Daily Current Affairs – September 08, 2023
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Daily Current Affairs - Banking - September 08, 2023
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National News
Geographical Indicator (GI) Tag
- Jaivik Sri Farmers Producer Company Limited had received the GI Tag for Koraput Kalajeera Rice.
- Koraput Kalajeera Rice, often referred to as the “Prince of Rice” is an aromatic grain cultivated by tribal farmers in the Koraput region and known for its high nutritional value.
- The black grained rice is attributed with benefits such as improved memory, diabtes management, increased haemoglobin levels and enhanced metabolism.
- The Salem Starch and Sago Manufacturers Service Industrial Cooperative Society Ltd (popularly called as SAGOSERVE) received Geographical indication tag or GI tag for Salem sago recently.
- Sago was produced first in Salem district, which is the main centre for sago production in the country, on a cottage scale basis.
- Sago is manufactured from the wet starch powder crushed from tapioca roots.
- Particularly Vulnerable Tribal Group (PVTG) Dongria Kondhs of Rayagada district in Odisha received the GI tag for Dongria Kondhs.
International News
International Monetary Fund and World Bank
- The International Monetary Fund and World Bank, announced their intention to intensify their institutions’ collaboration in the field of climate change, debt, and digital transition.
- The two institutions felt that the global economy faces a challenging time.
- Further, they called for well-designed and appropriately sequenced policies, which are critical to help accelerate growth, alleviate policy trade-offs, and support the green and digital transitions.
- World Bank – December 1944 (Founded) – Washington DC (HQ) – Ajay Banga (President)
State News
Marut Drones AG365
- The Maharashtra government in collaboration with Marut Drones has introduced Marut’s AG365 drones to farmers of the Buldhana district of Maharashtra.
- Marut’s AG365S is the first and only drone in Buldhana under the SMAM (Sub-mission On Agriculture Mechanisation) scheme.
- This could potentially lead to improved agricultural practices, increased productivity, and enhanced crop management for the farmers in Buldhana.
- The SMAM scheme, which aims to promote and strengthen agricultural mechanisation, is a crucial initiative for modernising agriculture across India.
- Maharashtra – Mumbai (Capital) – Eknath Shinde (CM) – Ramesh Bais (Governor) – Marathi (Language)
Cooling infrastructure at Pharma City, industrial parks in Telangana
- The Telangana government and UAE-based leading cooling utility player Tabreed have decided to collaborate for developing cooling infrastructure in industrial parks, including the proposed Hyderabad Pharma City, as well as a few other places.
- Under their partnership, Tabreed, the name by which the National Central Cooling Company PJSC is traded on Dubai Financial Market, will over time develop 1.25 lakh refrigeration tonnes (RT) of district cooling plants and networks with up to $200 million investment in Telangana.
- Its cooling-as-a-service model for process cooling and storage requirements of industrial units will pave the way for a more sustainable long-term cooling service. The potential savings will be about 24 million tonnes (MT) of CO2, something bound to bolster Hyderabad’s position as one of the best cities to live and work in Asia.
- Telangana – Hyderabad (Capital) – K Chandrashekar Rao (CM) – Tamilisai Soundarajan (Governor) –Telugu (Language)
Schemes
Mukhyamantri Rajya Samajik Suraksha Pension Yojana
- Jharkhand government had approved the proposal of Mukhyamantri Rajya Samajik Suraksha Pension Yojana for transgender people under the social assistance scheme.
- The eligible beneficiary will get Rs 1,000 per month as financial aid.
- The government also decided to include them under backward class category and provide them the benefits.
- Jharkhand – Ranchi (Capital)– Hemant Soren (CM) – CP Radhakrishnan (Governor) – Hindi (Language)
Banking and Finance
UPI Merchant UDIR (Unified Dispute and Issue Resolution) system
- UPI Merchant UDIR (Unified Dispute and Issue Resolution) system was successfully completed by NPST & NPCI.
- NPST have completed POC for Realtime refund process with a Marquee PAPG for resolving customer disputes and grievances pertaining to UPI payments, using a system-driven and rule-based mechanism with a minimal manual intervention.
- Unified Dispute and Issue Resolution or UDIR is an automated, single-channel redressal system designed to seamlessly address customer issues and complaints regarding pending transactions and provide speedy dispute resolution in an online manner instead of manual file-based processes.
- The Complaint Management System allows customers to raise a complaint directly through the NPST TPAP App, which is then assigned to the relevant bank or PSP involved in the transaction through an automated manner for resolution.
- Implementation UDIR will benefit translate into higher customer Net Promoter Score.
- NPST has built APIs and online portals as a quick access to its clients majorly Payment aggregators and merchants with ready to integrate tools and easy to use process.
- Currently, there are three functionalities enabled through UDIR, which include status finalization for pending transactions: post implementation of UDIR, the company is seeing about 50 per cent improvement in resolution time.
- NPST has built APIs and online portals as a quick access to its clients majorly Payment aggregators and merchants with ready to integrate tools and easy to use process.
- Over the next few months’ time, 80-90 per cent of disputes caused by payment issues between a variety of participants of the large supply chain of UPI ecosystem will get resolved online through this.
RuPay prepaid forex card
- Forex services company Thomas Cook (India) Ltd and the National Payments Corporation of India (NPCI) have launched India’s first RuPay prepaid forex card for Indians travelling to the United Arab Emirates (UAE).
- The product, Thomas Cook RuPay Card, has been launched as a pilot in the UAE with a global rollout planned in a phased manner.
- Its technology will be enabled by CARD91.
- For phase one, Thomas Cook’s Forex card will be loaded in UAE Dirhams (AED), offering several use cases in the UAE, including transactions and ATM withdrawals.
- The card will also give a complimentary insurance cover up to Rs 7,50,000.
- Thomas Cook (India) Ltd. – 1881 (Founded) – Mumbai (HQ)
'ONDC in a Box' by HSBC India
- HSBC India launched ‘ONDC in a Box’, a one-stop-shop proposition for corporates towards seamless enablement on ONDC.
- HSBC India becomes the first foreign bank in India to offer an ONDC-enabled proposition.
- The Open Network for Digital Commerce (ONDC) is an initiative by Department for Promotion of Industry and Internal Trade, and Ministry of Commerce and Industry to build an open, interoperable network on which buyers and sellers can transact without needing to be present on the same platform.
- ONDC aims at fostering an inclusive, competitive, and open network, amplifying its impact across the business spectrum.
- The ‘ONDC in a Box’ proposition by HSBC India is presented along with its ecosystem partners – Protean eGov Technologies Ltd (Protean) and Shayr Omnichannel Private Limited (Adya).
- Hongkong and Shanghai Banking Corporation Limited, India (HSBC India) or HSBC Bank India – 1853 (Founded) – Mumbai (HQ) – Hitendra Dave (CEO)
RuPay NCMC Prepaid Card by State Bank of India
- State Bank of India has launched the “RuPay NCMC Prepaid Card” to facilitate easy digital ticketing fare payments in metro, buses, water ferries, parking, etc., through a single card.
- In addition, individuals can also use the National Common Mobility Card (NCMC) for making retail and e-commerce payments.
- SBI is also implementing an NCMC-based ticketing solution in MMRC Metro Line 3 and Agra Metro, which is in the advanced stage of execution and will be available to the public very soon.
- The Nation First Transit Card, powered by RuPay and National Common Mobility Card (NCMC) technology, is set to revolutionise the commuting experience and is aligned with the national vision of “One Nation, One Card.
- State Bank of India (SBI) – 01/07/1955 (Founded) – Mumbai (HQ) – Dinesh Kumar Khara (Chairman) – “Pure Banking, Nothing Else” (Tagline)
QR-based cash withdrawals by bank of Baroda
- Bank of Baroda (BoB) has enabled UPI ATM facility, which will allow QR-based cash withdrawals, at its over 6,000 ATMs across the country.
- It is the first public sector bank to launch UPI ATMs, in coordination with the National Payments Corporation of India (NPCI) and powered by NCR Corporation.
- Using the Interoperable Cardless Cash Withdrawal (ICCW) technology, which facilitates cardless cash withdrawals through ATMs, the UPI ATM enables seamless QR-based cash withdrawals, doing away with the need to carry a Card to withdraw cash.
- Bank of Baroda (BOB or BoB) – 20/07/1908 (Founded) – Vadodara, Gujarat (HQ) – Debadatta Chand (MD & CEO) – “India’s International Bank” (Tagline)
Agreements and MoUs signed
Amazon India signed MoU with five states
- Amazon India signed a Memorandum of Understanding (MoU) with five State Governments, including Haryana, Maharashtra, Gujarat, Karnataka and Tamil Nadu, to train employable Persons with Disabilities (PwDs) and bring them to the mainstream workforce.
- The MoU, which extends until 2026, aims to provide skilling and employment opportunities to PwD candidates in these five states.
- Under this initiative, Amazon has a focus on skilling and livelihood for PwD across Amazon India’s Operations network, over a period of three years.
- PwDs would be offered needed support with on-the-job training, intervention and an environment of acceptance and inclusion.
- Amazon’s operations network including fulfilment centres, sortation centres and delivery stations, may offer various jobs such as stowing, picking, packing, and sorting among other roles.
- Amazon – 05/07/1994 (Founded) – Seattle, Washington (HQ) – Andy Jassy (CEO)
Indian Railways’ Gati Shakti Vishwavidyalaya signed MoU with Airbus
- Indian Railways’ Gati Shakti Vishwavidyalaya (GSV) Vadodara and Airbus entered into collaboration to significantly strengthen the Indian aviation sector.
- An MoU (Memorandum of Understanding) was signed at Rail Bhawan, New Delhi between Mr. Rémi Maillard (President and Managing Director, AIRBUS India and South Asia) and Prof. Manoj Choudhary (Vice-Chancellor, Gati Shakti Vishwavidyalaya).
- The MoU was signed in the presence of Shri Ashwini Vaishnaw, Minister of Railways, Communications, Electronics and IT who is also the First Chancellor of Gati Shakti Vishwavidyalaya.
- Ms. Jaya Varma Sinha, the Chairperson and CEO, Railway Board and senior officials of the Railway Board were present on the occasion.
- Airbus and Tata had recently announced a partnership to design, innovate, make, manufacture and develop in India C295 aircraft facility at Vadodara (Gujarat).
- Airbus is the world’s largest manufacturer of commercial aircraft and a leading producer of helicopters, defence and space equipment.
- Make in India is at the heart of Airbus’ business strategy in India and the company is steadily increasing India’s contribution to its global products.
- Airbus – 18/12/1970 (Founded) – Leiden, Netherlands (HQ) – Guillaume Faury (CEO)
Science and Technology
SLIM Moon lander
- Japan launched a lunar lander aiming to become the fifth nation to achieve a soft landing on the moon’s surface following India’s success in a similar mission last month.
- The Smart Lander for Investigating Moon (SLIM) was sent to space on an H-IIA rocket.
- SLIM is a light and small spacecraft developed by Mitsubishi Electric.
- One of the goals of the mission is to demonstrate precision landing technology.
- The spacecraft is expected to land within 100 meters of a target site.
- The lander uses vision-based navigation to identify a landing spot and avoid obstacles on the surface.
- Japan – Tokyo (Capital) – Japanese yen (Currency) – Naruhito (Emperor) – Fumio Kishida (Prime Minister) – Japanese (Language)
Appointments
Chairman of Association of Investment Bankers of India
- The Association of Investment Bankers of India has appointed Mahavir Lunawat, Managing Director of Pantomath Capital Advisors, as its Chairman for two years from September 2023.
- Arjun Mehra, MD of JM Financial, and Prem D’Cunha, SVP and Head of ECM Execution at ICICI Securities, serve as its Vice Chairmen.
- The Chairperson of AIBI represents Investment Bankers on the Primary Market Advisory Committee of SEBI and has been active in representing the members’ views, comments, and suggestions on various regulatory reforms pertaining to the capital markets.
Reports
A report by TransUnion CIBIL
- Around 56 per cent of total new internet users will be from rural India by 2025, according to a report by TransUnion CIBIL, which said that currently 36 per cent of digital payment users hail from rural parts of the country.
- The growing adoption is being driven by the fact that 52 per cent of the country’s population is under 40 years of age, higher than the global average of 46 per cent.
- Further, of the 6.7 crore IT returns filed in FY23, over 2 crores were filed by Gen Z, the report said, adding that individual EPFO accounts too have seen two-fold growth over the last 10 years.
Sports News
Induslnd Bank signed multi-year sponsorship deal with ICC
- Induslnd Bank has agreed to a multi-year sponsorship deal with the International Cricket Council (ICC).
- The deal is set to be valued at $20-24 million (approximately Rs 160-200 crore).
- The multi-year deal would kick off with the ICC Men’s Cricket World Cup, being held in India.
- Mastercard, MRF tyres, Aramco, Emirates and Booking.com have also signed top-tier sponsorship deals with ICC.
- Mastercard and Induslnd Bank are set to replace fintech platform, BharatPe and edtech platform, BYJU’s as the companies decided to end their association with ICC ahead of the deal’s full tenure.
- Unacademy, MPL and PayTM had also decided to end their association with ICC due to the dearth of private equity funding and the companies deciding to shift focus to profitability.
- IndusInd Bank Limited – April 1994 (Founded) – Mumbai (HQ) – Sumant Kathpalia (MD & CEO) – “We Make You Feel Richer” (Tagline)
Important Days
International Day of Police Cooperation 2023
- International Day of Police Cooperation is annually observed on September 7.
- During 77th session in December 2022 United Nations General Assembly designated September 7 as the International Day of Police Cooperation.
- This year observes the first edition.
- The world’s first initiative for international law enforcement cooperation was the Police Union of German States, established in 1851.
- International Criminal Police Commission – 07/09/1923 (Founded) – Lyon, France (HQ) – Ahmed Naser Al-Raisi (Presiident)
International Literacy Day
- International Literacy Day is annually observed on September 08.
- The day was declared by UNESCO on 26 October 1966 at the 14th session of UNESCO’s General Conference.
- The day was first observed in 1967.
- Theme – Promoting literacy for a world in transition: Building the foundation for sustainable and peaceful societies.
- United Nations Educational, Scientific and Cultural Organization (UNESCO) – 16/11/1945 (Founded) – Paris, France (HQ) – Audrey Azoulay (Director-General)
Daily Current Affairs - September 08, 2023 - Consolidated
- Geographical Indicator (GI) Tag
- International Monetary Fund and World Bank
- Marut Drones AG365
- Cooling infrastructure at Pharma City, industrial parks in Telangana
- Mukhyamantri Rajya Samajik Suraksha Pension Yojana
- UPI Merchant UDIR (Unified Dispute and Issue Resolution) system
- RuPay prepaid forex card
- ‘ONDC in a Box’ by HSBC India
- RuPay NCMC Prepaid Card by State Bank of India
- QR-based cash withdrawals by bank of Baroda
- Amazon India signed MoU with five states
- Indian Railways’ Gati Shakti Vishwavidyalaya signed MoU with Airbus
- SLIM Moon lander
- Chairman of Association of Investment Bankers of India
- A report by TransUnion CIBIL
- Induslnd Bank signed multi-year sponsorship deal with ICC
- International Day of Police Cooperation 2023
- International Literacy Day
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