR product for online transmission of FDR and margin with ICCL on behalf of the clearing members with its dedicated branch – Fort, Mumbai.
- Indian Bank – 15/08/1907 (Founded) – Chennai (HQ) – Shanti Lal Jain (MD & CEO) – “Your Own Bank”
Business and Economy
GDP expected to grow 6-6.5 per cent in FY24: BoB Eco Research
- India’s GDP is expected to grow in the 6-6.5 per cent in FY24, according to Bank of Baroda’s economic research department (ERD).
- BoB’s GDP growth estimate for India for FY24 is slightly higher than IMF’s projection of 5.9 per cent.
- According to advance estimates, India is expected to clock 7 per cent GDP growth in FY23.
- Bank of Baroda (BOB or BoB) – 20/07/1908 (Founded) – Vadodara, Gujarat (HQ) – Sanjiv Chadha (MD & CEO) – “India’s International Bank” (Tagline
GDP for Q4FY23 projected to grow at 5.5 per cent: SBI Ecowrap
- GDP for Q4 (January-March) FY23 is projected to grow at 5.5 per cent, while GDP growth for FY23 is likely at 7.1 per cent, according to State Bank of India’s ANN (Artificial Neural Network) model.
- The quarterly projection is higher than the Reserve Bank of India’s Q4FY23 real GDP growth estimate of 5.1 per cent.
- The full-year projection is a shade higher than the National Statistical Office’s 7 per cent estimate.
- State Bank of India’s ANN (Artificial Neural Network) model is based on 30 high frequency indicators from key sectors.
- State Bank of India (SBI) – 01/07/1955 (Founded) – Mumbai (HQ) – Dinesh Kumar Khara (Chairman) – “Pure Banking, Nothing Else” (Tagline)
Agreements and MoUs signed
SIDBI signed MoU with Uttar Pradesh to support setting up of private industrial parks, MSMEs, green projects
- Small Industries Development Bank of India (SIDBI), the principal financial institution for MSMEs in India, signed a memorandum of understanding (MoU) with the Uttar Pradesh (UP) government’s Department of MSMEs and Export Promotion to help develop private industrial parks in the state under the latter’s PLEDGE (Promoting Leadership and Enterprise for Development of Growth Engines) scheme.
- As per the MoU, SIDBI will offer financial assistance to meet the funding gap for establishing private industrial parks.
- SIDBI will also provide financial support to eligible MSMEs for setting up their units in these industrial parks and also to enterprises setting up green projects “aligned with the nation’s commitment to reduce greenhouse gas emission,”.
- The PLEDGE scheme was approved by the UP government in January 2023, allowing private companies to develop industrial parks in the state.
- Among benefits, the scheme provides for a 100 per cent exemption on stamp duty.
- Industrial parks are the areas zoned for industrial development, mainly containing offices and light industries instead of heavy industrial sites.
- These zones are located away from residential areas and are provided with special facilities and infrastructure appropriate for workspaces.
- Uttar Pradesh is home to the third largest number of MSMEs in the country, as per the Udyam portal with more than 13.54 lakh registered MSMEs.
- On the other hand, according to the state’s investment promotion agency Invest UP, the state had an overall 90 lakh MSMEs with a share of 14.2 per cent in India’s total MSME base of 6.33 crore.
- Earlier this year, the state saw nearly 9,000 MoUs signed worth Rs 1.37 lakh crore between MSMEs and investors at the Uttar Pradesh Global Investors Summit 2023 while 6,212 MoUs were signed for MSMEs whose investment amount was less than Rs 10 crore.
- Small Industries Development Bank of India (SIDBI) – 02/04/1990 (Founded) – Lucknow (HQ) – Sivasubramanian Ramann (Chairman & MD)
Appointments
Karnataka Bank appointed Srikrishnan Hari Hara Sarma as MD & CEO
- Private sector Karnataka Bank announced the appointment of former Jio Payments Bank head Srikrishnan Hari Hara Sarma as an Additional Director to take up the role of MD and CEO of the bank for three years.
- With this appointment, there would be 11 directors on the board of the bank.
- Of which, 8 are independent directors constituting 73 per cent of the board, including one woman independent director.
- Karnataka Bank – 18/02/1924 (Founded) – Mangalore (HQ) – Srikrishnan Hari Hara Sarma (MD & CEO)– “Your Family Bank Across India” (Tagline)
Awards and Recognitions
Three Indian peacekeepers to be honoured with U.N.'s Dag Hammarskjold medal
- Three Indian peacekeepers, who lost their lives serving under the UN flag last year, are among the 103 military, police, and civilian peacekeepers who will be honoured posthumously with a prestigious medal here for their service and supreme sacrifice in the line of duty at a solemn ceremony at the U.N. Headquarters.
- India’s Permanent Representative at UN Ambassador Ruchira Kamboj received the Dag Hammarskjold Medal.
- The three Indians include Border Security Force (BSF) personnel Head Constables Shishupal Singh and Samwali Ram Vishnoi, who served with the Organisation Stabilisation Mission in the Democratic Republic of the Congo and Shaber Taher Ali, who was employed in a civilian capacity with the U.N. Assistance Mission for Iraq.
- Shishupal Singh and Sanwala Ram Vishnoi deployed as part of a United Nations mission at Butembo, Congo, since June 2, 2022 were among five people killed during an anti-U.N. protest in the Eastern city of Goma near the strife-torn country’s border with Uganda.
- While Mr. Shishupal Singh hailed from Sikar, Mr. Vishnoi belonged to Barmer.
- United Nations (UN) – 24/10/1945 (Founded) – New York (HQ) – António Guterres (Secretary General) – 193 member states & 2 observer states
Daily Current Affairs - May 27, 2023 - Consolidated
- Paddy worth Rs 159,660 crores procured from farmers at support price
- PM Narendra Modi chaired NITI Aayog’s eighth Governing Council meet
- India will host 14th Clean Energy Ministerial and 8th Mission Innovation meeting alongside G20 Energy Transitions Ministerial in Goa in July 2023
- Centre will provide 3.5 lakh free transponders made by ISRO to fishermen for security, business promotion
- Centre signed agreement with 6 states to start digital crop survey
- Mukesh Ambani Joined COP28 President’s Advisory Committee
- Kari Ishad mango of Ankola in Uttar Karnataka got GI tag
- NABARD launched initiative to promote eco-cultural tourism in Arunachal village
- Centre approved supplementary budget under National Health Mission for Maharashtra
- Jyotiraditya Scindia inaugurated new Civil Enclave with enhanced passenger capacity at Kanpur Airport
- Uttar Pradesh’s First Land Port Set to Be Operational in Bahraich District
- Centrally Sponsored Scheme for Development of Infrastructure Facilities for The Judiciary
- RBI imposed Rs 84.50 lakh penalty on Central Bank of India
- RBI sanctioned merger of Maratha Co-op Bank with Cosmos Co-op Bank
- Indian Bank empanelled as Clearing and Settlement Bank with ICCL
- GDP expected to grow 6-6.5 per cent in FY24: BoB Eco Research
- GDP for Q4FY23 projected to grow at 5.5 per cent: SBI Ecowrap
- SIDBI signed MoU with Uttar Pradesh to support setting up of private industrial parks, MSMEs, green projects
- Karnataka Bank appointed Srikrishnan Hari Hara Sarma as MD & CEO
- Three Indian peacekeepers to be honoured with U.N.’s Dag Hammarskjold medal
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