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Daily Current Affairs – May 31, 2023

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Daily Current Affairs - Banking - May 31, 2023

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National News

Cabinet approval

  • The Union Cabinet chaired by the Hon’ble Prime Minister Shri Narendra Modi has approved to establish a Regional Office of the Universal Postal Union (UPU) in New Delhi, India to undertake UPU’s development cooperation and technical assistance activities in the region by entering into an agreement with UPU.
  • The approval enables India to play active role at multilateral organizations in postal sector with emphasis on South-South and Triangular cooperation
  • India will provide a Field Project Expert, staff and office set up for UPU’s regional office. 
  • Projects on capacity building and trainings, improving efficiency and quality of postal services, enhancement of Postal technology, e-commerce and trade promotion etc will be prepared and implemented for the region by this office in coordination with UPU.
  • The initiative would help expanding India’s diplomatic footprint and strengthen relations with other countries, specially in Asia-Pacific region and will enhance India’s presence at the global postal forums.
  • The Union Cabinet has also approved one lakh crore rupee scheme to increase grain storage capacity in cooperative sector.
  • Cabinet also approved the constitution and empowerment of an Inter-Ministerial Committee for facilitation of the “World’s Largest Grain Storage Plan in Cooperative Sector”.
  • This will be done by convergence of various schemes of the Ministry of Agriculture, Ministry of Consumer Affairs, Food and Public Distribution, and Ministry of Food Processing Industries.
  • The Union Cabinet has approved the City Investments to Innovate, Integrate and Sustain 2.0 (CITIIS 2.0), a program conceived by the Ministry of Housing and Urban Affairs in partnership with the French Development Agency (AFD), Kreditanstalt für Wiederaufbau (KfW), the European Union (EU) and National Institute of Urban Affairs (NIUA).
  • The program will run for a period of four years, starting from 2023 till 2027.
  • Prime Minister Narendra Modi chaired the meeting.
  • The funding for CITIIS 2.0 would include a loan of Rs.1760 crores (EUR 200 million) from AFD and KfW (EUR 100 million each) and a technical assistance grant of Rs.106 crores (EUR 12 million) from the EU.
  • CITIIS 2.0 aims to leverage and scale up the learnings and successes of CITIIS 1.0, which was launched jointly in 2018 by MoHUA, AFD, EU, and NIUA, with a total outlay of ₹933 crores (EUR 106 million).

India will host SCO summit in virtual format in July

  • India will host a summit of the Shanghai Cooperation Organisation in a virtual format in July, the external affairs ministry, adding that heads of state of all members, including Russia, China and Pakistan were invited.
  • The eight-member bloc’s defence and foreign ministers attended in-person meetings in India earlier this year.
  • The SCO is a political and security bloc that includes Russia and China, and India has been the chair since September.

2nd meeting of Apex Monitoring Authority of National Industrial Corridor Development and Implementation Trust

  • Union Finance and Corporate Affairs Minister, Smt. Nirmala Sitharaman chaired the 2nd meeting of the Apex Monitoring Authority constituted to review the activities of National Industrial Corridor Development and Implementation Trust (NICDIT).
  • The Apex Monitoring Authority comprises of Finance Minister as Chairperson, Minister-in- charge, Ministry of Commerce & Industry, Minister of Railways, Minister of Road Transport & Highways, Minister of Shipping, Vice Chairman, NITI Aayog, and Chief Minister(s) of States concerned.
  • Chief Ministers from four states, viz. Gujarat, Haryana, Uttarakhand, and Maharashtra; Ministers from 9 States viz. Bihar, Uttar Pradesh, Madhya Pradesh, Andhra Pradesh, Kerala, Punjab, Jharkhand, Karnataka, and Rajasthan besides senior officials from all the states attended the meeting.
  • She emphasized upon the need to ensure continued coordination between the Central and the State Governments and said they should work collectively as ‘Team India.’
  • Union Finance Minister stated that “FIRE Corridors = F – Freight; I – Industrial; R – Railways; E – Expressways” will ignite industrialization & economic development in India.

International News

First IIT in Tanzania will open in October 2023

  • Indian Institute of Technology (IIT) will open its first-ever overseas campus in Tanzania’s Zanzibar in October 2023 with a batch of 50 undergraduate students and 20 master’s students, the new IIT campus will be set up in Zanzibar under the name IIT Madras at Zanzibar.
  • Zanzibar will be one of three campuses outside of India, with the others located in Abu Dhabi and Kuala Lumpur.
  • Tanzania – Dodoma (Capital) – Tanzanian shilling (Currency) – Samia Suluhu Hassan (President) – Kassim Majaliwa (Prime Minister) – Swahili, English, Arabic (Language)

India extended USD 1 billion credit line to Sri Lanka by another year

  • India extended its USD 1 billion credit line to Sri Lanka by another year to help the island nation hit hard by an unprecedented economic crisis procure much-needed food, medicine and other essential items.
  • An agreement was signed between the State Bank of India (SBI) and the Sri Lankan government for USD 1 billion credit facility in March last year.
  • India extended the credit line to Sri Lanka at the height of the country’s economic crisis.
  • Sri Lanka – Sri Jayawardenepura Kotte (legislative) Colombo (executive and judicial) (Capital) – Sri Lankan rupee (Currency) – Ranil Wickremesinghe (President) – Dinesh Gunawardena (Prime Minister) – Sinhala & Tamil (Language)

State News

Madhya Pradesh CM laid foundation stone for `Parshuram Lok'

  • Madhya Pradesh Chief Minister Shivraj Singh Chouhan laid the foundation stone for `Parshuram Lok’, a religious centre, at Janapav Kuti in Indore district.
  • The project is estimated to cost Rs 10.32 crore.
  • chief minister unveiled an idol of Parshuram and also dedicated other development works at Janapav Kuti.
  • He also announced the Rs 1,094 crore Maheshwar-Janapav Lift Micro Irrigation Project.
  • Under this project, the water of Narmada river will be drawn from Maheshwar through electric pumps and supplied to villages through pipelines.
  • Madhya Pradesh – Bhopal (Capital) – Shivraj Singh Chouhan (CM) – Mangubhai C. Patel (Governor) – Hindi (Language)

Odisha CM inaugurated 4 key industrial units, lays foundation for 17 projects

  • Odisha Chief Minister Naveen Patnaik inaugurated 4 key industrial units and laid foundations for 17 projects at the 17th phase of the ground-breaking and inauguration ceremony for new industrial units in Odisha.
  • According to Chief Minister’s Office (CMO), the cumulative investments for these industries are Rs 3,600 crore which can create employment opportunities for 9,200 persons.
  • According to the recent survey conducted by the CMIE capex database and CII Research, Odisha has secured the second position among the leading states in India in terms of attracting significant ongoing investments during the fiscal year 2022-23.
  • Odisha – Bhubaneswar (Capital) – Naveen Patnaik (CM) – Ganeshi Lal (Governor) – Odia (Language)


Ayushman Bharat Pradhan Mantri Jan Arogya Yojana

  • The Centre’s ambitious Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (ABPM-JAY) has achieved a milestone of 5 crore hospital admissions amounting to Rs 61,501 crore worth free treatment of people.
  • The flagship scheme being implemented by the National Health Authority (NHA) provides a health cover of Rs 5 lakh per family per year for secondary and tertiary care hospitalisation to 12 crore beneficiary families.
  • The ABPM-JAY is being implemented in 33 states and Union Territories (UTs) except for Delhi, Odisha and West Bengal.
  • Till date, 23.39 crore beneficiaries have been verified and issued Ayushman cards for availing free treatment under the scheme.
  • Under ABPM-JAY, the beneficiaries are issued co-branded PVC Ayushman cards.
  • The PM-JAY empanelled hospital network consists of 28,351 hospitals (including 12,824 private hospitals) across the country.
  • During the year 2022-23, approximately 56 per cent of the total admissions (by amount) have been authorised in private hospitals, while 44 per cent of the admissions have been authorised in public hospitals.
  • The AB PM-JAY beneficiaries can avail treatment corresponding to a total of 1,949 procedures under 27 different specialties.
  • The top tertiary care specialities under which treatments has been availed by beneficiaries till date are medical oncology (cancer treatment), emergency care, orthopaedic and urology (kidney-related ailments).
  • The scheme has achieved a milestone of 5 crore hospital admissions amounting to Rs 61,501 crore worth free treatment of people.
  • Further, under the scheme, a conscious effort has been made to ensure gender equity in access to quality healthcare.
  • As a result of the conducive policies, approximately 49 per cent of Ayushman card recipients are women and over 48 per cent of total authorised hospital admissions under AB PM-JAY scheme have been availed by women.
  • Also, over 141 medical procedures under PM-JAY are exclusively earmarked for women.

Namo Shetkari Mahasanman Yojana

  • Maharashtra government has approved a new financial scheme under which more than one crore farmers in the state will be paid 6,000 rupees annually.
  • The scheme, Namo Shetkari Mahasanman Yojana, was approved at a Cabinet meeting chaired by Chief Minister Eknath Shinde in Mumbai.
  • Talking to reporters after the meeting, Chief Minister Shinde said the amount is in addition to 6,000 rupees being paid to farmers by the Centre under the PM Kisan Yojana.
  • Maharashtra Cabinet also approved implementation of ‘Gender Inclusive Tourism Policy called ‘Aai’ to empower women in the tourism sector.
  • Similarly, approval was also given to start women’s bike-taxi services at some tourist spots in the State.
  • Maharashtra – Mumbai (Capital) – Eknath Shinde (CM) – Ramesh Bais (Governor) – Marathi (Language)

Banking and Finance

RBI to introduce expected loss approach for bad loan provisioning in 2023-24

  • The RBI is proposing to introduce expected loss-based approach for provisioning during 2023-24 as part of its measures to strengthen the bad loan resolution ecosystem.
  • This will enable banks to design their own credit loss models and spread the higher provisions over a five-year period under a newer system of setting aside money for lending.
  • Reserve Bank of India (RBI) – 01/04/1935 (Founded) – Mumbai (HQ) – Shaktikanta Das (Governor)

ADB launched India strategy for 2023-2

  • The Asian Development Bank (ADB) has launched its 2023-27 country partnership strategy for India, pledging to focus on accelerating structural transformation and job creation, promoting climate-resilient growth, and deepening social and economic inclusiveness.
  • The Manila-based bank said it would deepen its involvement with India and assist its efforts to achieve sustainable, climate-resilient, and inclusive growth for the next five years.
  • According to ADB’s India country director, Takeo Konishi, the support offered would be targeted at energy transition, transport decarbonisation, climate adaptation, and disaster risk management.
  • ADB projects India to grow at 6.4% in FY24.
  • The bank plans to contribute to national flagship programmes on industrial corridors, multimodal logistics systems, urban infrastructure, skill ecosystem, and small businesses.
  • It also plans to meet its objectives using public-private partnerships.
  • Asian Development Bank (ADB) – 19/12/1966 (Founded) – Mandaluyong, Philippines (HQ) – Masatsugu Asakawa (President) – 68 countries

Business and Economy

India meets fiscal deficit target of 6.4% for FY23

  • The Centre’s fiscal deficit target narrowed to 6.4 per cent in fiscal 2022-23 and met the Finance Ministry’s set target on the back of buoyant tax receipts and some fiscal headroom from lower payments.
  • In absolute terms, the central government’s fiscal deficit in 2022-23 was Rs 17.33 lakh crore as against the revised estimate of Rs 17.55 lakh crore.
  • At Rs 17.33 lakh crore, the fiscal deficit for 2022-23 amounts to 6.4 percent of the GDP, data released by the Controller General of Accounts.
  • Total receipts for fiscal 2023 stood at Rs 24.56 lakh crore, while overall expenditure was at Rs 41.89 lakh crore.
  • The data showed that the FY23 capital expenditure exceeded government’s revised target of Rs 7.28 lakh crore by Rs 8,551 crore.
  • Ministry of Finance – Nirmala Sitharaman,Cabinet Minister (Rajya Sabha MP,Karnataka) – Bhagwat Karad, Minister of State (Rajya Sabha MP,Maharashtra) & Pankaj Choudhary, Minister of State (Maharajganj,UP)

Agreements and MoUs signed

Meghalaya inked MoU with NIOS to bring dropouts back to schools

  • An MoU for identification of Out of School Children (OoSC) and enrolling them into the NIOS Study Centres was signed between the Samagra Shiksha authorities and the National Institute of Open Schooling to facilitate the return of dropouts to educational institutions.
  • While Assam recorded the highest dropout rate in the country with 31 per cent of out-of-school students at the secondary level, Tripura with 29.8 per cent is ranked number 2, an official of the education department.
  • Meghalaya with 27.9 per cent drop out rate in secondary level is ranked third followed closely by Madhya Pradesh (26.1 per cent) and Nagaland (24.4 per cent).
  • At present Meghalaya has only 25 NIOS study centres in 5 out of 12 districts –East Khasi Hills, West Jaintia Hills, Ri-Bhoi, East Garo Hills and West Garo Hills districts.
  • Meghalaya – Shillong (Capital) – Conrad Sangma (CM) – Phagu Chauhan (Governor) – English (Language)

Science and Technology

Gadkari launched Mobile Apps providing ‘Ease of Commuting’ on National Highways

  • Union Minister for Road Transport and Highways Shri Nitin Gadkari chaired a meeting with NHAI officials in New Delhi and discussed various aspects of National Highway development.
  • The meeting encompassed discussions on enhancing work efficiency, resolving obstacles and adopting innovative technology.
  • On this occasion Shri Gadkari launched two Mobile Apps focusing on enhancing efficiency and providing ‘Ease of Commuting’ on the National Highways.
  • The mobile applications inaugurated included ‘RajmargYatra’, a citizen centric Mobile Application with in-built complaint redressal system and ‘NHAI One’, mobile app to facilitate most of the crucial onsite requirements in execution of National Highway Projects.
  • Shri Gadkari also inaugurated NHAI’s first ‘Sustainability Report for FY 2021-22’.
  • The report presents NHAI’s governance structure, nature of its operations, its stakeholders, environment and social responsibility initiatives.
  • The Minister also launched a book on ‘Road Development in India’ that captures history of building the National Highway network in the country.
  • Ministry of Road Transport and Highways – Nitin Gadkari,Union Minister (Nagpur,Maharashtra) – General Vijay Kumar Singh


PTC India signed two long-term agreements for 215 MW power purchase

  • Power trading solutions provider PTC India has signed two agreements for purchase of 215 MW electricity on a long term basis.
  • While an agreement has been signed with Brookfield Renewables for purchase of 100 MW solar power, another pact is with V S Lignite for purchase of 115 MW thermal power.
  • PTC India Limited (Power Trading Corporation of India Limited) – 16/04/1999 (Founded) – New Delhi (HQ) – Dr.Rajib.K.Mishra (Chairman & MD)


Government appointed Ashwani Kumar as UCO Bank MD & CEO

  • The Appointments Committee of the Cabinet (ACC) has approved the appointment of Ashwani Kumar, Executive Director, Indian Bank as Managing Director and CEO of UCO Bank.
  • Kumar will replace Soma Sankara Prasad, who is due to superannuate on May 31.
  • It may be recalled that Centre had in December 2021 appointed Prasad as MD & CEO of UCO Bank.
  • Ashwani Kumar will lead the public sector bank for period of three years from June 1.
  • UCO Bank (BoM) – 06/01/1943 (Founded) – Kolkata (HQ) – Ashwani Kumar (MD & CEO) – “Honours your Trust” (Tagline)

Angshumali Rastogi India's representative to global civil aviation organization

  • Senior bureaucrat Angshumali Rastogi was appointed India’s representative to the council of the International Civil Aviation Organization (ICAO) in Montreal, Canada in place of Shefali Juneja for three years.
  • Hemang Jani, Secretary of the Capacity Building Commission, has been named Senior Adviser to the Executive Director, World Bank, Washington DC, for three years has been appointed in place of Ritesh Kumar Singh.
  • Sai Venkata Ramana Anil Das will be an adviser to the Executive Director, World Bank, Washington DC, in place of Suresh Yadav, for three years.
  • Anand Singh, a 2000 batch IAS officer of Kerala cadre, will be Senior Adviser to the Executive Director, International Monetary Fund, Washington DC.
  • Jujjavarapu Balaji, a 2001 batch IAS officer of the Assam-Meghalaya cadre, has been appointed to the post of Minister (Agriculture), Embassy of India, Rome.
  • Balaji’s batchmate from Manipur, Nidhi Mani Tripathi will be Minister (Economic), High Commission of India, London for a tenure of three years.
  • Ponnuraj V, a Karnataka cadre IAS officer of the 2000 batch, will be a senior adviser to the executive director of the Asian Development Bank, Manila.
  • Debjani Chakrabarti, a 2002 batch Odisha cadre IAS officer, has been appointed as Minister (Economic & Commercial), Embassy of India, Tokyo for three years.
  • Venkatesh Palani Samy, Agricultural Research Service (2007), will be the adviser (Agriculture and Marine Products), Embassy of India, Brussels.
  • IAS officer Nidhi Srivastava has been appointed as First Secretary (Legal), Permanent Mission of India (PMI), World Trade Organization, Geneva for a tenure of three years.
  • Vivek Chaudhary will be Counsellor (Economic), Economic Wing, Embassy of India, Washington DC, and Bhavesh R Trivedi has been appointed Director, SAARC Secretariat, Kathmandu.
  • The Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi has approved 12 appointments for filling up various foreign posts.

Justice Jamdar appointed as acting CJ of Bombay HC

  • Justice Nitin Madhukar Jamdar appointed as the acting chief justice of the Bombay High Court as incumbent chief justice Ramesh Deokinandan Dhanuka demits office this evening.

Important Days

World No Tobacco Day

  • World No Tobacco Day (WNTD) is annually observed on May 31.
  • The Member States of the WHO created World No Tobacco Day in 1987 to draw global attention to the tobacco epidemic and the preventable death and disease it causes.
  • WNTD is one of 11 official global public health campaigns marked by the WHO.
  • Theme – We need food, not tobacco


India's defence exports increased 23-fold under present government

  • India’s defence exports have reached an all-time high worth nearly Rs 16,000 crore in 2022-23, surging from a mere Rs 686 crore in 2013-14.
  • This 23-fold increase reflects India’s progress in the global defence manufacturing sector.
  • With exports reaching more than 85 countries, India’s defence industry has shown its capability of design and development to the world, with 100 firms exporting defence products at present.
  • Further, the self-reliant India call or ‘Atmanirbhar Bharat’ initiatives have helped the country by encouraging indigenous design, development and manufacture of defence equipment in the country, thereby reducing dependency on imports in the long run.
  • The expenditure on defence procurement from foreign sources has reduced from 46 per cent of overall expenditure in 2018-19 to 36.7 per cent in December 2022.
  • India, once known primarily as a defence equipment importer, now exports a wide range of major platforms, including aircraft like the Dornier-228, artillery guns, Brahmos Missiles, PINAKA rockets and launchers, radars, simulators, armoured vehicles.
  • The global demand for India’s indigenous products, such as the LCA-Tejas, Light Combat Helicopters, Aircraft Carriers, and MRO activities, is also on the rise.
  • Ministry of Defence – Rajnath Singh,Union Minister (Lucknow,UP) – Ajay Bhatt,Minister of State (Nainital–Udhamsingh Nagar,Uttarakhand)

Daily Current Affairs - May 31, 2023 - Consolidated

  • Cabinet approval
  • India will host SCO summit in virtual format in July
  • 2nd meeting of Apex Monitoring Authority of National Industrial Corridor Development and Implementation Trust
  • First IIT in Tanzania will open in October 2023
  • India extended USD 1 billion credit line to Sri Lanka by another year
  • Madhya Pradesh CM laid foundation stone for `Parshuram Lok’
  • Odisha CM inaugurated 4 key industrial units, lays foundation for 17 projects
  • Ayushman Bharat Pradhan Mantri Jan Arogya Yojana
  • Namo Shetkari Mahasanman Yojana
  • RBI to introduce expected loss approach for bad loan provisioning in 2023-24
  • ADB launched India strategy for 2023-27
  • India meets fiscal deficit target of 6.4% for FY23
  • Meghalaya inked MoU with NIOS to bring dropouts back to schools
  • Gadkari launched Mobile Apps providing ‘Ease of Commuting’ on National Highways
  • PTC India signed two long-term agreements for 215 MW power purchase
  • Government appointed Ashwani Kumar as UCO Bank MD & CEO
  • Angshumali Rastogi India’s representative to global civil aviation organization
  • Justice Jamdar appointed as acting CJ of Bombay HC
  • World No Tobacco Day
  • India’s defence exports increased 23-fold under present government

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