Daily Current Affairs – September 12, 2023
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Daily Current Affairs - Banking - September 12, 2023
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National News
Defence Minister inaugurated various infrastructure projects
- Raksha Mantri Shri Rajnath Singh has dedicated to the nation 90 infrastructure projects of Border Roads Organisation (BRO), worth over Rs 2,900 crore, spread across 11 States/Union Territories at an event in Jammu.
- These include Nechiphu Tunnel in Arunachal Pradesh; two airfields in West Bengal; two helipads; 22 roads and 63 bridges.
- Of these 90 projects, 36 are in Arunachal Pradesh; 26 in Ladakh; 11 in Jammu & Kashmir; 5 in Mizoram; 3 in Himachal Pradesh; 2 each in Sikkim, Uttarakhand & West Bengal and 1 each in Nagaland, Rajasthan and Andaman & Nicobar Islands.
- The BRO has completed the construction of these strategically-important projects in record time; most of them in a single working season using state-of-the-art technology.
- Border Roads Organisation (BRO) – 07/05/1960 (Founded) – New Delhi (HQ) – Lt. Gen. Rajeev Chaudhary (Director General)
First Global Symposium on Farmers' Rights
- The President of India, Smt Droupadi Murmu inaugurated the first ‘Global Symposium on Farmers’ Rights’ (GSFR) at the ICAR Convention Centre, National Agricultural Science Centre Complex in New Delhi.
- The Global Symposium is being hosted by Ministry of Agriculture and Farmers Welfare in collaboration with Protection of Plant Varieties and Farmers’ Rights (PPVFR) Authority, Indian Council of Agricultural Research (ICAR), ICAR-Indian Agricultural Research Institute (IARI), and ICAR-National Bureau of Plant Genetic Resources (NBPGR) and was organised by the Secretariat of the International Treaty on Plant Genetic Resources for Food and Agriculture (International Treaty) of the Food and Agriculture Organization (FAO), Rome.
- Ministry of Agriculture and Farmers Welfare – Narendra Singh Tomar,Cabinet Minister (Morena,UP) – Shobha Karandlaje,Minister of State (Udupi Chikmagalur,Karnataka), Kailash Choudhary, Minister of State (Barmer,Rajasthan)
Special Swachhata Campaign 2.0
- Special Swachhata Campaign 2.0 was started in November 2022 and currently underway by various ministries.
- The Jal Shakti Ministry has generated revenue of over 17 lakh rupees while NITI Aayog has disposed about 95 per cent of public grievances, under the Special Swachhata Campaign 2.0.
- The Water Resources, River Development and Ganga Rejuvenation departments have freed up over 5900 square feet office space after weeding up files and disposing of office scrap.
- The Jal Shakthi ministry also reviewed over 32 thousand physical files and held 248 cleanliness campaigns besides cleaning surroundings, rivers, and lakes through a holistic approach.
- The NITI Aayog has reviewed 75 percent of its physical files and disposed of over 95 percent public grievances under the special campaign.
- Ministry of Jal Shakti – Gajendra Singh Shekhawat,Union Minister (Jodhpur,Rajasthan) – Prahlad Singh Patel,Minister of State (Damoh,MP) & Bisweshwar Tudu,Minister of State (Mayurbhanj,Odisha)
International News
12th Round of Ministerial India-UK Economic and Financial Dialogue
- The 12th Round of Ministerial India-UK Economic and Financial Dialogue was held in New Delhi.
- The Indian delegation was led by Smt. Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs, and the U.K. delegation was led by Rt. Hon. Mr. Jeremy Hunt, MP, Chancellor of the Exchequer, U.K.
- India and UK reiterated the commitment to deepen their collaboration on Financial Services, building on each other’s strengths and supporting mutual aspirations towards financial inclusion and sustainable development.
- There was optimism in terms of the activities being done by India to promote financial services and investment in GIFT IFSC and UK’s commitment to support the same.
- The focus of the dialogue was also towards enhancement of the knowledge exchange, cooperation and support between India and UK to further the infrastructure development priorities, robust FinTech partnership and Sustainable Finance towards long-term growth objectives.
- Both sides also deliberated on enhancing mutual cooperation on macroeconomic and multilateral issues.
- The two countries announced the India-UK Infrastructure Finance Bridge, a collaborative initiative to leverage expertise and investment in support of India’s National Infrastructure Pipeline.
- The Dialogue concluded with the adoption of the Joint Statement by Union Finance Minister of India and Chancellor of Exchequer of United Kingdom.
- United Kingdom – London (Capital) – Pound Sterling (Currency) – Charles III (Monarch) – Rishi Sunak (Prime Minister) – English (Language)
State News
Dharmendra Pradhan inaugurated various schemes of School Education and Higher Education Department in Dehradun
- Union Education Minister Dharmendra Pradhan inaugurated Vidya Samiksha Kendra in Dehradun.
- He also laid the foundation stone of 141 PM-Shri Schools and 3 Netaji Subhas Chandra Residential School in the state.
- Uttarakhand is the second state after Gujarat where Vidya Samiksha Kendra has been inaugurated which provide online data of all the schools of the state in one click.
- Higher education meritorious scholarship and Research incentive schemes were also inaugurated in the programme.
- Uttarakhand – Dehradun (Winter), Gairsain (Summer) (Capital) – Pushkar Singh Dhami (CM) – Gurmit Singh (Governor) – Hindi (Language)
Banking and Finance
AU Small Finance Bank signed bancassurance with Star Health and Allied Insurance Company
- AU Small Finance Bank has taken a significant step in enhancing its customer services by sealing bancassurance deals with Star Health and Allied Insurance Company.
- This move aims to provide health and life insurance solutions to the bank’s customers, creating a one-stop destination for their financial needs.
- These tie-ups will enable the AU Small Finance Bank’s customers to access a wide range of insurance products from Star Health.
- Star Health and Allied Insurance Co Ltd – 2006 (Founded) – Chennai (HQ)
Cashfree Payments partnered with NPCI to launch customer onboarding feature
- Fintech company Cashfree Payments has launched ‘AutoPay on QR’ in collaboration with the National Payments Corporation of India (NPCI).
- The feature helps in the customer onboarding process through a two-step workflow of scanning the QR code and approving an e-mandate via UPI apps within 30 seconds.
- ‘AutoPay on QR’ eliminates the necessity to download an app or register on the website and directly activates a unique subscription for each customer.
- Cashfree Payments’ AutoPay on QR would enable subscription-based businesses to enhance customer acquisition, support retention, and facilitate rapid growth.
- National Payments Corporation of India – 2008 (Founded) – Mumbai (HQ) – Dilip Asbe (MD & CEO)
Agreements and MoUs signed
India signed MoU with Saudi Arabia
- India and Saudi Arabia have signed a Memorandum of Understanding on cooperation in the field of energy.
- The MoU between the Government of the Republic of India and the Government of the Kingdom of Saudi Arabia was signed in New Delhi by Union Minister for New & Renewable Energy and Power, Government of India, Shri R. K. Singh for the Indian side and Minister of Energy for the Kingdom of Saudi Arabia, His Royal Highness Abdulaziz bin Salman Al-Saud for the Saudi side.
- The MoU will support India’s efforts for energy transition and transformation of global energy system towards combating climate change.
- Saudi Arabia – Riyadh (Capital) – Saudi riyal (Currency) – Salman (King) – Mohammed bin Salman (Crown Prince & Prime Minister) – Arabic (Language)
NTPC Green Energy Limited signed MoU with Nayara Energy
- NTPC Green Energy Limited (NGEL), a wholly-owned subsidiary of India’s leading integrated power producer NTPC Limited, and Nayara Energy, a new-age international downstream energy company of international scale, have entered into a Memorandum of Understanding (MoU) to explore opportunities in the Green Hydrogen and Green Energy space.
- The MoU envisages collaboration to produce Green Hydrogen for Nayara Energy’s captive usage, accelerate decarbonisation and catalyse reduction in carbon footprint.
- The collaboration is in line with NTPC’s initiatives to develop hydrogen projects in India and aligns with the vision of a self-reliant India (Atmanirbhar Bharat) as laid out by the Prime Minister.
- NTPC is India’s largest Power Utility having a total installed capacity of more than 73 GW.
- As part of increasing its renewable energy portfolio, a wholly-owned subsidiary NGEL has been formed to take up Renewable Energy Parks and Projects including businesses in the area of Green Hydrogen, Energy Storage Technologies, and Round-the-Clock RE Power.
- NTPC Group has a plan of 60 GW of RE capacity by the year 2032 and is currently working on a pipeline of 20+ GW, out of which over 3 GW is operational capacity.
- Nayara Energy is an integrated downstream company of international scale with strong presence across the hydrocarbon value chain from refining to retail.
- Nayara Energy owns India’s second largest single-site refinery at Vadinar, Gujarat with a capacity of 20 MMTPA.
- It is one of the world’s most modern and complex refineries with a complexity of 11.8, which is amongst the highest globally.
- The company has over 6,000 operational retail outlets spread across India.
UNDP signed MoU with NABARD
- The United Nations Development Programme (UNDP) and the National Bank for Agriculture and Rural Development (NABARD) have signed an MoU to collaborate on data-driven innovations in agriculture and food systems.
- The MoU was signed by Chief General Manager of NABARD, Mr. Sanjeev Rohilla, and UNDP Deputy Resident Representative, Ms. Isabelle Tschan.
- The partnership aims to support smallholder farmers by sharing open-source data for product development, technology transfer, and policy framing.
- Under this MoU, both organizations will work to improve the lives and livelihoods of smallholder farmers by sharing open-source data for product development, transfer of technology and supporting the framing of agrarian policies.
- Under the MoU, UNDP will leverage its expertise in open innovations, data collaboratives, data science approaches and global know-how for supporting NABARD’s agenda of embedding data-driven decision-making in agriculture investments.
- The partnership includes enhancing and disseminating collaborative digital public goods like DiCRA (Data in Climate Resilient Agriculture).
- DiCRA is a collaborative digital public good which provides open access to key geospatial datasets pertinent to climate resilient agriculture.
- United Nations Development Programme (UNDP) – 22/11/1965 (Founded) – New York (HQ) – Achim Steiner (Administrator)
India signed 27 MoU’s with Netherland
- To strengthen the collaboration between the Netherlands and India, stakeholders from both countries have jointly signed 27 Memoranda of Understanding (MOUs), with a special focus on areas such as sustainable food systems, key enabling technologies and medical technology.
- Many of these agreements are the culmination of contacts that were established during the State visit of King Willem-Alexander and Queen Maxima in 2019.
- During a one-day visit to the city, the Prime Minister of the Netherlands, Mark Rutte, also inaugurated an economic mission involving over sixty Dutch companies and educational institutions.
- This mission had a strong focus on three pivotal themes: essential enabling technologies, medical technology, and sustainable food systems.
- The robust economic ties between both nations were further underscored during FY23, when India’s trade surplus with the Netherlands experienced a substantial increase.
- It surged from $8 billion in the preceding year to $13 billion, consequently positioning the Netherlands as India’s third-largest export partner for the year, trailing only behind the United States and the United Arab Emirates.
- Netherlands – Amsterdam (Capital) – Euro & United States dollar (Currency) – Willem-Alexander (Monarch) – Mark Rutte (Prime Minister) – Dutch (Language)
National judicial academy signed MoU with Singapore Judicial college
- The National Judicial Academy of India signed a memorandum of understanding (MoU) with the Singapore Judicial College of the Supreme Court of the island city-state on advancing cooperation in judicial education and research.
- India and Singapore signed another memorandum of understanding on judicial cooperation.
- Singapore – Singapore City (Capital) – Singapore dollar (Currency) – Tharman Shanmugaratnam (President) – Lee Hsien Loong (Prime Minister) – Malay (Language)
Power
Tata Power's Tamil Nadu solar cell unit got $425 million from US government agency
- The American government’s development finance institution has approved investing up to $425 million in TP Solar, a subsidiary of Tata Power Renewable Energy (TPREL), for the Indian firm’s greenfield solar cell plant in Tirunelveli district of Tamil Nadu.
- The 4.3 gigawatt (GW) plant’s first module production is expected by this year’s end.
- TPREL is a subsidiary of Tata Power, one of India’s largest integrated power companies.
- The investment by Development Finance Corporation (DFC) will help India to increase renewable energy manufacturing capability by supporting domestic solar capacity addition.
- DFC’s financial support of Tata Power will help secure the supply chain in the country’s journey for leadership in clean energy.
- Tata Power Company Limited – 18/10/1919 (Founded) – Mumbai (HQ) – Praveer Sinha (MD & CEO)
Coal India Limited will invest in First Mile Connectivity (FMC) projects
- Coal India Limited (CIL) has planned a capital investment of about Rs. 24,750 crores in the next few years on 61 First Mile Connectivity (FMC) projects.
- To come up in three phases, these projects combined will have a capacity of 763.5 million tonne per annum (MTPA) when completed.
- FMC projects involve transportation of coal in mechanised piped conveyors from production point to coal handling plants/silos with rapid loading system where coal is loaded directly into rail wagons.
- Coal India Limited (CIL) – 1975 (Founded) – Kolkata (HQ) – Pramod Agarwal (Chairman & MD)
Acquisitions and Mergers
Razorpay acquired digital invoicing startup BillMe
- Fintech platform Razorpay had acquired Mumbai-based digital invoicing and customer engagement startup BillMe.
- The partnership aims at empowering businesses with a hybrid model to engage better with end consumers.
- BillMe was founded in 2018 by Kuber Pritmani, Jai Hemrajani and Rupam Jain, and has served over 4,000 businesses and 15,000 retail Points Of Sale (POS).
- PoshVine, IZealiant Technologies, Ezetap, ThirdWatch, Curlec, TERA Finlabs, Opfin are the previous companies acquired by Razorpay.
- Razorpay Software Private Limited – 2013 (Founded) – Bangalore (HQ) – Harshil Mathur (CEO)
Appointments
RBI approved reappointment of ICICI Bank MD Sandeep Bakhshi for 3 years
- The Reserve Bank of India had approved the reappointment of ICICI Bank MD and CEO Sandeep Bakhshi for three years, with effect from October 4.
- The reappointment tenure will be effective till October 3, 2026.
- Bakhshi was appointed as MD & CEO of ICICI Bank in October 2018, taking over from Chanda Kochhar.
- ICICI Bank – 05/01/1994 (Founded) – Mumbai (HQ) – Sandeep Bakhshi (MD & CEO)– “Khayal Apka” (Tagline)
Awards and Recognitions
Shanti Swarup Bhatnagar Prize
- Indian Institute of Technology Madras (IIT Madras) faculty Rajnish Kumar has been recognised with the Shanti Swarup Bhatnagar Prize.
- The Prize is bestowed on a person who has made outstanding contributions to human knowledge and progress fundamental and applied in a particular field of their specialization.
- The award is being given for his contributions to fundamental understanding of the nucleation and growth of clathrate hydrates, CO2 sequestration in solid hydrates and methane recovery from marine gas hydrates.
- The Shanti Swarup Bhatnagar Prize for Science and Technology (SSB) is a science award in India given annually by the Council of Scientific and Industrial Research (CSIR) for notable and outstanding research, applied or fundamental, in biology, chemistry, environmental science, engineering, mathematics, medicine, and physics.
- The award, being given since 1985, is named after the Founder Director of the Council of Scientific and Industrial Research (CSIR) Shanti Swarup Bhatnagar.
Obituary
Ian Wilmut passed away
- Ian Wilmut, the British embryologist who led the team that created the first mammal cloned from an adult cell, popularly known as Dolly the Sheep, died at the age of 79.
- Dolly was a female Finn-Dorset sheep and the first mammal that was cloned from an adult somatic cell on July 05 1996.
- She was cloned by associates of the Roslin Institute in Scotland, using the process of nuclear transfer from a cell taken from a mammary gland.
Important Days
World First Aid Day 2023
- World First Aid Day is observed annually on the second Saturday of every September to create awareness around the role of first aid in saving lives.
- This year the day is being celebrated on September 9.
- The day was established by the International Federation of Red Cross and Red Crescent Societies on the second Saturday of September in the year 2000.
- Theme – First Aid in the Digital World
International Day to Protect Education from Attack
- International Day to Protect Education from Attack is annually observed on September 09.
- The day is celebrated to raise awareness of the issue of attacks on education and to call for action to protect the right to education for all children.
- On May 28, 2020, the UN General Assembly adopted Resolution 74/275, establishing September 9 as the International Day to Protect Education from Attack.
- Theme – Justice for Victims
- United Nations General Assembly – 1945 (Founded) – New York City (HQ) – Dennis Francis (President)
Daily Current Affairs - September 12, 2023 - Consolidated
- Defence Minister inaugurated various infrastructure projects
- First Global Symposium on Farmers’ Rights
- Special Swachhata Campaign 2.0
- 12th Round of Ministerial India-UK Economic and Financial Dialogue
- Dharmendra Pradhan inaugurated various schemes of School Education and Higher Education Department in Dehradun
- AU Small Finance Bank signed bancassurance with Star Health and Allied Insurance Company
- Cashfree Payments partnered with NPCI to launch customer onboarding feature
- India signed MoU with Saudi Arabia
- NTPC Green Energy Limited signed MoU with Nayara Energy
- UNDP signed MoU with NABARD
- India signed 27 MoU’s with Netherland
- National judicial academy signed MoU with Singapore Judicial college
- Tata Power’s Tamil Nadu solar cell unit got $425 million from US government agency
- Coal India Limited will invest in First Mile Connectivity (FMC) projects
- Razorpay acquired digital invoicing startup BillMe
- RBI approved reappointment of ICICI Bank MD Sandeep Bakhshi for 3 years
- Shanti Swarup Bhatnagar Prize
- Ian Wilmut passed away
- World First Aid Day 2023
- International Day to Protect Education from Attack
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