Daily Current Affairs – May 28 & 29, 2023
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Daily Current Affairs - Banking - May 28 & 29, 2023
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National News
New parliament building
Central Vista Redevelopment Project | 2019 |
Foundation laid | 10/12/2020 |
Foundation laid by | Prime Minister Shri. Narendra Modi |
Construction started | January, 2021 |
Workers involved | 60,000 (Around) |
Man-days created | 23,04,095 |
Steel used | 26,045 MT |
Cement used | 63,807 MT |
Fly Ash used | 9,686 cubic meter |
Shape | Triangular |
Height of the building | 39.6 metres |
Building Area | 65,000 square metres (700,000 sq ft) |
Built Area | 20,866 square metres (224,600 sq ft) |
Floors | 4 |
Total doors & windows | 1,700 |
Lifespan | >150 years |
Total cost | ₹925 crore plus |
Architect | Bimal Hasmukh Patel from Gujarat |
Architecture firm | HCP Design, Planning and Management Pvt. Ltd. |
Main contractor | Tata Projects Ltd. |
Total entry gates | 06 |
Name of entry gates | Makar & Hans (dedicated to water), Shardul & Garuda (dedicated to sky) and Ashva & Gaja (dedicated to land) |
Wood | Shagaun from Maharashtra |
Carpet in both chambers | Bhadohi (Uttar Pradesh) |
Stonework | Rajasthan |
Floor work | Bamboo wood from Tripura |
Marble | Gujarat |
Lok Sabha Chamber | Design – Peacock Seats – 888 Joint Session – 1276 seats Chola dynasty-era Sengol (It was gifted by Lord Mountbatten, the first governor general of Independent India to the first prime minister Jawaharlal Nehru on the eve of the Indian Independence) |
Rajya Sabha chamber | Design – Lotus Seats – 384 |
In the centre of the building | Banyan |
Length of corridor | 3.5 km |
Completed & Inaugurated | 28/05/2023 |
Inaugurated By | Prime Minister Shri. Narendra Modi |
Old Parliament | Area – 22,900 square metres (246,000 sq ft) Shape – Circular Completed – 1930 Inaugurated – 29 January 1930 Outlay – Rs 450,000 Architect – Austin Woodeson Architecture firm – Public Works Department of Ceylon Main contractor – Walker Sons and Company Lok Sabha – 550 Rajya Sabha – 250 Central Hall |
Uber partnered with GeM portal to offer taxi services to govt offices, agencies, PSUs at fixed price
- Soon personnel from the government ministries, departments, agencies and public sector units will be able to book taxis for official purposes from cab aggregator Uber as the company has partnered with public procurement portal GeM to provide the service.
- The company would provide the service at a fixed price with zero cancellation charges and no surge pricing.
- The company has registered at the portal of government e-marketplace (GeM), which was launched in 2016 by the commerce ministry for buying goods and services by central ministries and departments with a view to bringing transparency in government procurement.
- It will be a cashless/cardless ride of the officials; additional vehicle categories for government riders have been added GeM Yatraa Hatch, GeM Yatraa Sedan; and there will be hourly rental for multiple-stops.
International News
Nepal approved second hydropower project to be developed by India
- Nepal decided to allow India’s Satluj Jal Vidyut Nigam (SJVN) Limited to develop a second hydropower project in the country.
- At present SJVN is developing a 900-MW Arun -III hydroelectric project, a run-of-river located on the Arun River in Eastern Nepal, scheduled to be completed in 2024.
- A meeting of the Investment Board Nepal (IBN) chaired by Prime Minister Pushpa Kamal Dahal “Prachanda” approved the draft project development agreement (PDA) to be signed with India’s state-owned SJVN to develop the 669-megawatt (MW) Lower Arun Hydropower project in eastern Nepal.
- The previous meeting of the IBN had approved Rs 92.68 billion investment for the development of the project.
- The SJVN has formed a local company, Lower Arun Power Development Company, in Nepal.
- The Lower Arun project located in the Sankhuwasabha and Bhojpur districts will not have any reservoir or dam and will be a tailrace development of Arun-III, which will mean water re-enters the river for the Lower Arun project.
- This is the third project undertaken, all through negotiation windows, on the Arun River after the 900 MW Arun-III and 695 MW Arun-IV hydroelectricity projects.
- The three projects will generate nearly 2,300 MW of electricity from the river in Sankhuwasabha district.
- Nepal – Kathmandu (Capital) – Nepalese rupee (Currency) – Ram Chandra Poudel (President) – Pushpa Kamal Dahal (Prime Minister) – Nepali (Language)
State News
Prime Minister Narendra Modi flagged off Assam's first Vande Bharat Express
- Prime Minister Narendra Modi flagged off Country’s 18th and Assam’s first Vande Bharat Express which will connect Guwahati in Assam and Jalpaiguri in West Bengal.
- The Prime Minister will also dedicate New Bongaigaon – Dudhnoi – Mendipather and Guwahati – Chaparmukh newly electrified sections to the nation.
- He will further inaugurate the new DEMU/MEMU (workshop for trains) shed at Lumding.
- Assam– Dispur (Capital) – Himanta Biswa Sarma (CM) – Gulab Chand Kataria (Governor) – Assamese & Boro (Language)
Banking and Finance
Bank of Maharashtra top performer in NPA management during FY23
- Bank of Maharashtra (BoM) has emerged as the best bank as far as management of bad loans is concerned with its net non-performing assets (NPAs) falling as low as 0.25 per cent during the financial year ended March 2023.
- This is the lowest ratio among all banks having total business above Rs 3 lakh crore and not just public sector banks (PSBs), according to published yearly numbers of banks.
- The Pune-based state-owned lender was followed by HDFC Bank with net NPA falling to 0.27 per cent and Kotak Mahindra Bank clinching the third spot with 0.37 per cent of net advances.
- On the PSB side, BoM was followed by the country’s biggest lender State Bank of India (SBI) with net NPAs falling to 0.67 per cent and Bank of Baroda at 0.89 per cent at the end of March 2023.
- BoM has provided almost completely for the NPAs and has the highest Provision Coverage Ratio at 98.28 per cent followed by UCO Bank at 94.50 per cent and Indian Bank at 93.82 per cent.
- With regard to Capital Adequacy Ratio, BoM has the highest CAR of 18.14 per cent among PSBs followed by Punjab & Sind Bank at 17.10 per cent and Canara Bank at 16.68 per cent as on March 31, 2023.
- Bank of Maharashtra (BoM) – 16/09/1935 (Founded) – Pune, Maharashtra (HQ) – A. S. Rajeev (MD & CEO) – “One Family One Bank” (Tagline)
Equitas Small Finance Bank collaborated with IBM to build digital banking platform
- Equitas Small Finance Bank has signed an agreement with IBM Consulting to design and build a digital banking platform aimed at providing a secure experience to customers.
- The collaboration between the two entities aims at boosting the digital products offered by Equitas as well as its service offerings, as it evolves its business for a digital-first generation.
- Equitas Small Finance Bank – 2007 (Founded) – Chennai (HQ) – Arun Ramanathan (Part-time Chairman) – Vasudevan P N (MD & CEO)
Microfinance loans grew 21.3% YoY to Rs 3.5 trillion in FY23
- Microfinance loans in India increased 21.3 per cent year-on-year (YoY) at Rs 3.5 trillion in Financial Year 2022-23 (FY23), backed by revised regulatory norms and higher demand.
- Asset quality profile improved with loans due in more than 90 days dipping to 1.06 per cent in March from 2.43 per cent a year ago, according to industry group Sa-Dhan.
- Numbers suggest that the microfinance industry has come out of the impact of Covid-19 and is on a growth path, said Jiji Mammen, executive director and chief executive officer at Sa-Dhan.
- New regulatory norms have created a level-playing field and it is reflected in the growth of the portfolio of non-banking finance companies and NBFC working as micro finance institutions (NBFC-MFIs).
- The NBFC MFI group posted 37 per cent YoY growth in portfolio at Rs 1.39 trillion.
- Small finance banks posted a 19.03 per cent growth at Rs 58,431 crore of lending book.
- The NBFC group recorded 49 per cent YoY growth at Rs 29, 664 crore at end of March 2023.
- Banks recorded paltry 3.22 per cent growth in portfolio at Rs 1.2 trillion crore.
- The microfinance industry’s number of loan accounts increased 10 per cent YoY to 13.6 million in FY23, from 12.39 million in FY22.
- Lender wise figures show NBFCs registered the highest y-o-y growth (23 per cent), followed by NBFC-MFIs (15 per cent), banks (6.0 per cent), and SFBs (5.o per cent) respectively.
PhonePe Became First Payment App to Link 2 Lakh RuPay Credit Cards to UPI
- PhonePe has said that it has become the first digital payments app to successfully enable the linkage of two lakh RuPay credit cards to the Unified Payments Interface (UPI).
- In addition, PhonePe has also processed a total payment value (TPV) of Rs 150 crore via RuPay credit on UPI.
- PhonePe aims to offer a comprehensive suite of solutions for RuPay Credit on UPI in partnership with NPCI to popularize its usage among customers and merchants alike.
- The company has already enabled the acceptance of RuPay Credit Cards on UPI across 12 million merchant outlets in the country, achieving the highest merchant penetration in the ecosystem.
- This widespread acceptance has ensured that customers have ample opportunities to utilize their Rupay credit cards for transactions through UPI.
- PhonePe – 2015 (Founded) – Bangalore (HQ) – Sameer Nigam (Co-Founder & CEO)
Summit and Conference
Union Minister Prahlad Joshi inaugurated 1st Mining StartUp Summit at IIT Mumbai
- Union Minister of Coal and Mines Prahlad Joshi inaugurated 1st Mining StartUp Summit at IIT Mumbai.
- He said that, in last 9 years, more than 40 percent exploration has been achieved in country.
- Area Under Exploration has increased to almost 2 Lakh Sq. Km out of total 4.5 Lakh Sq. Km mining area.
- Ministry of Coal – Pralhad Venkatesh Joshi,Union Minister (Dharwad,Karnataka)
Science and Technology
ISRO successfully launched GSLV-F12 from Sriharikota
- Indian Space Research Organisation (ISRO), successfully launched the GSLV-F12/NVS-01 mission from the second launch pad of SDSC-SHAR, Sriharikota.
- The mission deployed the NVS-01 navigation satellite, weighing about 2,232 kg, into a Geosynchronous Transfer Orbit, at the precise location, announced ISRO Chairman S Somanath from the Mission Control Room, after the successful launch.
- NVS-01 is the first of the second-generation satellites envisaged for the Navigation with Indian Constellation (NavIC) services.
- NVS series of satellites will sustain and augment the NavIC with enhanced features.
- This series incorporates L1 band signals additionally to widen the services.
- NavIC offers two services Standard Position Service (SPS) for civilian users and Restricted Service (RS) for strategic users.
- For the first time, an indigenous atomic clock will be flown in NVS-01.
- The 51.7 m, 420 tonne, three-stage GSLV-F12 was the 15th flight of the GSLV and the 9th flight with an indigenous cryo stage.
- It was the sixth operational flight of GSLV with cryogenic stage.
- Indian Space Research Organisation (ISRO) – 15/08/1969 (Founded) – Bangalore, India (HQ) – Sreedhara Somanath (Chairman)
Appointments
High Court Chief Justice
- Justice Ramesh D Dhanuka was sworn in as the Chief Justice of the Bombay High Court.
- Justice Sanjay Vijaykumar Gangapurwala, Acting Chief Justice of Bombay High Court sworn-in as the Chief Justice of the Madras High Court.
- Justice Mamidanna Satya Ratna Sri Ramachandra Rao, Judge of the Punjab and Haryana High Court appointed as the Chief Justice of the Himachal Pradesh High Court.
- Justice Sarasa Venkatanarayana Bhatti, Judge of the Kerala High Court appointed as the Chief Justice of the Kerala High Court.
- Justice Augustine George Masih, Judge of the Punjab and Haryana High Court appointed as the Chief Justice of the Rajasthan High Court.
Raghuveer Kini appointed as ED of EPCMD
- Raghuveer Kini has taken over as the Executive Director of the Export Promotion Council for Medical Devices, Department of Pharmaceuticals, Union Ministry of Chemicals and Fertilizers.
- Earlier, he served as the Executive Director of the Pharmaceuticals Export Promotion Council (Pharmexcil) and Director of the Plastics Export Promotion Council (Plexconcil).
- The Union Minister of Health and Family Welfare, Mansukh Mandaviya, has formally launched the Export Promotion Council for Medical Devices and the Scheme for Assistance to Medical Device Clusters for Common Facilities (AMD-CF) along with the National Medical Device Policy 2023.
- Ministry of Chemicals and Fertilizers – Mansukh Laxmanbhai Mandaviya,Union Minister (Rajya Sabha MP,Gujarat) – Bhagawanth Khuba,Minister of State (Bidar,Karnataka)
Erdogan won Turkish election
- President Recep Tayyip Erdogan again won Turkey’s presidential election, defeating opposition leader Kemal Kilicdaroglu.
- He is 12th President of Turkey (From 2014).
- He was 25th Prime Minister of Turkey (2003-2014).
- Turkey – Ankara (Capital) – Turkish lira (Currency) – Recep Tayyip Erdoğan (President) – Turkish (Language)
Sebi sets up intermediary advisory panel to be led by former ED S Ravindran
- The Securities and Exchange Board of India (Sebi) has constituted an Intermediary Advisory Committee to advise the markets regulator on changes in legal framework and increasing transparency in the functioning of market intermediaries like stock exchanges, depository participants, clearing corporations, among others.
- The committee will be chaired by former Sebi executive director S Ravindran who in his assignment with the markets regulator handled the charge of Corporation Finance Department.
- He had also headed departments related to investment management, and foreign institutional investors and custodians.
- The committee of 21 members includes representatives from the industry like Vijay Mehta, president of brokers’ body Association Of National Exchanges Members Of India (ANMI), Nithin Kamath, CEO – Zerodha Broking, Lalit Keshre, CEO of Groww, Aditya Bagree, MD – Citigroup, Lalit Mundra- chairman of Bombay Brokers Forum, Vivek Rege, chairman – Association of Registered Investment Advisers (ARIA), Sunil Alvares, MD & CEO, CDSL Ventures, Narinder Wadhwa, president – Commodity Participants Association of India (CPAI), among others.
- Securities and Exchange Board of India (SEBI) – 12/04/1988 (Founded) – Mumbai (HQ) – Madhabi Puri Buch, (Chairman) – Ministry of Finance (Parent)
Reports
PwC report titled “The Indian Payments Handbook - 2022-27”
- Growing at a steady pace, UPI transactions are likely to reach 1 billion per day by 2026-27, accounting for 90 per cent of the retail digital payments in the country.
- Unified Payments Interface (UPI), which is driving the digital payments revolution, accounted for about 75 per cent of the total transaction volume in the retail segment during 2022-23, said the PwC report titled “The Indian Payments Handbook – 2022-27″.
- The Indian digital payments market saw steady growth at a CAGR of 50 per cent (volume-wise) and is expected to reach 411 billion transactions in FY 2026-27 from 103 billion in FY 2022-23.
Quarterly Project Implementation Status Report (QPISR)
- According to the Ministry of Statistics and Programme Implementation, which monitors infrastructure projects worth Rs 150 crore and above, out of 1,566 projects, 384 reported cost overruns and as many as 931 projects were delayed.
- Out of 1,566 projects, 384 projects were having the cost overruns of Rs 4,66,874.46 crore which is 21.59 per cent of their sanctioned cost a quarterly report for January-March 2023 prepared by the ministry.
- However, it stated that with regard to the latest approved cost, 285 projects had reported cost overruns of Rs 1,97,069.19 crore.
- Further, it is noted that 259 projects are having both time and cost overruns.
- The anticipated completion cost of these 1,566 projects is reported to be Rs 26,29,193.77 crore.
- The total expenditure as on 31st March 2023 was Rs 14,71,873.93 crore which works out to 55.98 per cent of the total anticipated completion cost and 68.06 per cent of the original cost.
- For these 1,566 projects, a total outlay of Rs 2,81,251.99 crore has been allocated for 2022-23.
- The Quarterly Project Implementation Status Report (QPISR) on Central Sector Projects (costing Rs 150 crore and above) for the 4th quarter of 2022-23 (January-March 2023), contains detailed information on 1,566 projects covering 443 mega projects (each costing Rs 1,000 crore and above) and 1,123 major projects (each costing Rs 150 crore and above but below Rs 1,000 crore).
- Out of 1,566 projects, 12 projects were ahead of schedule, 292 projects were on schedule, 931 projects were delayed with respect to the original schedule of completion.
- Further, it stated that for 331 projects, either original or the anticipated date of completion was not reported.
- The percentage of delayed projects had changed from 41.27 per cent in quarter ending March 2022 to 59.45 per cent in quarter ending March 2023, it stated.
- The percentage of cost overrun had changed from 21.43 per cent in quarter ending March 2022 to 21.59 per cent in quarter ending March 2023, it also stated.
- Ministry of Statistics and Programme Implementation (MoSPI) – Rao Inderjit Singh, Minister of State (Independent Charge) (Gurugram,Haryana)
Awards and Recognitions
IIFA Awards 2023
- The 23rd IIFA Awards were held in Abu Dhabi.
- Best Film: Drishyam 2
- Best Director: R Madhavan for Rocketry: The Nambi Effect
- Best Actor in a Leading Role (Female): Alia Bhatt for Gangubai Kathiawadi
- Best Actor in a Leading Role (Male): Hrithik Roshan for Vikram Vedha
- Best Actor in a Supporting Role (Female): Mouni Roy for Brahmastra: Part One – Shiva
- Best Actor in a Supporting Role (Male): Anil Kapoor for Jugg Jugg Jeeyo
- Outstanding Achievement for Fashion in Cinema: Manish Malhotra
- Outstanding Achievement in Indian Cinema: Kamal Haasan
- Best Adapted Story: Aamil Keeyan Khan and Abhishek Pathak for Drishyam 2
- Best Original Story: Perveez Sheikh and Jasmeet Reen for Darlings
- Outstanding Achievement in Regional Cinema: Marathi film Ved directed by Riteish Deshmukh
- Best Debut (Male): Shantanu Maheshwari for Gangubai Kathiawadi and Babil Khan for Qala
- Best Debut (Female): Khushali Kumar for Dhoka Around the Corner
- Best Playback Singer (Female): Shreya Ghoshal for the song Rasiya from Brahmastra: Part One – Shiva
- Best Playback Singer (Male): Arijit Singh for the song Kesariya from Brahmastra: Part One – Shiva
- Best Music Direction: Pritam for Brahmastra: Part One – Shiva
- Best Lyricist: Amitabh Bhattacharya for the song Kesarya from Brahmastra: Part One – Shiva
- Best Cinematography: Gangubai Kathiawadi
- Best Screenplay: Gangubai Kathiawadi
- Best Dialogue: Gangubai Kathiawadi
- Best Choreography for title track: Bhool Bhulaiyaa 2
- Best Sound Design: Bhool Bhulaiyaa 2
- Best Editing: Drishyam 2
- Best Special Effects (Visual): Brahmastra: Part one – Shiva
- Best Background Score: Vikram Vedha
- Best Sound Mixing: Monica O My Darling
76th annual Cannes Film Festival
- The Cannes Film Festival until 2003 called the International Film Festival is an annual film festival held in Cannes, France, which previews new films of all genres, including documentaries, from all around the world.
- Founded in 20/09/1946, the invitation-only festival is held annually (usually in May) at the Palais des Festivals et des Congrès.
- The festival was formally accredited by the FIAPF in 1951.
- The 76th annual Cannes Film Festival is a film festival that took place from 16 to 27 May 2023.
- Swedish filmmaker Ruben Östlund, served as jury president.
- Palme d’Or: Anatomy Of A Fall, directed by Justine Triet
- Grand Prix: The Zone Of Interest, directed by Jonathan Glazer
- Jury Prize: Fallen Leaves, directed by Aki Kaurismaki
- Best Director: Tran Anh Hung for The Pot-Au-Feu
- Best Screenplay: Monster, written by Yuji Sakamoto
- Best Actress: Merve Dizdar, About Dry Grasses
- Best Actor: Kōji Yakusho, Perfect Days
- Camera d’Or: Inside the Yellow Cocoon Shell, directed by Thien An Pham
- Short Film Palme d’Or: 27, directed by Flóra Anna Buda
- Queer Palm: Monster
- Honorary Palme d’Or: Michael Douglas
- France – Paris (Capital) – Euro (Currency) – Emmanuel Macron (President) – Élisabeth Borne (Prime Minister) – French (Language)
Sports News
Monaco Grand Prix
- First held in 1929.
- Number of times held 80.
- Most wins (drivers) Brazil Ayrton Senna (6)
- Most wins (constructors) United Kingdom McLaren (15)
2023 Monaco Grand Prix
Position
Player
Country
Company
1
Max Emilian Verstappen
Belgium
Red Bull
2
Fernando Alonso Díaz
Spain
Aston Martin Aramco Cognizant F1 Team
3
Esteban José Jean-Pierre Ocon-Khelfane
France
Alphine F1 team
4
Lewis Carl Davidson Hamilton
United Kingdom
Mercedes AMG Petronas F1 Team
5
George William Russell
United Kingdom
Mercedes AMG Petronas F1 Team
Important Days
Menstrual Hygiene Day
- Menstrual Hygiene Day is annually observed on May 28.
- The day aims to highlight the importance of good menstrual hygiene management (MHM) at a global level.
- It was initiated by the German-based NGO WASH United in 2013 and observed for the first time in 2014.
- Theme – Making menstruation a normal fact of life by 2030
International Day of United Nations Peacekeepers
- International Day of United Nations Peacekeepers is annually observed on May 29 to pay tribute to all the men and women who have served and continue to serve in United Nations peacekeeping operations for their high level of professionalism, dedication, and courage and to honor the memory of those who have lost their lives in the cause of peace.
- It was so designated by United Nations General Assembly Resolution 57/129, on December 11, 2002, after an official request of the Ukrainian Peacekeepers Association and the Government of Ukraine to the UN General Assembly and first celebrated in 2003.
- May 29 also marks the anniversary of the creation of the United Nations Truce Supervision Organization (UNTSO) in 1948 to monitor the ceasefire after the 1948 Arab-Israeli War, which was the first ever UN peacekeeping mission.
- The Indian Army commemorated the 75th International Day of UN Peacekeepers, by paying homage to the fallen comrades by laying wreath at National War Memorial, New Delhi by the Chief of the Army Staff, Vice Chief of Army Staff and representatives from Navy and Air Force, Ministry of External Affairs and United Nations.
- United Nations General Assembly – 1945 (Founded) – New York City (HQ) – Csaba Kőrösi (President)
Daily Current Affairs - May 28 & 29, 2023 - Consolidated
- New parliament building
- Uber partnered with GeM portal to offer taxi services to govt offices, agencies, PSUs at fixed price
- Nepal approved second hydropower project to be developed by India
- Prime Minister Narendra Modi flagged off Assam’s first Vande Bharat Express
- Bank of Maharashtra top performer in NPA management during FY23
- Equitas Small Finance Bank collaborated with IBM to build digital banking platform
- Microfinance loans grew 21.3% YoY to Rs 3.5 trillion in FY23
- PhonePe Became First Payment App to Link 2 Lakh RuPay Credit Cards to UPI
- Union Minister Prahlad Joshi inaugurated 1st Mining StartUp Summit at IIT Mumbai
- ISRO successfully launched GSLV-F12 from Sriharikota
- High Court Chief Justice
- Raghuveer Kini appointed as ED of EPCMD
- Erdogan won Turkish election
- Sebi sets up intermediary advisory panel to be led by former ED S Ravindran
- PwC report titled “The Indian Payments Handbook – 2022-27”
- Quarterly Project Implementation Status Report (QPISR)
- IIFA Awards 2023
- 76th annual Cannes Film Festival
- Monaco Grand Prix
- Menstrual Hygiene Day
- International Day of United Nations Peacekeepers
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