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Daily Current Affairs – September 07, 2023

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Daily Current Affairs - Banking - September 07, 2023

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National News

Ayush Health and Wellness Centres (AHWCs)

  • The Ministry of Ayush is implementing plans to operationalise 12,500 Ayush Health and Wellness Centres (AHWCs) across India with the support of State/UT Governments through the National Ayush Mission (NAM) by 2023-24 end.
  • The primary objectives are to create a comprehensive wellness model based on Ayush principles, enable self-care among the population, reduce the disease burden and financial strain, and provide informed healthcare choices to the public in need.
  • Since 2014-15, the Ministry of Ayush has disbursed over Rs. 719.70 crores to southern states/UTs, including Andhra Pradesh, Karnataka, Kerala, Lakshadweep, Puducherry, Tamil Nadu, and Telangana, under NAM.
  • The ministry has provided support for 17 Integrated Ayush hospitals in Southern States, with six of them currently operational.
  • Out of the targeted 12,500 AHWCs, the Ministry has already supported 2181, and 1518 of them are reported as functional.
  • As of 2022-23, support has been extended to 315 Ayush Hospitals and 5,023 Ayush dispensaries for infrastructure upgrades.
  • Financial assistance has also been provided for 13 new Ayush Educational Institutions, and 77 undergraduate and 35 post-graduate Ayush Educational Institutes have been supported for infrastructure improvement.
  • Ministry of Ayush – Sarbananda Sonowal,Union Minister (Rajya Sabha MP,Assam) – Dr. Mahendra Munjpara,Minister of State (Surendranagar,Gujarat)

Cabinet Approval

  • The Union Cabinet has approved a scheme for providing viability gap funding (VGF) for developing battery storage of 4 gigawatt (Gw) by 2030-31.
  • The VGF for the battery energy storage system (BESS) will have an initial outlay of Rs 9,400 crore and this will include a budgetary grant of Rs 3,700 crore.

4th edition of Global FinTech Festival

  • RBI Governor Shaktikanta Das addressed the 4th edition of the Global FinTech Festival in Mumbai.
  • The aim is to provide a singular platform for fintech leaders to foster collaborations and develop a blueprint for the future of the industry.
  • The Global Fintech Fest (GFF) is the largest fintech conference, jointly organized by the National Payments Corporation of India (NPCI), the Payments Council of India (PCI), and the Fintech Convergence Council (FCC).
  • Theme – ‘Global Collaboration for a Responsible Financial Ecosystem – Inclusive | Resilient | Sustainable’.
  • Reserve Bank of India (RBI) – 01/04/1935 (Founded) – Mumbai (HQ) – Shaktikanta Das (Governor)

State News

PepsiCo India will set up new manufacturing plant in Assam

  • PepsiCo India will set up of a new manufacturing plant in Nalbari, Assam, with an investment of Rs 778 crore.
  • Spread over 44.2 acres, the plant will be operational in 2025 and provide employment to 500 people.
  • PepsiCo India aims to source 50,000 tonnes of potatoes from the state, to facilitate production of its Lay’s brand.
  • The plant will also provide cold storage capacity of 60,000 tonnes over the next few years.
  • Assam– Dispur (Capital) – Himanta Biswa Sarma (CM) – Gulab Chand Kataria (Governor) – Assamese & Boro (Language)


Emission trading scheme

  • State Minister of Tourism, Forest and Environment and Climate Change, Mulubhai Bera, marked the commencement of live trading of the emissions trading scheme (ETS) in Ahmedabad.
  • Under ETS, industries polluting less than the prescribed amount are given credit and those who emit more than the limit are penalised.
  • The scheme will cover 118 industries in Ahmedabad.
  • He also launched the online application module for ‘One Time Import Permission’ for wastes under Hazardous Waste Rules, 2016.
  • The module will allow applicants to seek online disposal and approval of waste import applications.
  • In a bid to control air pollution, especially the emission of particulate matter, the ETS project was piloted in Surat in September 2019, in collaboration with Chicago University, Yale University and Abdul Latif Jameel Poverty Action Lab (J-PAL) — founded by Nobel laureates Abhijit Banerjee and Esther Duflo — in association with the Gujarat Pollution Control Board (GPCB).
  • Ministry of Environment, Forest and Climate Change (MoEFCC) – Bhupender Yadav, Cabinet Minister (Rajya Sabha MP,Rajasthan) – Ashwini Kumar Choubey, Minister of State (Buxar,Bihar)

Industrial development scheme

  • The cabinet had approved the central sector industrial development scheme 2017 (IDS, 2017) for Himachal Pradesh and Uttarakhand for additional fund requirement to meet the committed liabilities under the scheme up to 2028-29.
  • The requirement of an additional fund to meet the committed liabilities up to 2028-2029 is ₹1,164.53 crores.
  • 74 units were registered under the scheme and the additional fund will go to them.

Banking and Finance

New digital-payment products by NPCI

  • National Payments Corporation of India (NPCI), the developer of UPI, has unveiled several new products — Credit Line on UPI, UPI LITE X and Tap & Pay, Hello! UPI – Conversational Payments on UPI, BillPay Connect – Conversational Bill Payments — with an aim to create an inclusive, resilient, and sustainable digital payments ecosystem.
  • While Credit Line on UPI would enable pre-sanctioned credit lines from banks via UPI, UPI LITE X would facilitate offline payments and UPI Tap & Pay would enhance QR Code and Near Field Communication (NFC) technology adoption for digital payment.
  • In addition to the conventional Scan and Pay method, users now have the option to simply tap NFC-enabled QR codes at merchant locations to complete their payments.
  • Hello! UPI – Conversational Payments on UPI would enable users to make voice-enabled UPI payments via UPI Apps, telecom calls, and IoT devices in Hindi and English, and will soon be available in several other regional languages.
  • And through BillPay Connect – Conversational Bill Payments, payments can be made across India through a nationalised number made available by Bharat BillPay.
  • Customers can now conveniently fetch and pay their bills by sending a simple ‘Hi’ on the messaging app.
  • Along with this, customers without smartphones or immediate mobile data access will be able to pay bills by giving a missed call.
  • Such customers will receive an immediate call back for verification and payment authorization.
  • Additionally, BillPay Connect offers Voice Assisted Bill Payments facility. Customers can fetch and pay bills through voice commands on their smart home devices and get instant voice confirmation.
  • Moreover, instant voice confirmations will be enabled for bill payments made at physical collection centers through payment soundbox devices.
  • National Payments Corporation of India – 2008 (Founded) – Mumbai (HQ) – Dilip Asbe (MD & CEO)

Punjab National Bank introduced CBDC-UPI interoperability feature

  • Punjab National Bank (PNB) launched Central Bank Digital Currency (CBDC) with Unified Payments Interface (UPI) interoperability feature in its digital rupee mobile application.
  • This move is in line with the RBI’s CBDC pilot project and unleashes a new potential in India’s payment ecosystem.
  • Customers can now use the PNB digital rupee app to scan the UPI QR code for payment to their merchants or complete a transaction at a merchant outlet.
  • Even if the merchants do not have a CBDC Wallet, PNB digital rupee app users can utilise their CBDC wallets to conduct transactions on the UPI QR of these merchants.
  • The app with this new functionality is currently available for Android users on the Play store and will also be made live for iOS users.
  • HDFC Bank, Canara Bank, Axis Bank and Yes Bank, Bank of Baroda, and SBI have launched UPI interoperability.
  • Punjab National Bank – 19/05/1894 (Founded) – Dwarka, New Delhi (HQ) – Atul Kumar Goel (MD & CEO) – “The Name You Can Bank Upon” (Tagline)

Zenith metal credit card

  • AU Small Finance Bank Ltd had introduced the Zenith + Super Premium Metal Credit Card, expanding its range of banking solutions.
  • This credit card includes features like premium lounge access, personaliSed concierge services, and a welcome with Premium Brand vouchers or Reward Points worth ₹5000.
  • One of the card’s highlight is the Forex markup of 0.99% for international travel, making it advantageous for global transactions.
  • Cardholders also enjoy 16 complimentary BOGO BookMyShow movie tickets, 32 complimentary airport lounge visits, and 4 Meet & Assist Airport Check-ins for enhanced travel comfort.
  • Cardholders can also indulge in exclusive dining experiences with a 1-year Taj Epicure Membership, along with monthly bonus Reward Points, 24×7 concierge services, a 1% fuel surcharge waiver, and zero cash withdrawal fees.
  • AU Small Finance Bank – 1996 (Founded) – Jaipur, Rajasthan (HQ) – Raj Vikash Verma (Chairman) – Sanjay Agarwal (MD & CEO)

SimplySAVE Merchant SBI Card

  • SBI Card had launched ‘SimplySAVE Merchant SBI Card’ for micro, small, and medium enterprises (MSMEs), with the offer of short-term credit options and other exclusive benefits.
  • The Card addresses the need for easy and timely access to formal credit by providing interest-free short-term credit to MSMEs.
  • The SimplySAVE Merchant SBI Card operates on the RuPay network and can be linked to UPI for payments through UPI-enabled third-party apps.

SBI Life Insurance launched ‘LifeVerse Studio’

  • SBI Life Insurance, launched its very first ‘LifeVerse Studio’, on Metaverse to connect with the next generation of internet users.
  • The objective behind the move is expected to connect, empower and engage with the new-age consumers and reshape brand interactions.
  • To empower both the employees and consumers at large, the company aims to launch its presence on metaverse in phases with SBI Life’s ‘LifeVerse Studio’ being the first phase.
  • SBI Life’s ‘LifeVerse Studio’ is designed for users to create their avatars to connect with a diverse set of audiences.
  • The users can select from a wide range of interesting avatars and showcase their creative selves on the platform through their avatars.
  • Furthermore, the Avatars can interact in real-time.
  • SBI Life Insurance Company Limited – March 2001 (Founded) – Mumbai (HQ) – Mahesh Kumar Sharma (MD & CEO)

Mastercard partnered with KredX to transform B2B payments

  • Mastercard has partnered with KredX, a supply chain finance platform, in a strategic move aimed at revolutionising B2B digital payments, ensuring benefits for both enterprises and vendors.
  • This partnership involves Mastercard seamlessly integrating its commercial card services into the KredX platform, effectively streamlining the intricacies commonly associated with B2B payments, especially those involving cards.
  • The newly bolstered platform comes equipped with an array of powerful features, including dynamic discounting, early payment options, and price discovery mechanisms.
  • These features empower enterprises and vendors to enhance their cash flow management significantly.
  • Leveraging Artificial Intelligence, the platform serves as an end-to-end procure-to-pay solution for businesses, expediting the matching and processing of invoices with utmost efficiency.
  • Notably, the Smart Bid algorithm plays a pivotal role in helping enterprises discover the most favourable discount rates offered by vendors.
  • This solution would support businesses by enhancing cash flow and providing easier access to working capital, thereby reiterating Mastercard’s dedication to advancing digital payment acceptance through innovative solutions.
  • Furthermore, this collaborative platform aims to address other common challenges encountered in B2B payments, such as protracted accounting and reconciliation processes, limited vendor acceptance, and frequent chargebacks.
  • Notably, it will play a pivotal role in driving the adoption of digital payments by enabling even small vendors to receive payments, even in the absence of in-house payment gateways and point-of-sale (PoS) machines.
  • Mastercard Inc. – 1966 (Founded) – New York (HQ) – Merit Janow (Chairman)

Acquisitions and Mergers

Ignite Luxembourg’s bought 29.9% stake in RHI Magnesita NV

  • The Competition Commission of India (CCI) has approved the acquisition of up to 29.9% equity stake in RHI Magnesita NV by Ignite Luxembourg Holdings S.a.r.l.
  • Competition Commission of India (CCI) – 14/10/2003 (Founded) – New Delhi (HQ) – Ravneet kaur (Chairperson)

Sports News

Sponsor for XIX Asian Games 2022

  • Amul will be the Official Sponsor of the Indian Contingent for the XIX Asian Games 2022 to be held in Hangzhou, China from September 23 to October 8 2023.
  • Amul will use the integrated logo in its communication to celebrate the efforts of the sportsperson.
  • The India contingent will field 634 athletes at the Asian Games 2022 in Hangzhou across 38 different sports with the largest contingent of 65 in athletics.

NADA provisionally suspended Hima Das

  • Star Indian sprinter Hima Das has been provisionally suspended by the National Anti-Doping Agency (NADA) for three whereabouts failures in 12 months.
  • Hima Das won three medals in the 2018 Jakarta Asian Games where she won gold in women’s 4x400m and mixed 4x400m relay and silver in 400 m.
  • She faces a maximum two-year ban, which can be reduced to a minimum of one year depending on the degree of her fault.
  • National Anti-Doping Agency – 24/11/2005 (Founded) – New Delhi (HQ) – Minister of Sports (Chairman)

Asian Table Tennis Championships 2023

  • Indian men’s team finished with a bronze medal at the Asian Table Tennis Championships 2023 at Yongpyong Dome, South Korea.
  • The Indian men’s table tennis team comprising Sharath Kamal, Harmeet Desai and Sathiyan Gnanasekaran.

Important Days

International Day of Clean Air for blue skies 2023

  • International Day of Clean Air for blue skies 2023 is annually observed on September 07.
  • On November 26, 2019, the Second Committee of the 74th session of the United Nations (UN) General Assembly adopted a resolution designating 7 September as the “International Day of Clean Air for blue skies”.
  • First observed in 2020.
  • Theme – Together for Clean Air
  • United Nations General Assembly – 1945 (Founded) –  New York City (HQ) – Dennis Francis (President)


Project Naman

  • Indian Army had launched ‘Project Naman’ that will entail establishing facilitation and grievance redressal centres for veterans and the next of kin of personnel who have lost their lives.
  • The first such centre will be established in Delhi Cantonment soon.
  • The Directorate of Indian Army Veterans (Adjutant General Branch) of the Indian Army signed an MoU with HDFC Bank Limited and CSE e-Governance India Limited for Project ‘NAMAN’- an ode to the veterans.
  • Indian Army – 26/01/1950 (Founded) – New Delhi (HQ) – Army Day (January 15) – General Manoj Pande (Chief of Army Staff) – “Service Before Self” (Motto)

Maritime Partnership Exercise between India and Sri Lanka

  • The Maritime Partnership Exercise between Indian Navy and Sri Lanka Navy concluded at Port City.
  • The visit concluded at sea off Colombo between INS Delhi and SLN ship Vijayabahu.
  • A clean-up drive at Crow Island beach was jointly undertaken by the visiting ship’s crew and personnel from Sri Lanka Navy Ship.
  • As part of ‘Arogya Maitri’, initiative, the High Commissioner of India to Sri Lanka presented a state-of-the-art Arogya Maitri Cube to the Hon’ble speaker of Sri Lanka Parliament during a reception hosted onboard INS Delhi.
  • 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)

Exercise BRIGHT STAR- 23

  • INS Sumedha arrived at Port Alexandria, Egypt to participate in ‘Exercise BRIGHT STAR- 23’.
  • This edition of the multinational Tri-Services military exercise will see participation from 34 countries.
  • It is the largest ever joint military exercise in Middle East & North Africa region.
  • Ex Bright Star 23 is scheduled to be conducted in two phases.
  • The Harbour Phase involves wide-ranging activities such as cross-deck visits, professional exchanges, sports fixtures and interactions for planning and conduct of the Sea Phase.
  • The Sea Phase will include complex and high intensity exercises encompassing cross deck flying, anti-surface and anti-air exercises including live weapon firing drills.
  • The exercise provides an opportunity to the Indian Navy to enhance and demonstrate interoperability and also gain from the best practices in maritime security operations from its partner nations.
  • INS Sumedha, commanded by Commander MC Chandeep, is the third ship of the indigenously built Saryu class Naval Offshore Patrol Vessels (NOPV) that possess long endurance, are fitted with requisite weapons, sensors, and capable of embarking an integral helicopter.
  • A highly potent platform that can be deployed for a variety of operational missions, INS Sumedha bears testimony to the capabilities of the Indian shipbuilding industry which underscores the vision of ‘Aatmanirbhar Bharat’.
  • Egypt – Cairo (Capital) – Egyptian pound (Currency) – Abdel Fattah el-Sisi (President) – Moustafa Madbouly (Prime Minister) – Arabic (Language)

Daily Current Affairs - September 07, 2023 - Consolidated

  • Ayush Health and Wellness Centres (AHWCs)
  • Cabinet Approval
  • 4th edition of Global FinTech Festival
  • PepsiCo India will set up new manufacturing plant in Assam
  • Emission trading scheme
  • Industrial development scheme
  • New digital-payment products by NPCI
  • Punjab National Bank introduced CBDC-UPI interoperability feature
  • Zenith metal credit card
  • SimplySAVE Merchant SBI Card
  • SBI Life Insurance launched ‘LifeVerse Studio’
  • Mastercard partnered with KredX to transform B2B payments
  • Ignite Luxembourg’s bought 29.9% stake in RHI Magnesita NV
  • Sponsor for XIX Asian Games 2022
  • NADA provisionally suspended Hima Das
  • Asian Table Tennis Championships 2023
  • International Day of Clean Air for blue skies 2023
  • Project Naman
  • Maritime Partnership Exercise between India and Sri Lanka
  • Exercise BRIGHT STAR- 23

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