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Daily Current Affairs – September 03 & 04, 2023

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Daily Current Affairs - Banking - September 03 & 04, 2023

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National News

National Stakeholder Consultative Workshop

  • The Ministry of Panchayati Raj is organizing a two-day National Stakeholder Consultative Workshop at National Institute of Rural Development & Panchayati Raj (NIRD&PR) in Hyderabad to deliberate upon emerging and pressing issues of Panchayats and the roadmap/way ahead for enabling Panchayats as “Change Makers” or “Agents of Change”.
  • Shri Sunil Kumar will inaugurate and preside over the inaugural session on the first day of National Stakeholder Consultative Workshop, which will be followed by launch of the People’s Plan Campaign (PPC) 2023 for the preparation of the Panchayat Development Plans (2024 – 2025) and Presentation on PPC–2023 and Road Ahead by Shri Vikas Anand, Joint Secretary, Ministry of Panchayati Raj.
  • A Report on Formulation of Project Driven Block Panchayat and District Panchayat Development Plan prepared by the Committee constituted by the Ministry of Panchayati Raj will be released along with National Training Module of Panchayat Development Index.
  • Ministry of Panchayati Raj – Giriraj Singh,Cabinet Minister (Begusarai,Bihar) – Kapil Moreshwar Patil, Minister of State (Bhiwandi,Maharashtra)

International News

Kathmandu-Kalinga Literary Festival

  • The three day long 2nd edition of Kathmandu-Kalinga Literary Festival concluded at Lalitpur, Nepal.
  • The festival was organised by the Odisha-based Kalinga Literary Festival (KLF) in association with Yashaswi Pragya Pratishthan.
  • The central theme of this year’s festival is ”Shakti and Bhakti- the Civilisational Connection: Nepal as a Centre of Global Thought.”
  • Minister for Foreign Affairs NP Saud of Nepal had inaugurated the festival.
  • This event fulfilled its role in the exchange of culture in the South Asia promoting literary and cultural activities.
  • Litterateur from India, Nepal, Bhutan, Bangladesh and Sri Lanka exhibited in the Festival.
  • The festival showcased literature, music, dance, poetry and other art forms.
  • Professor Avadhesh Pradhan, actress and writer Divya Dutta, Prof Madhav Prasad Pokharel and actress Manisha Koirala’s were awarded ‘Yashaswi Sahitya Samman’.
  • Nepal – Kathmandu (Capital) – Nepalese rupee (Currency) – Ram Chandra Poudel (President) – Pushpa Kamal Dahal (Prime Minister) – Nepali (Language)

State News

Centre approved 30 railway projects for Telangana

  • The Central government has decided to take up 30 railway projects including 15 new railway lines in Telangana with a total outlay of ₹83,543 crores.
  • Recently, the Railways gave approval for modernisation and redeveloping 40 railway stations in Telangana and the Prime Minister virtually laid foundation for 21 of them.
  • The Central government had also released ₹2,300 crores towards redevelopment of 40 stations.
  • Ministry of Railways – Ashwini Vaishnaw,Union Minister (Rajya Sabha MP,Odisha) – Raosaheb Danve,Minister of State (Jalna,Maharashtra) Darshana Jardosh,Minister of State (Surat,Gujarat)

ITC will set up food manufacturing, packaging plants in Madhya Pradesh

  • Diversified group ITC will invest around Rs. 1,500 crore to set up an integrated food manufacturing and logistics facility and a sustainable packaging products manufacturing facility at Sehore in Madhya Pradesh.
  • The two projects spread over an area of nearly 57 acres will give a boost to agricultural and manufacturing sectors in Madhya Pradesh.
  • While the food plant will manufacture ITC’s products including atta brand Aashirvaad, Sunfeast biscuits, and ‘YiPPee!’ noodles, the moulded fibre products facility will be a pioneer in sustainable packaging, contributing to plastic substitution in areas such as packaging for electronic items, FMCG, and the food and beverage sector.
  • Madhya Pradesh – Bhopal (Capital) – Shivraj Singh Chouhan (CM) – Mangubhai C. Patel (Governor) – Hindi (Language)

India’s first gorilla glass manufacturing facility

  • Corning Inc. had chosen Telangana to set up their gorilla glass manufacturing facility, a first-of-its-kind investment in India.
  • The proposed facility will manufacture cover glass for market leaders in the smartphone industry.
  • Headquartered in New York, Corning Inc. is a Fortune 500 materials science company with expertise in glass science, ceramics science, and optical physics.
  • The proposed investment of ₹934 crores by Corning along with their partners will be a strategic investment and play a pivotal role in driving the smartphone manufacturing ecosystem in Telangana and in India.
  • It is expected to generate employment for over 800 people.
  • Telangana – Hyderabad (Capital) – K Chandrashekar Rao (CM) – Tamilisai Soundarajan (Governor) –Telugu (Language)

Schemes

Pradhan Mantri Dakshata Aur Kushalata Sampanna Hitgrahi (PM-DAKSH) Yojana

  • The Pradhan Mantri Dakshata Aur Kushalata Sampanna Hitgrahi (PM-DAKSH) Yojana, a Central Sector Scheme, was launched during 2020-21.
  • The main objective of the Scheme is to enhance competency level of the target groups to make them employable both in self- employment and wage-employment for their socio-economic development.
  • The target group under this scheme are SCs, OBCs, EBCs, DNTs Safai Karamcharis including waste pickers etc.
  • The age criterion of scheme between 18-45 years and income criteria is no income limit for SCs, SafaiKaramcharis Including wastepicker and DNT.
  • The annual family income should be below Rs.3 lakh for OBCs and the EBCs (Economically Backward Classes) annual family income below Rs.1 lakh.
  • Types of Trainings, duration and average cost per candidate
  • Up-skilling/Reskilling (35 to 60 hours/ 5 days to 35 days): Rs.3000/- to Rs.8000/-
  • Short Term Training (300 hours/3 months): Rs.22,000/-
  • Entrepreneurship Development Programme (90 hours/15 days): Rs.7000/-
  • Long Term Training (650 hours/7 months): Rs.45,000/-
  • The cost of training is as per common norms issued by Ministry of Skill Development & Entrepreneurship and it varies as per duration of the course. Up-skilling for Safai Karamcharis including waste pickers is for 35 hours/5 days with average cost of Rs.3000/- per candidate.
  • The Cost of the training to trainees is free of cost.
  • The stipend under this scheme of Rs.1,500/- per month to SCs and Safai Karamcharis and Rs.1,000/- per month to OBCs/EBCs/DNTs for non-residential Short Term and Long Term training courses and the Wage compensation Rs.2500/– per candidate is given to SCs/OBCs/EBCs/DNTs candidates for Upskilling/Reskilling programme.
  • Wage compensation Rs.500/- per candidate is given to Safai Karamcharis candidates for Upskilling programme.

Banking and Finance

SBI offered UPI integration with digital rupee

  • State Bank of India (SBI) has introduced UPI interoperability in its Digital Rupee (e rupee), also known as the Central Bank Digital Currency (CBDC).
  • This feature is accessible through the ‘e rupee by SBI’ application and allows SBI CBDC users to scan merchant UPI QR codes for transactions.
  • SBI’s participation in the RBI’s retail digital e-rupee project in December 2022 paved the way for this integration, to promote the use of digital currencies in everyday transactions.
  • SBI believes this integration will have a significant impact on the digital currency ecosystem.
  • State Bank of India (SBI) – 01/07/1955 (Founded) – Mumbai (HQ) – Dinesh Kumar Khara (Chairman) – “Pure Banking, Nothing Else” (Tagline)

AU Small Finance Bank Fixed Deposits Now Available on Bajaj Markets

  • Bajaj Markets, a subsidiary of Bajaj Finserv, has partnered with AU Small Finance Bank (AU SFB) to provide an avenue for booking AU Fixed Deposits (FDs) online.
  • Individuals now have the opportunity to earn interest rates of up to 8.50% per annum through AU Fixed Deposits.
  • The same is available for senior citizens on FD tenor of 24 months 1 day to 36 months.
  • AU Small Finance Bank recently implemented an upward revision of its fixed deposit interest rates, which were made effective for FDs booked from August 16, 2023.
  • Individuals can seamlessly leverage the updated interest rates while having complete peace of mind regarding the security of their funds.
  • In addition to facilitating the growth of one’s savings, shielded from market fluctuations, an AU Fixed Deposit can also provide the following benefits:
  • Minimum investment starting from Rs. 1,000
  • Flexibility to receive interest income monthly, quarterly, or cumulatively
  • Zero-risk investment with insurance coverage of up to Rs. 5 Lakhs by the DICGC
  • Availability of overdraft facility against fixed deposits
  • Easy auto-renewal and nomination facilities
  • Tenors ranging from 7 days to 10 years
  • Premature or partial withdrawal of FDs
  • While booking AU Fixed Deposits on Bajaj Markets, individuals can enjoy the following benefits:
  • Simple online application
  • Easy-to-meet eligibility criteria
  • Quick processing
  • Individuals have the convenience of booking an AU Fixed Deposit through the Bajaj Markets app or website.
  • Furthermore, they can explore a range of investment avenues, including NPS, Sovereign Gold Bonds (SGBs), US Stocks, Mutual Funds, and more, all within the same platform.
  • AU Small Finance Bank – 1996 (Founded) – Jaipur, Rajasthan (HQ) – Raj Vikash Verma (Chairman) – Sanjay Agarwal (MD & CEO)

Shivalik Small Finance Bank partnered with fintech firm Falcon for developing financial products

  • Shivalik Small Finance Bank has joined hands with fintech company Falcon for developing financial products like instant Digital FDs and savings accounts
  • The partnership will help develop a tech platform that outperforms legacy systems and enables the bank along with tech companies.
  • The partnership will help develop a tech platform that outperforms legacy systems and enables the bank along with tech companies.
  • Shivalik Small Finance Bank – 26/04/2021 (Founded) – Noida, UP (HQ) – Anshul Swami (MD & CEO)

IRDAI modified changes in withdrawn life insurance products to benefit policyholders

  • The Insurance Regulatory and Development Authority of India (IRDAI) has approved changes to withdrawn life insurance policies that will benefit existing customers.
  • The IRDAI’s circular is a big step towards protecting the interests of existing policyholders.
  • The primary goal of this circular is to give existing policyholders more flexibility while protecting their interests.
  • The key provisions include:
  • Adding Riders: Companies can provide new riders to current policyholders on withdrawn plans.
  • Flexible Payments: Provide the option to modify the premium payment mode.
  • Lower Interest Rates: A reduction in interest rates for policy revivals and policy loans, if any is permitted.
  • More Payment Options: Policyholders can determine how frequently they get certain benefits from their policies through income benefit payments.
  • Insurance Regulatory and Development Authority of India (IRDAI) – 1999 (Founded) – Hyderabad (HQ) – Debasish Panda (Chairman) – Ministry of Finance (Under)

Paytm launched new ‘Soundbox’

  • Paytm launched its latest innovation Card Soundbox, which is intended to empower merchants to accept both mobile and card payments across all Visa, Mastercard, American Express and RuPay networks.
  • UPI payment system has become hugely popular for retail digital payments in India, and its adoption is increasing at a rapid pace.
  • These card-based payments on ‘tap and pay’ basis will help merchants scale their business.
  • With Paytm Card Soundbox, the company solves two problems for merchants — accepting card payments along with instant audio alerts for all payments.
  • Paytm was the first company to launch audio-based confirmations with Paytm Soundbox in 2019.
  • The Made in India device, powered by 4G network connectivity, has a 4W speaker, and battery life of five days.
  • Designed keeping the diverse merchant base in mind, the device offers alerts in 11 languages that can be changed by the merchant through ‘Paytm for Business’ app.
  • Moreover, with Paytm Card Soundbox, users with NFC-enabled smartphones can also pay through their phones using the tap feature.
  • Paytm (pay through mobile) – August 2010 (Founded) – Noida,UP (HQ) -Vijay Shekhar Sharma (CEO)

Bajaj Auto's subsidiary got RBI registration for NBFC business

  • Bajaj Auto Consumer Finance Limited, the wholly-owned subsidiary of Bajaj Auto Limited, has received on 31 August 2023 from RBI a Certificate of Registration, bearing No. N-13.02465 dated 29 August 2023 under section 45-IA of the Reserve Bank of India Act, 1934 to commence/carry on the business of nonbanking financial institution without accepting public deposits, subject to the conditions given.
  • Bajaj Auto Consumer Finance Limited was established in 2021.

Summit and Conference

Second edition of Naval Commanders' Conference, 2023

  • The second edition of Naval Commanders’ Conference, 2023 began in New Delhi.
  • The conference is the apex-level biannual event facilitating interaction between the Naval Commanders for deliberation and formulation of important policy decisions.
  • During the three-day Conference, being conducted in a Hybrid format, the senior leadership of the Indian Navy will review major operational, materiel, logistics, training, and administrative activities undertaken during the previous six months.
  • The Conference will provide an opportunity for institutionalised interaction of Naval Commanders with senior Government officials to take ahead several inter-ministerial initiatives toward the development of a safe and secure maritime environment.
  • The Commanders will also review the ongoing Naval projects with a focus on enhancing indigenisation through Make in India in consonance with the vision of achieving self-reliance by 2047.

Nature

Amazon will invest in nature-based projects in India

  • E-commerce major Amazon will make an initial investment of USD 3 million in nature-based projects in India.
  • The allocation is part of the company’s USD 15 million fund it has allocated for nature-based projects in Asia Pacific (APAC).
  • The first USD 3 million from the fund’s APAC allocation will support nature-based projects in India.
  • For its first project, Amazon will be working with the Centre for Wildlife Studies (CWS) to support communities and conservation efforts in the Western Ghats, which is home to more than 30 per cent of all of India’s wildlife species, including the world’s largest population of wild Asiatic elephants and tigers.
  • Amazon will provide USD 1 million to help CWS establish the ”Wild Carbon” program, which will support 10,000 farmers in planting and maintaining one million fruit-bearing, timber and medicinal trees.
  • The USD 15 million allocation draws from Amazon’s USD 100 million Right Now Climate Fund, which was created in 2019, to support nature conservation and restoration projects that enhance climate resilience and biodiversity, while driving social and environmental benefits in communities where they operate.
  • Amazon – 05/07/1994 (Founded) – Seattle, Washington (HQ) – Andy Jassy (CEO)

Appointments

Nasscom appointed Cognizant chairman as its new chairperson

  • National Association of Software and Services Companies (Nasscom) appointed Rajesh Nambiar, Chairman and Managing Director, Cognizant India, as its chairperson by succeeding Anant Maheshwari, former president of Microsoft India.
  • He had previously served as the vice-chairperson of Nasscom.
  • Nasscom is the premier trade body and chamber of commerce of the tech industry in India and consists of over 3,000 member companies.
  • Its members include various industry stakeholders, ranging from startups to multinational firms and from products to services, global capability centers to engineering companies.
  • National Association of Software and Service Companies (NASSCOM) – 01/03/1988 (Founded) – Noida (HQ) – Rajesh Nambiar (Chairman)

High level committee to examine One nation, One election

  • Government has constituted an eight-member high level committee to examine One nation, One election.
  • Former President Ram Nath Kovind has been appointed as Chairman of the committee.
  • Union Home Minister Amit Shah, Congress MP Adhir Ranjan Chowdhury, Former Leader of Opposition in Rajya Sabha Ghulam Nabi Azad, Former Chairman 15th Finance Commission N. K. Singh and others are appointed as the members of the committee. Law and Justice Minister Arjun Ram Meghwal will attend the meetings of the committee as special invitee.
  • The elections to the House of the People and Legislative Assemblies of States were mostly held simultaneously from 1951-52 to 1967 after which this cycle got broken.
  • The high level committee will examine and make recommendation for holding simultaneous elections of Lok Sabha, State Legislative Assemblies, Municipalities and Panchayats, keeping in view the existing framework under the Constitution and other statutory provisions.
  • It will examine and recommend, if the amendments to the Constitution would require ratification by the States.
  •  They will also suggest a framework for synchronisation of elections and specifically, suggest the phases and time frame within which simultaneous elections may be held.
  • The committee will also examine the logistics and manpower required, including EVMs and VVPATs for holding simultaneous elections.

Obituary

Senior BJD leader Surya Narayan Patra passed away

  • Senior Biju Janata Dal (BJD) leader and former speaker of the Odisha Legislative Assembly Surya Narayan Patra passed away at 74.
  • He was elected as a member of the state legislative assembly seven times.
  • He was a member of the state legislative assembly from the Mohana constituency four times and three times from the Digapahandi constituency.

Zimbabwe Cricketer Heath Streak passed away

  • Former captain of Zimbabwe cricket team, Heath Streak passed away at 49.
  • Streak took 216 wickets in 65 Tests.
  • In 189 One-Day Internationals, he took 239 wickets and scored 2,943 runs.
  • In both Tests and ODIs, he is by far Zimbabwe’s leading wicket-taker.
  • Zimbabwe – Harare (Capital) – Zimbabwean dollar & U.S. dollar (Currency) – Emmerson Mnangagwa (President) – 16 languages (Language)

ISRO Valarmathi passed away

  • Valarmathi, an ISRO scientist, who lent her voice on countdowns for rocket launches in Sriharikota, passed away at 64.
  • Back in 2015, former Chief Minister Jayalalithaa presented the first APJ Abdul Kalam award to N. Valarmathi, who led the team that successfully launched Radar Imaging Satellite RISAT-1 in 2012.
  • Indian Space Research Organisation (ISRO) – 15/08/1969 (Founded) – Bangalore, India (HQ) – Sreedhara Somanath (Chairman)

Sports News

Asian Table Tennis Championships

  • The Indian men’s table tennis team assured itself of a bronze medal at the Asian Table Tennis Championships by defeating Singapore at Pyeongchang, South Korea.
  • Men’s team – Sharath Kamal, G Sathiyan and Harmeet Desai.
  • The men’s team won bronze in the previous edition held in Doha in 2021.
  • South Korea – Seoul (Capital) – Korean (Language) – Yoon Suk-yeol (President) – Han Duck-soo (Prime Minister) – Han Duck-soo (Currency)

Italian Grand Prix 2023

  • Position

    Person

    Company

    1

    Max Verstappen (10th win in a row)

    Red Bull

    2

    Sergio Pérez

    Red Bull

    3

    Carlos SAINZ

    Ferrari

    4

    Charles Leclerc

    Ferrari

    5

    George Russell

    Mercedes

Daily Current Affairs - September 03 & 04, 2023 - Consolidated

  • National Stakeholder Consultative Workshop
  • Kathmandu-Kalinga Literary Festival
  • Centre approved 30 railway projects for Telangana
  • ITC will set up food manufacturing, packaging plants in Madhya Pradesh
  • India’s first gorilla glass manufacturing facility
  • Pradhan Mantri Dakshata Aur Kushalata Sampanna Hitgrahi (PM-DAKSH) Yojana
  • SBI offered UPI integration with digital rupee
  • AU Small Finance Bank Fixed Deposits Now Available on Bajaj Markets
  • Shivalik Small Finance Bank partnered with fintech firm Falcon for developing financial products
  • IRDAI modified changes in withdrawn life insurance products to benefit policyholders
  • Paytm launched new ‘Soundbox’
  • Bajaj Auto’s subsidiary got RBI registration for NBFC business
  • Second edition of Naval Commanders’ Conference, 2023
  • Amazon will invest in nature-based projects in India
  • Nasscom appointed Cognizant chairman as its new chairperson
  • High level committee to examine One nation, One election
  • Senior BJD leader Surya Narayan Patra passed away
  • Zimbabwe Cricketer Heath Streak passed away
  • ISRO Valarmathi passed away
  • Asian Table Tennis Championships
  • Italian Grand Prix 2023

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