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Daily Current Affairs – October 05, 2023

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Daily Current Affairs - Banking - October 05, 2023

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National News

Cabinet Approval

  • The Union Cabinet chaired by Prime Minister Narendra Modi gave its approval for introduction in Parliament, a Bill, namely, the Central Universities (Amendment), Bill, 2023 further to amend the Central Universities Act, 2009 for setting up of Sammakka Sarakka Central Tribal University at Mulugu District in the State of Telangana as provided in the Thirteenth Schedule to the Andhra Pradesh Re-organisation Act, 2014 (no. 6 of 2014), as per the official announcement.
  • There would be provision of funds of Rs. 889.07 crore.
  • Union Cabinet had also approved an increase in LPG subsidy, raising it from the current 200 rupees per cylinder to 300 rupees per cylinder for the beneficiaries under Pradhan Mantri Ujjwala Yojana.
  • The Union Cabinet has also approved the proposals for the promulgation of ordinances for the Andaman and Nicobar Islands Tenancy Regulation, 2023, the Dadra and Nagar Haveli and Daman and Diu Tenancy Regulation, 2023 and the Lakshadweep Tenancy Regulation, 2023. 
  • The ordinances will provide a legal framework for creating an accountable and transparent ecosystem for renting premises in the Union territories of Andaman and Nicobar Islands, Dadra and Nagar Haveli and Daman and Diu and Lakshadweep by balancing the interests and rights of both the landlord and tenant.
  • The Cabinet Committee on Economic Affairs has given its approval to a proposal of the Ministry of Jal Shakti to complete the balance works of the North Koel Reservoir Project in Bihar and Jharkhand at a revised Cost of around 2 thousand 431 crore rupees.
  • The balance work will be completed in the next 30 months.

Workshop on “Cost Models for Affordable Data Services & International Connectivity”

  • International Telecommunication Union (ITU) and the Telecom Regulatory Authority of India (TRAI) are jointly organizing Workshop on “Cost Models for Data Services & International Connectivity” followed by the first meeting of ITU-T Focus Group on “Cost Models for Data Services & International Connectivity” to be held in New Delhi. 
  • The Workshop was inaugurated by Ms. Meenakshi Gupta, Acting Chairperson of Telecom Regulatory Authority of India.
  • The objective of the Workshop is to share best practices and study cost models and other tools which can be used by countries to consider and implement so as to bring down costs of data services and internet connectivity.
  • This workshop had four sessions, which dealt with topics such as Cost components for data services and main factors affecting the affordability of data services, best practices for cost models for data services, evolving Internet Value chain and implications for cost for International Internet connectivity (IIC), Regulatory, economic, and policy aspects impacting cost models for IIC and lessons learnt.
  • Telecom Regulatory Authority of India (TRAI) – 20/02/1997 (Founded) – New Delhi (HQ) – PD Vaghela (Chairman)

GI Tag

  • Udangudi ‘Panangkarupatti’ (palm jaggery/ gur) has been given a Geographical Indication (GI) tag.
  • The application for this was filed by Tirunelveli District Palmyrah Products Cooperative Federation Limited and Patent Information Centre, Tamil Nadu State Council for Science and Technology.
  • The palm jaggery preparation procedure in this area is traditional till date without inclusion of any additional modern strategies.
  • Triple super phosphate and phosphoric acid are used in many other areas, but no such chemical additives are used in Udangudi Panangkarupatti.
  • The karupatti prepared from the palm sap from the region around Udangudi in Tiruchendur taluk in Thoothukudi district has some uniqueness.
  • This is due to presence of red sand dune soil found in the region.

Major announcements by Raksha Mantri during the plenary session of ‘Swavlamban 2.0’

  • To promote ‘Aatmanirbharta’ in defence and innovation, a number of big-ticket announcements were made by Raksha Mantri Shri Rajnath Singh during the plenary session of ‘Swavlamban 2.0’, the two-day seminar of Naval Innovation and Indigenisation Organisation (NIIO), which commenced in New Delhi.
  • The main highlight was the release of the fifth Positive Indigenisation List of Department of Military Affairs (DMA) comprising 98 items.
  • He also launched 76 challenges for the industry under 10th Defence India Start-up Challenges (DISC 10) & DISC 10 PRIME of Innovations for Defence Excellence (iDEX) and five problem statements under iDEX for Fauji.
  • In addition, two INDUS X challenges under ‘INDUS-X Mutual Promotion of Advanced Collaborative Technologies’ (IMPACT) challenges jointly finalised by iDEX and United States Department of Defense (US DoD) were launched by the Raksha Mantri.
  • He also released the Indian Navy’s updated Indigenisation Roadmap ‘Swavlamban 2.0’.
  • A special interactive session for the industry to explain the nuances of the roadmap is planned on Day 2 of the seminar.
  • Ministry of Defence – Rajnath Singh,Union Minister (Lucknow,UP) – Ajay Bhatt,Minister of State (Nainital–Udhamsingh Nagar,Uttarakhand)

4th EMRS National Cultural & Literary Fest and Kala Utsav- 2023

  • Union Minister for Tribal Affairs, Shri Arjun Munda inaugurated the 4th EMRS National Cultural & Literary Fest and Kala Utsav- 2023, in the presence of Chief Minister, Uttarakhand, Shri Pushkar Singh Dhami, at Dehradun.
  • The event has been organized by the National Education Society for Tribal Students (NESTS) under Union Ministry of Tribal Affairs, and hosted by Eklavya Vidyalaya Sangathan Samiti (EVSS), Uttarakhand at Maharana Pratap Sports College, Dehradun.
  • Ministry of Tribal Affairs – Arjun Munda,Cabinet Minister (Khunti,Jharkhand) – Renuka Singh Saruta, Minister of State (Sarguja, Chhattisgarh) & Bisweshwar Tudu, Minister of State (Mayurbhanj,Odisha)

International News

6th Meeting of the India Brazil Trade Monitoring Mechanism

  • The Commerce Secretary co-chaired the 6th meeting of the India-Brazil Trade Monitoring Mechanism (TMM) with Secretary of Foreign Trade for the Federative Republic of Brazil, Ms. Tatiana Lacerda Prazeres in Brasília.
  • Both sides extensively discussed matters related to bilateral trade and outlined a roadmap for its further enhancement.
  • He was accompanied by a delegation of 20 business leaders representing the Confederation of Indian Industry (CII).
  • Brazil – Brasília (Capital) – Real (Currency) – Lula da Silva (President) – Portuguese (Language)

State News

Andhra Pradesh Chief Minister laid foundation stone

  • Andhra Pradesh Chief Minister Y.S. Jagan Mohan Reddy virtually launched Greenlam South Group’s industrial unit which was set up at a cost of ₹800 crores at Naidupeta in Tirupati district, and a 42,000-tonne capacity cocoa butter and chocolate manufacturing unit by DP Chocolates set up at a cost of ₹325 crores at Sri City.
  • He also inaugurated the ₹4-crore Banana Processing Cluster of the A.P. Food Processing Society at Brahmanapalli near Pulivendula in YSR district, which will benefit 700 farmers initially.
  • And also laid the foundation stone for the ₹544-crore bio-ethanol unit of Eco Steel India at Jajarakallu in Anantapur district, Everest Steel Bulding unit at Madakasira (₹250 crore), United Industries Auto Plastic unit at Gudupalli in Sri Satya Sai district (₹125 crore), Sarvani Bio Fuels unit at Buddhavanipalem in Bapatla district (₹225 crore), bio-pesticide unit of the NACL Multichem at Ranasthalam in Srikakulam district (₹200 crore) and Ravali Spinners unit at Khandavalli in East Godavari district (₹200 crore).
  • These units will provide direct employment to 3,250 persons and indirect employment to others.
  • Andhra Pradesh – Visakhapatnam (Capital) – Y. S. Jagan Mohan Reddy (CM) – S. Abdul Nazeer (Governor) – Telugu (Language)

PM laid foundation stone in Rajasthan

  • Prime Minister Shri Narendra Modi will lay the foundation stone and dedicate multiple development projects worth about 5000 crore rupees in sectors like road, rail, aviation, health, and higher education at Jodhpur.
  • The Prime Minister will lay the foundation stone of 350 bedded ‘Trauma Centre and Critical Care Hospital Block at All India Institute of Medical Sciences, Jodhpur’ and seven Critical Care Blocks under the Pradhan Mantri – Ayushman Bharat Health Infrastructure Mission (PM-ABHIM) to be developed across Rajasthan.
  • The integrated centre for ‘Trauma, Emergency, and Critical Care’ at AIIMS Jodhpur will be developed at a cost of more than 350 crore rupees.
  • He will also lay the foundation stone for the development of the state-of-the-art New Terminal Building at Jodhpur Airport.
  • To be built at a total cost of 480 crore rupees, the New Terminal Building will be developed in an area of about 24,000 sqm and will be equipped to provide services to 2,500 passengers during peak hours.
  • He will also dedicate the IIT Jodhpur campus to the Nation.
  • The state-of-the-art campus has been built at a cost of more than 1135 crore rupees.
  • For upgrading the infrastructure at the Central University of Rajasthan, the Prime Minister will dedicate to the nation ‘central instrumentation laboratory’, staff quarters, and ‘yoga & sports sciences building’. 
  • Rajasthan – Jaipur (Capital) – Ashok Gehlot (CM) –       Kalraj Mishra (Governor) – Hindi (Language)

Banking and Finance

RBI sets up external Working Group on ECL based framework for provisioning by banks

  • The Reserve Bank of India (RBI) has set up an external Working Group on Expected Credit Loss (ECL) based Framework for Provisioning by Banks.
  • Headed by R Narayanaswamy, former Professor, IIM Bangalore.
  • The working group will set out the principles required to be considered by banks while designing the credit risk models to be used for assessing and measuring expected credit losses.
  • It will also recommend factors that banks should consider for determination of credit risk and suggest the methodology to be used for undertaking external independent validation of the models.
  • Sanjay Kallapur, ISB, Hyderabad, Rajosik Banerjee, KPMG, S Srinivasa Rao, SBI, Rajendra Khandelwal, ICICI Bank, Susanta Baishya, HDFC Bank, Adish Yadav, Canara Bank, Sridharan N, Equitas Small Finance BanK and Pravinkumar Taparia, Saraswat Co-operative Bank are member of the working group.
  • The recommendations of the Working Group would be duly factored in while framing the draft guidelines, which shall be put in the public domain for comments before issue of final guidelines.

SBI launched ‘Mobile Handheld Device’

  • State Bank of India had unveiled a ‘mobile handheld device’ for its financial inclusion customers for enhancing accessibility and convenience in availing banking services such as cash withdrawal, cash deposit, fund transfer.
  • The device will bring kiosk banking directly to customer’s doorstep.
  • The device offers greater flexibility to customer service point (CSP) agents, enabling them to reach out to customers wherever they are.
  • The initiative will particularly benefit customers who face challenges in accessing CSP outlets due to health issues, senior citizens and Divyangjans (persons with disabilities).
  • State Bank of India (SBI) – 01/07/1955 (Founded) – Mumbai (HQ) – Dinesh Kumar Khara (Chairman) – “Pure Banking, Nothing Else” (Tagline)

IndusInd Bank launched mobile banking super app ‘INDIE’

  • IndusInd Bank has launched its mobile banking super app ‘INDIE’ through which it aims to add about 1 crore customers over the next three years.
  • The private sector bank is looking to increase its customer base to 4.5 crore from 3.3 crore now over the next three years, a large part of which will come through the mobile banking app.
  • The INDIE app offers instant and flexible pre-approved credit lines of up to ₹5 lakhs, a rewards program for customers, flexibility for customers to customise their rewards programme based on preferred brands, and special digital savings and fixed deposit accounts which offer interest of up 7.85 per cent.
  • It also offers security features such as a numberless debit card for one-time secured transactions, single-use virtual card, dynamic ATM PIN and Super OTP, and data and analytics-based personalised customer insights for tracking spends and payments.
  • In addition to adding new customers, the bank is also focussing on porting existing customers to the mobile banking platform, Kathpalia said, adding that the bank will also additional products and services such as home and vehicle loans, and a separate business platform for MSME and merchant clients.
  • IndusInd Bank Limited – April 1994 (Founded) – Mumbai (HQ) – Sumant Kathpalia (MD & CEO) – “We Make You Feel Richer” (Tagline)

Agreements and MoUs signed

GeM signed MoU with Indian Steel Association

  • Government e-Marketplace, the national public procurement platform, has signed a memorandum of understanding (MOU) with the Indian Steel Association (ISA).
  • This partnership intends to bring all ISA members onto the GeM platform as sellers, promoting a diverse business environment regardless of their size.
  • The MoU promotes knowledge exchange and direct communication between the two organizations, aiming to improve accessibility for association members to the public procurement market.
  • Indian Steel Association represents 65 per cent of the crude steel industry in the country, with 16 members, 7 executives comprising all the major steel industrialists, and 2 associate members.
  • Indian Steel Association (ISA) – 2014 (Founded) – New Delhi (HQ) – Dilip Oommen (CEO)

NPCI International Payment signed agreement with Al Etihad Payments

  • NPCI International Payments Ltd, the international arm of the National Payment Corporation of India, signed an agreement with Al Etihad Payments in Abu Dhabi to facilitate cross-border transactions.
  • The memorandum of understanding (MoU) aims to develop the domestic card scheme of the UAE based on India’s RuPay debit and credit card stack.
  • The agreement will be signed in the presence of commerce and industry minister Piyush Goyal, who is leading a business delegation to Abu Dhabi.
  • Goyal will co-chair the eleventh meeting of the India-UAE High-Level Task Force on Investments (HLTFI) along with Sheikh Hamed Bin Zayed Al Nahyan, managing director of Abu Dhabi Investment Authority.
  • National Payments Corporation of India – 2008 (Founded) – Mumbai (HQ) – Dilip Asbe (MD & CEO)

Acquisitions and Mergers

Fintech startup Slice to merge with North East Small Finance Bank

  • Fintech credit and payments startup Slice and Guwahati-based North East Small Finance Bank (NESFB) have announced their intention to merge the two entities.
  • The banking regulator, the Reserve Bank of India has given the no-objection certificate (NOC) to the deal and will see Slice becoming an SFB, a first of its kind development in the fintech and banking space.
  • Bengaluru-based Slice was last valued at around US$ 1.8 billion during its previous fund raising last year.
  • In March 2023, Slice had acquired a 5% stake in NESFB for a value of $3.4 million.
  • North East Small Finance Bank (NESFB) – 17/10/2017 (Founded) – Hatigaon, Guwahati (HQ) – Kalita (MD & CEO)

Appointments

Executive Director of RBI

  • The Reserve Bank of India (RBI) has appointed Muneesh Kapur as Executive Director (ED) with effect from October 3, 2023.
  • Prior to being promoted as ED, Kapur was Adviser-in-Charge, Monetary Policy Department and Secretary to the Monetary Policy Committee (MPC).
  • In his new role, he will look after the Department of Economic and Policy Research.
  • Over a span of nearly three decades in the Reserve Bank, Kapur has worked in the areas of macroeconomic policy and research and monetary policy in Department of Economic Policy and Research and Monetary Policy Department in RBI.
  • He also served as Adviser to Executive Director, International Monetary Fund during 2012-15.
  • Reserve Bank of India (RBI) – 01/04/1935 (Founded) – Mumbai (HQ) – Shaktikanta Das (Governor)

CMD of General Insurance Corporation of India (GIC Re)

  • General Insurance Corporation of India (GIC Re) has appointed Ramaswamy Narayanan as Chairman and Managing Director, effective October 1.
  • He will replace Devesh Srivastava, whose four-year term ended at the close of September 2023 as he attained the age of 60 years.
  • The appointment comes after the Financial Services Institution Bureau (FSIB) recommended Narayanan as the head of GIC Re in June 2023, following which his position was approved by the Finance Ministry.
  • Narayanan joined GIC Re has a direct recruit officer in 1988 and has since managed a spectrum of non-life insurance classes, including Fire, Engineering, Miscellaneous, Motor, Liability, Aviation, Marine, and Agriculture.
  • Previously, he has also headed GIC Re’s UK branch, wherein he played a key role in the establishment of the Lloyds syndicate of GIC (GIC 1947).
  • General Insurance Corporation of India Limited – 22/11/1972 (founded) – Mumbai (HQ) – Ramaswamy Narayanan (Chairman and Managing Director)

President of the Southern India Chamber of Commerce and Industry (SICCI)

  • Arun Alagappan, Executive Vice Chairman of Coromandel International Ltd, has been elected the President of the Southern India Chamber of Commerce and Industry (SICCI).
  • SICCI also elected V N Shiva Sankar, founder of VNS Legal, as Senior Vice President.
  • AMPA Palaniappan, President of the AMPA group, was also elected as Vice President.
  • Established in 1922, SICCI is a founder-member of the Federation of Indian Chambers of Commerce and Industry (FICCI), a leading industry body.

Awards and Recognitions

Tata Literature lifetime achievement award

  • Tamil writer Ambai (C. S. Lakshmi) has been selected for the Tata Literature Live! Lifetime Achievement Award that recognises and salutes sustained and outstanding contribution to writing and literature in India.
  • Past recipients include Anita Desai, Mark Tully, Amitav Gosh, Ruskin Bond and Girish Karnad.
  • She won Sahitya Academy Award (2021).

Important Days

World Teachers' Day 2023

  • World Teachers’ Day is annually celebrated on October 5.
  • This day honours teachers around the globe and celebrates their contribution to shaping the future of their pupils.
  • The International festival marks the anniversary of the adoption of the 1966 International Labour Organization (ILO) and United Nations Educational, Scientific and Cultural Organisation (UNESCO) Recommendation – concerning the Status of Teachers.
  • On October 5, 1994, UNESCO proclaimed that the day would be marked as World Teachers’ Day to celebrate and honour the contribution teachers make in our lives.
  • Theme – The Teachers We Need for the Education We Want: The Global Imperative to Reverse the Teacher Shortage
  • International Labour Organization – 11/04/1919 (founded) – Geneva, Switzerland (HQ) – Gilbert Houngbo (Director General)

World Space Week

  • World Space Week (WSW) is an annual holiday observed from October 4 to 10 in over 95 nations throughout the world.
  • On December 6, 1999, The United Nations General Assembly declared World Space Week as an annual event celebration to be commemorated between October 4 and 10.
  • Theme – Space and Entrepreneurship

Daily Current Affairs - October 05, 2023 - Consolidated

  • Cabinet Approval
  • Workshop on “Cost Models for Affordable Data Services & International Connectivity”
  • GI Tag
  • Major announcements by Raksha Mantri during the plenary session of ‘Swavlamban 2.0’
  • 4th EMRS National Cultural & Literary Fest and Kala Utsav- 2023
  • 6th Meeting of the India Brazil Trade Monitoring Mechanism
  • Andhra Pradesh Chief Minister laid foundation stone
  • PM laid foundation stone in Rajasthan
  • RBI sets up external Working Group on ECL based framework for provisioning by banks
  • SBI launched ‘Mobile Handheld Device’
  • IndusInd Bank launched mobile banking super app ‘INDIE’
  • GeM signed MoU with Indian Steel Association
  • NPCI International Payment signed agreement with Al Etihad Payments
  • Fintech startup Slice to merge with North East Small Finance Bank
  • Executive Director of RBI
  • CMD of General Insurance Corporation of India (GIC Re)
  • President of the Southern India Chamber of Commerce and Industry (SICCI)
  • Tata Literature lifetime achievement award
  • World Teachers’ Day 2023
  • World Space Week

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