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Daily Current Affairs – September 05, 2023

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Daily Current Affairs - Banking - September 05, 2023

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National News

Adopt a Heritage 2.0

  • The Minister of Culture has launched ‘Adopt a Heritage 2.0’ and put up at least 1,000 monuments for adoption.
  • After a bleak response in the first round launched in 2017, the Ministry has made several changes in order to attract Corporate Social Responsibility (CSR) funding from corporates and MNCs.
  • According to Section 135 under the Companies Act, 2013, companies with a networth of over Rs 500 crore or turnover of Rs 1,000 crore or net profit of Rs 5 crore during a financial year, are mandated to spare 2 per cent of their net profit made during three fiscals towards CSR.
  • Under the programme, the companies will have to develop and maintain visitor amenities in monuments of national importance.
  • The Archaeological Survey of India (ASI) has 3,696 monuments under protection, of which 1,000 will be put up for adoption initially.
  • Ministry of Culture – Gangapuram Kishan Reddy,Union Minister (Secunderabad,Telangana) – Meenakshi Lekhi,Minister of State (New Delhi Lok Sabha constituency)

State News

Projects worth Rs.333.56 crore inaugurated at Vizag port

  • Union Minister for Ports, Shipping & Waterways for & AYUSH Sarbananda Sonowal inaugurated four projects worth Rs. 333.56 crores at the Visakhapatnam port, Andhra Pradesh.
  • Pollution control measures are initiated in Visakhapatnam and as part of this, we have built a covered storage shed.
  • The covered storage shed was built at a total cost of Rs. 33.80 crore.
  • It has a capacity to store 84,000 Tons of bulk and bagged cargo and having mist arrangement for dust suppression and the shed will reduce the pollution for storing dusty cargo.
  • Revamping of berths was taken up with an investment of Rs. 167.66 crore to handle 14.5m draft vessels / 85,000 DWT vessels.
  • Out of which one berth OR-1 berth was inaugurated on the day.
  • This berth has length of 243m.
  • The capacity addition is 3.81 MMT.
  • The entire modernization project will be completed by October next year.
  • Andhra Pradesh – Visakhapatnam (Capital) – Y. S. Jagan Mohan Reddy (CM) – S. Abdul Nazeer (Governor) – Telugu (Language)

Schemes

Second round of production linked incentive (PLI) scheme for processing of millet-based foods

  • The Centre is in the process of announcing a second round of production linked incentive (PLI) scheme for processing of millet-based foods in the country.
  • The scheme is in the approval stages and involves an outlay of Rs 1,000 crore.
  • The first round of the PLI scheme which started last financial year, the quantum of assistance involved was Rs 800 crore.
  • Ministry of Food Processing Industries – Pashupati Kumar Paras,Union Minister (Hajipur,Bihar) – Prahlad Singh Patel,Minister of State (Damoh,Madhya Pradesh)

Banking and Finance

RBI allowed operation of pre-sanctioned credit lines at banks through UPI

  • Scheduled Commercial Banks (SCBs) can now enable payments through a pre-sanctioned credit line for individuals, with prior customer consent, for transactions using the UPI (unified payments interface) system.
  • With this, the scope of UPI has been expanded by inclusion of credit lines as a funding account, the central bank said in a circular to SCBs (excluding Payment Banks, Small Finance Banks and Regional Rural Banks).
  • The central bank, in its statement on development and regulatory policies (April 06,2023), said it will expand the scope of UPI by enabling transfer to / from pre-sanctioned credit lines at banks.
  • At present, savings account, overdraft account, prepaid wallets and credit cards can be linked to UPI.
  • Banks may, according to their Board-approved policy, stipulate terms and conditions of use of such credit lines.
  • The terms may include, among other items, credit limit, period of credit, and rate of interest.
  • Reserve Bank of India (RBI) – 01/04/1935 (Founded) – Mumbai (HQ) – Shaktikanta Das (Governor)

India's first-ever UPI-ATM with NPCI

  • Hitachi Payment Services, a subsidiary of Japan-based Hitachi Ltd, launched India’s first-ever UPI-ATM as a White Label ATM (WLA) named Hitachi Money Spot UPI ATM, with the National Payments Corporation of India (NPCI).
  • In the announcement, the company said the ATM will offer cardless cash withdrawals, eliminating the need for physical cards.
  • A UPI-ATM allows users to withdraw cash from multiple accounts using the United Payments Interface (UPI) app.
  • WTAs are operated by the deployer and not the banks.
  • It will drive financial inclusion by facilitating easy access to banking services in areas where traditional banking infrastructure and card penetration is limited.
  • Notably, Hitachi Payment Services is the only White Label ATM operator to offer a cash deposit facility.
  • It has its ATMs across 3,000 locations in India.
  • National Payments Corporation of India – 2008 (Founded) – Mumbai (HQ) – Dilip Asbe (MD & CEO)

Indian Bank partnered with OneCard to launch mobile-first, premium credit cards

  • Indian Bank had partnered with OneCard, aimed at introducing state-of-the-art, mobile-first, contactless, metal co-branded credit cards.
  • This partnership will empower users with full digital control over their credit card interactions  ranging from real-time transactions tracking, spends management, EMI conversion, reward redemption, repayments, monthly budget planning to credit limit adjustments and seamless payments, all in-app.
  • This international metal credit card is curated to offer a host of tailored benefits, including lifetime validity with zero joining and annual fees.
  • The card allows card holders to oversee/track every facet of their credit card interactions in the feature-packed app.
  • OneCard is a mobile-first metal credit card launched and managed by FPL Technologies in partnership with issuer banks.
  • FPL Technologies was founded by Anurag Sinha, Rupesh Kumar, and Vibhav Hathi, who come from banking backgrounds with deep expertise in payments, credit and building and scaling digital businesses.
  • FPL is on a mission to re-imagine credit and payments from first principles.
  • Indian Bank – 15/08/1907 (Founded) – Chennai (HQ) – Shanti Lal Jain (MD & CEO) – “Your Own Bank”

Cashfree Payments partnered with Jamboree to simplify international fee payments for Indian Students

  • Cashfree Payments, a leading payments and API banking solutions company, has partnered with Jamboree, a leading educational consultancy, to simplify fee payments for Indian students studying overseas.
  • The partnership leverages Cashfree Payments’ cross-border payment solution, which streamlines and digitises the entire payment process from KYC verification, payment collection, to outward remittance.
  • It eliminates the need for physical bank visits, offline KYC submission and verification, providing students with a convenient, fast, cost-effective, and transparent payment experience.
  • With this partnership, students can initiate transactions 24/7, even on weekends and holidays, providing them with flexibility.
  • It enables students to make remittances under the Liberalised Remittance Scheme (LRS) established by the Reserve Bank of India (RBI), catering to a wide range of payment needs permitted by regulations, including admission fees, education rental payments, student maintenance expenses, Guaranteed Investment Certificate (GIC) payments for students heading to Canada, as well as blocked account payments for students bound for Germany.

Business and Economy

PayNearby partnered with Grameen Foundation to upskill 1.5 lakh business correspondents in rural areas

  • Fintech company PayNearby partnered with Grameen Foundation for Social Impact (GFSI), a non-profit to uplift underserved communities, to upskill 1.5 lakh business correspondents (BC) in rural areas.
  • The BCs will provide digital and financial services beyond cash-in/cash-out to the underserved and tech-shy last-mile population.
  • The collaboration will launch a two-year pan-India project ‘Scaling Agent Viability and Quality in India’ supported by the Bill and Melinda Gates Foundation (BMGF) to also enlist 15,000 women BCs through the required skills, knowledge and support.
  • The Grameen Foundation will benefit from PayNearby’s Distribution-as-a-Service network (DaaS) to help BCs offer tailored digital and financial solutions across various domains such as commerce, education, entertainment, credit management, insurance, and more.

Agreements and MoUs signed

Meta signed three-year partnership to skill 500,000 entrepreneurs with Government of India

  • The Ministry of Skill Development and Entrepreneurship, Ministry of Education and Meta signed a three-year partnership to take digital skills to the grassroots, thus building talent pool capacities and seamlessly connecting students, youth, and micro-entrepreneurs across the country.
  • Under the partnership known as ‘Education to Entrepreneurship: Empowering a Generation of Students, Educators and Entrepreneurs’, Meta signed three letters of intent (LoI) with the National Institute for Entrepreneurship and Small Business Development (NIESBUD), the All India Council for Technical Education (AICTE) and the Central Board of Secondary Education (CBSE).
  • The partnership will facilitate training of 5 lakh budding and existing entrepreneurs in digital marketing skills through Meta platforms like Facebook, WhatsApp, and Instagram in seven regional languages.

ICAR signed agreement with Bayer for resource technology development

  • The Indian Council of Agricultural Research (ICAR) had signed memorandum of understanding (MoU) with global biotech and agri-major Bayer for resource-efficient technology development and enhancing farmers’ income through regenerative agriculture.
  • The institutional partnership between Bayer and ICAR will work to promote efficient agronomic practices such as Direct Seeded Rice (DSR) in paddy cultivation.
  • It will also work towards developing carbon credit market.

IREDA signed MoU with IIFCL team up to finance renewable energy projects

  • Indian Renewable Energy Development Agency Ltd. (IREDA) has signed a Memorandum of Understanding (MoU) with India Infrastructure Finance Company Ltd (IIFCL), to finance renewable energy projects.
  • The MoU will empower IREDA and IIFCL to engage in Co-Lending / Co-Origination and Loan Syndication for all categories of Renewable Energy projects, including Small Hydro projects.
  • Both organisations will strive to also fix interest rates for IREDA borrowings for a period of three to four years.
  • Further, IIFCL may invest in the bonds issued by IREDA, as per the terms and conditions of the issue.
  • IREDA established a specialised Business Development and Consultancy division two years ago to meet the growing demand in the RE sector.
  • In the past, IREDA has signed MoUs with other central and state agencies. 
  • This MoU will enable a synergy of green financing expertise of IREDA and Infra financing expertise of IIFCL.

Summit and Conference

National KCC Conference for Fisheries,Animal Husbandry & Dairying

  • Minister of Fisheries, Animal Husbandry & Dairying, Shri Parshottam Rupala chaired National KCC Conference for Fisheries, Animal Husbandry & Dairying in Maharashtra.
  • Ministry of Fisheries, Animal Husbandry & Dairying organised the National KCC Conference in coordination with Department of Fisheries.
  • Short videos on PMMSY and KCC by DoF /DAHD and KCC with benefits and eligibility of KCC along with testimonials from beneficiaries were shared.
  • Shri Parshottam Rupala distributed KCC cards to eligible fishers and fishermen.
  • Ministry of Fisheries, Animal Husbandry and Dairying – Parshottam Rupala,Union Minister (Rajya Sabha MP,Gujarat) – Sanjeev Balyan, Minister of State (Muzaffarnagar,UP), L. Murugan, Minister of State (Rajya Sabha MP,MP)

Appointments

NARCL Chairman resigned

  • National Asset Reconstruction Company of India (NARCL) Chairman Karnam Sekar resigned, soon after a proposal for merging public sector NARCL with India Debt Resolution Company Ltd (IDRCL) was suggested.

Thailand Prime Minister

  • Thailand King Maha Vajiralongkorn swore in Prime Minister Srettha Thavisin and cabinet ministers in a coalition government made up of 11 parties.
  • Thailand – Bangkok (Capital) – Baht (Currency) –Maha Vajiralongkorn (Monarch) – Srettha Thavisin (Prime Minister) – Thai (Language)

Additional Director General of Military Nursing Service (MNS)

  • Maj Gen Ignatius Delos Flora has taken charge as the Additional Director General of Military Nursing Service (MNS).
  • The General Officer is an alumnus of the School of Nursing, Army Hospital Delhi Cantt, now College of Nursing, Army Hospital (R&R).
  • She was commissioned into the MNS in the year 1985 and completed her Midwifery training at Command Hospital Air Force Bangalore in 1986. 
  • She completed her PCBSc Nursing from College of Nursing AFMC Pune in 1995.
  • During her illustrious career of 38 years, the General Officer has held various key appointments in the Armed Forces Medical Services hospitals including JDMNS (Trg & HS) Eastern Command, DPM INHS Asvini, Principal Matron AICTS Pune, Brig MNS at HQ Northern Command.

Sports News

Durand Cup 2023

  • Mohun Bagan won the Durand Cup 2023 against East Bengal.
  • In the football tournament 24 teams participated.
  • The 2023 edition was the 132nd edition of the tournament, run by India’s Armed Forces.
  • Durand Cup is the oldest football competition in India and Asia started in 1888.
  • It’s also the third-oldest in the world.
  • First oldest – FA Cup (1871-72)
  • Second Oldest – Aberdeenshire Cup (1887)

First transgender woman to play international cricket

  • Danielle McGahey (29) is set to become the first transgender player to feature in international cricket after being named in Canada’s squad for the Women’s T20 Americas Qualifier, the pathway tournament to the 2024 T20 World Cup.

Important Days

National Teachers day

  • National Teachers day is annually observed on September 5 in India.
  • The day commemorate birthday anniversary of the second president (1962 to 1967) of India Dr. Sarvepalli Radhakrishnan.
  • He was born on 5 September 1888.
  • The first Teachers’ Day was celebrated in 1962 when Dr. Sarvepalli Radhakrishnan was appointed as the second President of India.

International Day of Charity 2023

  • The International Day of Charity is annually observed on September 5.
  • It was declared by the United Nations General Assembly in 2012.
  • The aim of the day is to raise awareness and provide a common platform for charity related activities all over the world for individuals, charitable, philanthropic and volunteer organizations for their own purposes on the local, national, regional and international level.

Defence

Short Range Air Defence Systems

  • Bharat Electronics Limited (BEL) had signed an MoU with Israel Aerospace Industries (IAI), for co-operation in addressing India’s requirements in the domain of Short Range Air Defence Systems.
  • The MoU was signed by Mr K V Suresh Kumar, Director (Marketing), BEL, and Mr Avi Elisha, VP and General Manager, Missile Systems Division, IAI, in the presence of Mr Bhanu Prakash Srivastava, CMD, BEL, in Bengaluru. 
  • The partnership marks yet another significant step towards cementing the synergy between the two companies which have a long history of association. BEL and IAI are engaged in several joint development / production / product support programmes for the Indian Defence forces.
  • The MoU aimed at leveraging IAI and BEL’s capabilities, and is in sync with the ‘Atmanirbhar Bharat’ and ‘Make in India’ policies of the Government of India.
  • Bharat Electronics Limited (BEL) – 1954 (Founded) – Bangalore (HQ) – Bhanu Prakash Srivastava (Officiating Chairman & Managing Director)

Daily Current Affairs - September 05, 2023 - Consolidated

  • Adopt a Heritage 2.0
  • Projects worth Rs.333.56 crore inaugurated at Vizag port
  • Second round of production linked incentive (PLI) scheme for processing of millet-based foods
  • RBI allowed operation of pre-sanctioned credit lines at banks through UPI
  • India’s first-ever UPI-ATM with NPCI
  • Indian Bank partnered with OneCard to launch mobile-first, premium credit cards
  • Cashfree Payments partnered with Jamboree to simplify international fee payments for Indian Students
  • PayNearby partnered with Grameen Foundation to upskill 1.5 lakh business correspondents in rural areas
  • Meta signed three-year partnership to skill 500,000 entrepreneurs with Government of India
  • ICAR signed agreement with Bayer for resource technology development
  • IREDA signed MoU with IIFCL team up to finance renewable energy projects
  • National KCC Conference for Fisheries,Animal Husbandry & Dairying
  • NARCL Chairman resigned
  • Thailand Prime Minister
  • Additional Director General of Military Nursing Service (MNS)
  • Durand Cup 2023
  • First transgender woman to play international cricket
  • National Teachers day
  • International Day of Charity 2023
  • Short Range Air Defence Systems

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