Daily Current Affairs – September 09, 10 & 11, 2023
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Daily Current Affairs - Banking - September 09,10 & 11, 2023
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National News
18th G20 summit
- The 18th G20 Summit successfully was held in Bharat Mandapam International Exhibition-Convention Centre, Pragati Maidan, New Delhi.
- The summit was chaired by Shri Narendra Modi.
- Theme – “Vasudhaiva Kutumbakam” or “One Earth, One Family, One Future”
- India handed over the Presidency to Brazil.
- Prime Minister Narendra Modi invited the Head of the African Union, Azali Assoumani, to take his seat as a permanent member of the G20.
- The 17th annual summit of G-20 was hosted by the Indonesian G20 presidency in Bali under the theme ‘Recover Together, Recover Stronger’.
International News
19th Heads of Asian Coast Guard Agencies Meeting (HACGAM)
- Indian Coast Guard participated in the 19th Heads of Asian Coast Guard Agencies Meeting (HACGAM) at Istanbul, Türkiye.
- A four-member ICG delegation led by DG Rakesh Pal, Director General Indian Coast Guard took part in the annual event of the independent forum with 23 members of Coast Guard Agencies and 02 associate members in the form of ReCAAP and UNODC.
- 18th edition of the HACGAM was held in New Delhi in 2022.
- The HACGAM primarily focuses on fostering cooperation between the Coast Guards of the member Asian states to ensure and promote safe, secure, and clean seas in the region.
- Heads of Asian Coast Guard Agencies Meeting (HACGAM) was held in Japan in 2004 with the participation of the heads of Coast Guard agencies in the Asian region, where the globally important sea lanes such as the Straits of Malacca and Singapore lie.
- The first meeting was attended by Bangladesh, Brunei, Cambodia, China, Hong Kong, India, Indonesia, Japan, Laos, Malaysia, Myanmar, Philippines, Republic of Korea, Singapore, Sri Lanka, Thailand and Vietnam.
India-Middle East-Europe Economic Corridor
- Prime Minister Narendra Modi launched the India-Middle East-Europe mega economic corridor.
- The project includes India, the UAE, Saudi Arabia, the European Union, France, Italy, Germany and the USA.
- The rail and shipping corridor is part of the Partnership for Global Infrastructure Investment (PGII) — a collaborative effort by G7 nations to fund infrastructure projects in developing nations.
- PGII is considered to be the bloc’s counter to China’s Belt and Road Initiative.
- The project will aim to enable greater trade among the involved countries, including energy products.
- The corridor will include a rail link as well as an electricity cable, a hydrogen pipeline and a high-speed data cable, according to a document prepared by European Commission President Ursula von der Leyen.
- The document also called the project “a green and digital bridge across continents and civilizations.”
Global Biofuel Alliance (GBA)
- Prime Minister Shri Narendra Modi along with the leaders of Singapore, Bangladesh, Italy, USA, Brazil, Argentina, Mauritius and UAE, launched the Global Biofuel Alliance, on the sidelines of the G20 Summit in New Delhi.
- The Global Biofuel Alliance (GBA) is an initiative by India as the G20 Chair.
- The Alliance intends to expedite the global uptake of biofuels through facilitating technology advancements, intensifying utilization of sustainable biofuels, shaping robust standard setting and certification through the participation of a wide spectrum of stakeholders.
- The alliance will also act as a central repository of knowledge and an expert hub.
- GBA aims to serve as a catalytic platform, fostering global collaboration for the advancement and widespread adoption of biofuels.
India and Saudi Arabia will explore trade in local currencies
- India and Saudi Arabia had begun discussions on settling their trade in local currencies.
- India’s trade with Saudi Arabia in 2022-23 amounted to $52.76 billion, with exports at $10.73 billion and imports at $42.04 billion.
- As such, India had a trade deficit of $31.31 billion with Saudi Arabia in the last financial year.
- Saudi Arabia – Riyadh (Capital) – Saudi riyal (Currency) – Salman (King) – Mohammed bin Salman (Crown Prince & Prime Minister) – Arabic (Language)
State News
Bangus valley festival
- Jammu and Kashmir Lieutenant Governor Manoj Sinha inaugurated the traditional two days Bangus valley festival in the Kupwara district, along with Chinar Corps Commander Lieutenant General DP Panday and became a part of the two-day celebrations.
- The annual festival saw the participation of hundreds of Gujjars, Bakarwals and other Kashmiri sightseers from Kupwara, Tangdhar and Handwara.
- Jammu & Kashmir – Srinagar (May–October) & Jammu (Nov-April) (Capital) – Manoj Sinha (Lieutenant Governor) – Urdu, Kashmiri, Dogri, Hindi, English (Language)
Uttarakhand CM Dhami laid foundation stone for development projects in Haridwar
- Uttarakhand Chief Minister Pushkar Singh Dhami laid the foundation stone for various projects at a cost of Rs 941.39 lakh in the Bhalla Stadium complex in Haridwar.
- This includes the construction of a cricket pitch, and tennis courts, the repair of a badminton court at the city sports complex, and beautification works among others.
- These projects have been proposed to be taken up by the Haridwar-Roorkee Development Authority (HRDA).
- Uttarakhand – Dehradun (Winter), Gairsain (Summer) (Capital) – Pushkar Singh Dhami (CM) – Gurmit Singh (Governor) – Hindi (Language)
Odisha CM flagged off 181 mobile units to provide livestock healthcare at doorstep of people
- Odisha Chief Minister Naveen Patnaik flagged off 181 vehicles to provide livestock healthcare and animal husbandry services at the doorstep of people
- Farmers will be provided with advice about basic animal healthcare, surgery, vaccination and diagnostic services from these mobile units.
- Now the state government has spent around Rs 30 crore in the first phase and has provided vehicles for use in 181 mobile veterinary units in all districts.
- Odisha – Bhubaneswar (Capital) – Naveen Patnaik (CM) – Ganeshi Lal (Governor) – Odia (Language)
Banking and Finance
RBI decided to discontinue Incremental Cash Reserve Ratio in a phased manner
- RBI had decided to discontinue Incremental Cash Reserve Ratio which was put in place to absorb surplus liquidity following the withdrawal of ₹2,000 currency notes, in a phased manner.
- The measure was intended to absorb the surplus liquidity generated by various factors, including the return of 2,000 rupee notes to the banking system.
- RBI has the option to impose incremental credit reserve ratio, in addition to the CRR, in periods of excess liquidity in the system and the central bank is now exercising it.
- What this means is that banks will now have to park more liquid cash with the RBI.
AU Small Finance Bank and Bajaj Allianz Life Insurance
- AU Small Finance Bank and Bajaj Allianz Life Insurance, a private life insurer, has entered into a strategic partnership.
- This collaboration will empower AU SFB’s customers to gain access to Bajaj Allianz Life’s comprehensive suite of life insurance products, thereby addressing their imperative need for financial security.
- Uttam Tibrewal, Executive Director of AU Small Finance Bank and Tarun Chugh, MD and CEO, Bajaj Allianz Life Insurance signed the agreement and announced their strategic partnership.
- Through this partnership, the bank aims to leverage technology-based solutions for its customers through wide variety of life insurance products offered by Bajaj Allianz Life Insurance.
- AU SFB has a distribution network comprising 1,038 touchpoints spanning 21 States and 3 Union Territories.
- Bajaj Allianz Life Insurance – 2001 (Founded) – Pune (HQ) – Tarun Chugh (CEO)
Micro Finance Institutions Network (MFIN) data
- Loan disbursed by non-banking companies acting as Micro Finance Institutions (NBFC-MFIs) rose by 45.8 per cent year-on-year to Rs 30,398 crore in April-June 2023 (Q1 FY24) as against Rs 20,845 crore in April-June 2022 (Q1 FY23).
- The surge in disbursements should be seen in the context of a slowdown in activity in April-June 2022, when lenders were in the midst of reorganising working operations as the Reserve Bank of India (RBI) revised regulatory norms.
- The changed norms provided a level playing field for NBFC-MFIs vis-a-vis banks, which are also formidable players in the microfinance space.
- Sequentially, however, the disbursements were much lower compared to Rs 41,490 crore in January-March 2023 (Q4 FY23), the final quarter of the financial year ended March 2023 (FY23).
- The loans were disbursed through 6.89 million accounts in Q1 FY24, up from 5.1 million accounts a year ago.
- Sequentially, the number of accounts through which loans were disbursed declined compared to 9.5 million accounts in Q4 FY23.
- The average loan amount disbursed was Rs 44,114 per account during Q1 FY24, an increase of around 8.3 per cent in comparison to the same quarter of the last financial year.
- Assets Under Management (AUM) grew to Rs 1,26,053 crore in June 2023 from Rs 89,005 crore a year ago and Rs 1,21,326 crore as of end-March 2023.
Union Bank launched two Debit Card
- Union Bank of India MD & CEO Ms. A. Manimekhalai proudly launches the HNI Emperio RuPay Metal Debit Card and RuPay Empower Her Debit Card with the National Payments Corporation of India.
- It is the first public sector bank to launch a Metal Debit Card for HNI customers and a Women’s Card with an aim to serve diverse needs.
- HNI – high-net-worth individuals
- Union Bank of India – 11/11/1919 (Founded) – Mumbai (HQ) – A. Manimekhalai (MD & CEO) – “Good People to Bank with”
Nation First Transit Card
- State Bank of India (SBI) unveiled the ‘Nation First Transit Card’ for seamless and convenient digital fare payments.
- The card is designed to enhance the commuting experience by facilitating digital ticketing across various modes of transport and parking, all within one card.
- Aims to streamline customer commuting and digital fare payments for metro, buses, water ferries, and parking through a single card.
- Provides versatility by enabling retail and e-commerce payments.
- Powered by RuPay and National Common Mobility Card (NCMC) technology.
- State Bank of India (SBI) – 01/07/1955 (Founded) – Mumbai (HQ) – Dinesh Kumar Khara (Chairman) – “Pure Banking, Nothing Else” (Tagline)
RBI likely to launch digital rupee pilot for interbank transactions by October
- The Reserve Bank of India (RBI) is likely to launch the pilot of Central Bank Digital Currency (CBDC) for transactions for interbank borrowing or call money market by this October.
- In November 2022, the pilot of the wholesale CBDC, known as the Digital Rupee-Wholesale (e-W), was launched with the use case being limited to the settlement of secondary market transactions in government securities.
- Finance Minister Nirmala Sitharaman announced the introduction of CBDC in the Union Budget 2022-23 and necessary amendments to the relevant section of the RBI Act, 1934, were made with the passage of the Finance Bill 2022.
- The RBI picked nine banks State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, YES Bank, IDFC First Bank, and HSBC for its pilot project for wholesale CBDC.
- In addition, the central bank has already rolled out a pilot in the retail version of the CBDC (e-R) on December 1, 2022.
- The e-R is in the form of a digital token that represents legal tender.
- It is being issued in the same denominations as the paper currency and coins.
- It is being distributed through financial intermediaries like banks.
- Users can transact with e-R through a digital wallet offered by the participating banks.
- Reserve Bank of India (RBI) – 01/04/1935 (Founded) – Mumbai (HQ) – Shaktikanta Das (Governor)
Agreements and MoUs signed
India signed MoU with Bangladesh
- Prime Minister Narendra Modi and his Bangladesh counterpart Sheikh Hasina held a bilateral talk in New Delhi and also signed three memorandum of understanding (MoUs).
- The MoU on cooperation in Digital Payment mechanism was signed between National Payments Corporation of India (NPCI) and Bangladesh Bank.
- Another MoU focused on the renewal of the Cultural Exchange Program (CEP) between India and Bangladesh for 2023-2025.
- The third MoU was signed between the Indian Council of Agricultural Research (ICAR) and the Bangladesh Agriculture Research Council (BARC).
- Bangladesh – Dhaka (Capital) – Taka (Currency) – Mohammed Shahabuddin (President) – Sheikh Hasina (Prime Minister) – Bengali (Language)
Bharat 6G Alliance signed MoU with Next G Alliance
- A Memorandum of Understanding (MoU) to explore collaboration opportunities on 6G wireless technologies in India and other parts of the world was signed between Bharat 6G Alliance and Next G Alliance, an initiative of the Alliance for Telecommunications Industry Solutions (ATIS).
- The MoU was signed by the Bharat 6G Alliance Chair N. G. Subramaniam and the President and CEO of the ATIS’s Next G Alliance Susan Miller.
- The MoU will facilitate aligning research and development priorities that support a common 6G vision and creating secure and trusted telecommunications as well as resilient supply chains.
- The Bharat 6G Alliance is an initiative of Indian industry, academia and national research institutions and is aligned with the Bharat 6G Mission to design, develop and deploy technology and innovations that provide an intelligent and secure solution for high-quality living experience of citizens in India and outside.
- The alliance aimed at promoting the ecosystem for research, design, development, field testing, security, certification and manufacturing of telecom products and solutions.
IIM Indore signed MoU with National Skill Development Corporation
- In a stride towards advancing the landscape of skill development and entrepreneurship in India, Indian Institute of Management Indore has entered into a partnership with the National Skill Development Corporation (NSDC).
- The collaboration signifies a commitment to foster excellence and innovation in these critical domains.
- These initiatives will provide professional support to underserved regions, communities, individuals and micro, small and medium enterprises (MSMEs), thereby nurturing a skilled ecosystem primed for market success.
- A cornerstone of this transformative MoU is its focus on robust research endeavours.
- National Skill Development Corporation (NSDC) – 31/07/2008 (Founded) – New Delhi (HQ) – Mr. Ved Mani Tewari (CEO)
Nature
NBHC appoints Vinod Kumar as Managing Director & CEO
- National Bulk Handling Corporation (NBHC), an agritech company that provides post-harvest service appointed Vinod Kumar as its Managing Director and CEO by replacing Ramesh Doraiswami.
- He joined NBHC as the Chief Financial Officer in 2019.
- National Bulk Handling Corporation Pvt. Ltd. (NBHC) – 2003 (Founded) – Mumbai (HQ) – Mr. Ramesh Doraiswami (MD and CEO)
Ranks and Indices
Swachh Vayu Sarvekshan 2023 Rankings
- Union Environment, Forest and Climate Change Minister Bhupender Yadav recently announced awards under the Swachh Vayu Sarvekshan 2023 (clean air survey).
- The survey was conducted by the Central Pollution Control Board under the National Clean Air Programme (NACP) of the Union ministry of environment, forest and climate change.
- A total of 131 cities were put in three categories on the basis of their population for the purpose of the survey.
- Under the first category (more than 10 lakh population) Indore ranked first (Score 187/200) followed by Agra and Thane out of 47 cities.
- Under second category (between 3-10 lakhs population), Amravati secured first rank followed by Moradabad and Guntur out of 44 cities.
- Under third category (less than 3 lakhs population) Parwanoo (Himachal Pradesh) secured first rank followed by Kala Amb (Himachal Pradesh) and Angul (Odisha) out of 40 cities.
Awards and Recognitions
Venice Film Festival 2023
- The 80th annual Venice International Film Festival held at Venice Lido, in Italy was hosted by Caterina Murino.
- The award was founded in 1932.
Category | Winner |
Golden Lion – Best Film | Poor Things (Yorgos Lanthimos) |
Grand Jury Prize | Aku Wa Sonzai Shinai (Evil Does Not Exist) (Ryûsuke Hamaguchi) |
Special Jury Prize | Green Border (Agnieszka Holland) |
Silver Lion – Best Director | Matteo Garrone (Io Capitano) |
Volpi Cup for Best Actress | Cailee Spaeny (Priscilla) |
Volpi Cup for Best Actor | Peter Sarsgaard (Memory) |
Best Screenplay | Guillermo Calderon and Pablo Larrain (El Conde) |
Marcello Mastroianni Award for Best New Talent | Seydou Sarr (Io Capitano) |
Obituary
Cartoonist Ajit Ninan passed away
- Ajit Ninan one of the famous cartoonist passed away at 68.
- Among his most iconic creations were Detective Moochwala, and his dog Pooch, which appeared in the youth magazine Target in the 1980s.
Sports News
US Open Tennis Championships
- 143rd US Open Tennis Championships was held at USTA Billie Jean King National Tennis Center (since 1978) in Queens, New York City, United States.
- Novak Djokovic defeated Daniil Medvedev in straight sets to capture his fourth US Open title and his 24th Grand Slam singles crown, tying Margaret Court for the most in history.
- Novak Djokovic won his first grand slam title at 2008 Australian Open.
Category | Champions |
Men’s Single | Novak Djokovic (Serbia) |
Women’s Single | Coco Gauff (USA) |
Men’s Double | Rajeev Ram (USA) & Joe Salisbury (UK) |
Women’s Double | Gabriela Dabrowski (Canada) & Erin Routliffe (New Zealand) |
Mixed Double | Anna Danilina (Russia) & Harri Heliövaara (Finland) |
Warner broke Tendulkar's record of most centuries as opener
- Australian batter David Warner went past legendary Indian batter Sachin Tendulkar to become the opener with the most number of centuries in international cricket.
- The 36-year-old batter accomplished this milestone against South Africa in the second ODI.
- In the match, Warner was at his vintage best, smashing 106 runs in just 93 balls, consisting of 12 fours and three sixes with a strike rate of 113.97.
- This is Warner’s 46th international century, the most by an opener.
- He has 20 centuries in ODIs, 25 in Tests and one in T20Is.
- He has gone past Tendulkar, who has scored 45 centuries in international cricket as an opener.
FIBA Basketball World Cup 2023
- Germany won the 2023 edition of the FIBA Basketball World Cup by defeating Serbia.
- FIBA Basketball World Cup was first held in 1950 and it takes place every four years.
- In 2010, the tournament was renamed as the FIBA World Championship.
- United States of America & Yugoslavia were the two teams with 5 wins each.
Indonesia Masters 2023 badminton
- Indian badminton player Kiran George clinched the men’s singles title at the Indonesia Masters 2023 in Medan, North Sumatra.
- He is the first Indian won Indonesia Masters 2023.
- Indonesia – Jakarta (Capital) – Indonesian rupiah (Currency) – Joko Widodo (President) – Indonesian (Language)
‘Mashaal’ for 37th National Games
- Goa Governor P.S. Sreedharan Pillai launched ‘Mashaal’ for 37th National Games at a program held in Durbar Hall Raj Bhavan, Donapaula.
- Mashaal – A torch is a long stick with burning material at one end, used to provide light or to set things on fire.
Tata Steel Chess India Blitz 2023
R Praggnanandhaa finished third in Open Blitz title of the Tata Steel Chess India 2023 in Kolkata.
Position
Women
Open
Rapid
Blitz
Rapid
Blitz
First
Divya Deshmukh
Ju Wenjun
Maxime Vachier-Lagrave
Alexander Grischuk
Second
Ju Wenjun
Koneru Humpy
Teimour Radjabov
Nodirbek Abdusattorov
Important Days
World EV Day
- World EV Day is annually observed on is annually observed on September 09.
- The day is celebrated to raise awareness about the benefits of electric vehicles (EVs) and promotes their adoption.
- In 2020 first EV day was observed.
World Suicide Prevention Day
- World Suicide Prevention Day is annually observed on September 10.
- The day is celebrated to raise awareness around the globe that suicide can be prevented.
- Theme – Creating Hope Through Action
- It is the triennial theme for the World Suicide Prevention Day from 2021-2023.
National Forest Martyrs Day 2023
- National Forest Martyrs Day is annually observed on September 11.
- The day honours the sacrifices made by individuals for the preservation of forests and wildlife and also aims to raise awareness about the importance of conserving our forests, wildlife, and natural resources.
- In 1730, the historic Khejarli massacre occurred within the Marwar Kingdom when Maharaja Abhai Singh of Rajasthan ordered the cutting of trees in the Bishnoi village of Khejarli to obtain timber for a new palace.
- The Bishnoi community vehemently opposed this action and were willing to lay down their lives to protect the forest.
- Ultimately, in response to these events, the orders were revoked.
- In remembrance of the sacrifices made by the Bishnoi community, the Ministry of Environment, Forest and Climate Change selected September 11th to observe National Forest Martyrs Day in 2013.
- Ministry of Environment, Forest and Climate Change (MoEFCC) – Bhupender Yadav, Cabinet Minister (Rajya Sabha MP,Rajasthan) – Ashwini Kumar Choubey, Minister of State (Buxar,Bihar)
Defence
Exercise Varuna 2023
- Phase II of the 21st edition of Varuna (Varuna-23) bilateral exercise between Indian and French Navy was conducted in the Arabian Sea.
- The exercise witnessed participation of guided missile frigates, tanker, Maritime Patrol Aircraft and integral helicopters from the two sides.
- INS Chennai, INS Teg, Maritime patrol aircraft P-8I, Dornier aircraft, Integral helicopters and MiG29K fighter aircraft participated on behalf of Indian Navy.
- The first phase of ‘Varuna-2023’ was conducted off India’s Western Seaboard from 16 to 20 Jan 2023.
- Indian and French Navy bilateral naval exercise was initiated in 1993.
- The exercise was later christened as ‘Varuna’ in 2001 and has since become a hallmark of robust India-France strategic bilateral relationship.
- France – Paris (Capital) – Euro (Currency) – Emmanuel Macron (President) – Élisabeth Borne (Prime Minister) – French (Language)
Daily Current Affairs - September 09,10 & 11, 2023 - Consolidated
- 18th G20 summit
- 19th Heads of Asian Coast Guard Agencies Meeting (HACGAM)
- India-Middle East-Europe Economic Corridor
- Global Biofuel Alliance (GBA)
- India and Saudi Arabia will explore trade in local currencies
- Bangus valley festival
- Uttarakhand CM Dhami laid foundation stone for development projects in Haridwar
- Odisha CM flagged off 181 mobile units to provide livestock healthcare at doorstep of people
- RBI decided to discontinue Incremental Cash Reserve Ratio in a phased manner
- AU Small Finance Bank and Bajaj Allianz Life Insurance
- Micro Finance Institutions Network (MFIN) data
- Union Bank launched two Debit Card
- Nation First Transit Card
- RBI likely to launch digital rupee pilot for interbank transactions by October
- India signed MoU with Bangladesh
- Bharat 6G Alliance signed MoU with Next G Alliance
- IIM Indore signed MoU with National Skill Development Corporation
- Swachh Vayu Sarvekshan 2023 Rankings
- Venice Film Festival 2023
- Cartoonist Ajit Ninan passed away
- US Open Tennis Championships
- Warner broke Tendulkar’s record of most centuries as opener
- FIBA Basketball World Cup 2023
- Indonesia Masters 2023 badminton
- ‘Mashaal’ for 37th National Games
- Tata Steel Chess India Blitz 2023
- World EV Day
- World Suicide Prevention Day
- National Forest Martyrs Day 2023
- Exercise Varuna 2023
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