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Daily Current Affairs – September 14, 2023

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Daily Current Affairs - Banking - September 14, 2023

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National News

Cabinet Approval

  • The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved the extension of Pradhan Mantri Ujjwala Yojana (PMUY) for release of 75 lakh LPG connections over three years from Financial Year 2023-24 to 2025-26.
  • Provisioning of 75 lakh additional Ujjwala connections will take total number of PMUY beneficiaries to 10.35 crore.
  • As per the existing modalities of Ujjawala 2.0, the first refill and stove will also be provided free of cost to Ujjwala beneficiaries.
  • A targeted subsidy of Rs.200 per 14.2 kg LPG cylinder for upto 12 refills per year is being provided to PMUY consumers.
  • The union cabinet also approved the FDI proposal for foreign investment of up to Rs.9589 crore in M/s Suven Pharmaceuticals Limited by M/s Berhyanda Limited, Cyprus.
  • The approval is for acquisition of up to 76.1% equity shares of M/s Suven Pharmaceuticals Limited by M/s Berhyanda Limited, Cyprus, by way of transfer of shares of from existing promoter shareholders and public shareholders through mandatory Open Offer.
  • The aggregate foreign investment may increase up to 90.1% in M/s Suven Pharmaceuticals Limited.
  • The proposal has been evaluated by SEBI, RBI, CCI and other relevant agencies. 
  • The entire investments in foreign Investor Company, M/s Berhyanda Limited are held by Advent Funds, which pool investments from various Limited Partners (LPs).
  • The Advent Funds are managed by Advent International Corporation, an entity incorporated in USA.
  • Advent International Corporation, set up in 1984 has made investments of about USD 75 billion in 42 countries.
  • Advent India started investments in India since 2007 and so far it has invested about Rs 34000 crores in 20 Indian companies across healthcare, financial services, industrial manufacturing, consumer goods and IT services sectors.
  • The cabinet also approved the eCourts Project Phase III as a Central Sector Scheme spanning four years (2023 onwards) with financial outlay of Rs.7210 crores.
  • In line with the vision of Hon’ble Prime Minister Shri Narendra Modi ji’s “Sabka Sath, Sabka Vikas and Sabka Vishwas”, eCourts Mission Mode Project is the prime mover for improving access to justice using technology.
  • As part of the National eGovernance Plan, the e-Courts Project is under implementation since 2007 for ICT enablement of the Indian Judiciary the Phase II of which has concluded in 2023.
  • Phase III of the e-Courts Project in India is rooted in philosophy of “access and inclusion”.
  • Taking the gains of Phase-I and Phase-II to the next level, the e-Courts Phase-III aims to usher in a regime of maximum ease of justice by moving towards digital, online and paperless courts through digitization of the entire court records including legacy records and by bringing in universalization of e-Filing/ e-Payments through saturation of all court complexes with e-Sewa Kendras.
  • It will put in place intelligent smart systems enabling data-based decision making for judges and registries while scheduling or prioritizing cases.
  • The main objective of the Phase-III is to create a unified technology platform for the judiciary, which will provide a seamless and paperless interface between the courts, the litigants and other stakeholders.
  • The Centrally Sponsored Scheme of eCourts Phase III is being implemented under the joint partnership of Department of Justice, Ministry of Law & Justice, Government of India and eCommittee, Supreme Court of India, in a decentralized manner through the respective High Courts to develop a judicial system that would promote ease of justice by making the system more accessible, affordable, reliable, predictable, and transparent for all stakeholders.

Study In India (SII) workshop

  • The Department of Higher Education, Ministry of Education in association with EDCIL organised a Study in India (SII) workshop at AICTE auditorium, New Delhi.
  • The objective was to familiarise all the stakeholders from various Ministeries/ Departments, FRROs, Indian Missions abroad and Compliance Officers of Higher Educational Institutions (HEIs) about the functioning of the SII portal and their specific roles in running it.
  • The portal was jointly launched by Union Education and Skill Development & Entrepreneurship Minister Shri Dharmendra Pradhan and Union External Affairs Minister Dr. S. Jaishankar in New Delhi as part of the Internationalisation of the Higher Education efforts.
  • SII programme was launched to bring cohesive and coordinated actions for easing the process of regulatory actions for any student willing to study in India with the collaboration of Ministry of Home Affairs and Ministry of External Affairs.
  • Study in India is a flagship programme of Government of India in line with Prime Minister Shri Narendra Modi’s vision of re-establishing India as a global hub of education.
  • The website-portal acts as a single window system for registration, visa approvals, thereby simplifying the entire journey, enabling students to choose their desired courses, receive institute offer letters, and successfully pursue their academic dreams in India.
  • Ministry of Education – Dharmendra Pradhan,Union Minister (Rajya Sabha MP,MP) – Subhas Sarkar, Minister of State (Bankura, West Bengal), Annpurna Devi Yadav, Minister of State (Kodarma, Jharkhand), Rajkumar Ranjan Singh, Minister of State (Inner Manipur,Manipur)

International News

India and Japan held discussion on bilateral cyber cooperation

  • India and Japan discussed important areas of bilateral cyber cooperation, and reviewed the progress achieved in the areas of cyber security and Information and Communication Technologies including 5G technology.
  • Japan hosted the fifth India-Japan Cyber Dialogue in Tokyo.
  • The Indian Delegation was led by Joint Secretary, Cyber Diplomacy Division in Ministry of External Affairs, Muanpuii Saiawi.
  • Both sides exchanged views on latest developments in cyber domain and mutual cooperation at the United Nations and other multilateral and regional fora, including under the Quad framework.
  • Both the delegations underscored the importance of capacity building in ensuring secure cyberspace and agreed to cooperate in this aspect.
  • The Indian side invited the Japanese side to the sixth India-Japan Cyber Dialogue in New Delhi next year as mutually convenient.
  • Japan – Tokyo (Capital) – Japanese yen (Currency) – Naruhito (Emperor) – Fumio Kishida (Prime Minister) – Japanese (Language)

State News

PM laid foundation stone of development projects in Bina, Madhya Pradesh

  • The Prime Minister, Shri Narendra Modi laid the foundation stone of development projects worth more than Rs. 50,700 crores in Bina, Madhya Pradesh.
  • The projects include the Petrochemical Complex at Bina Refinery of Bharat Petroleum Corporation Limited (BPCL) to be developed at a cost of about Rs. 49,000 crores; a Power and Renewable Energy Manufacturing Zone in Narmadapuram district; two IT parks in Indore; a Mega Industrial Park in Ratlam; and six new industrial areas across Madhya Pradesh.
  • Madhya Pradesh – Bhopal (Capital) – Shivraj Singh Chouhan (CM) – Mangubhai C. Patel (Governor) – Hindi (Language)

Chhattisgarh CM laid India's largest wholesale commercial market in Raipur

  • Chhattisgarh Chief Minister Bhupesh Baghel laid the foundation stone of three projects commercial hub, aerocity and Shaheed Memorial during an event in Raipur.
  • With an aim to promote investment and commercial activities, the commercial hub is being developed in an area spanning 1,083 acres in sectors 23, 24, 34, 35, and 40 of Nava Raipur.
  • The land allocated for the first phase of the commercial hub will include the development of 1,000 wholesale commercial shops, with space for 20 different businesses.

PM launched rail sector projects in Chhattisgarh

  • Prime Minister launched rail sector projects worth more than Rs. 6 thousand crores in the public programme in Raigarh.
  • These projects include Chhattisgarh East Rail Project Phase-I, 3rd rail line between Champa to Jamga, 3rd rail line between Pendra Road to Anuppur and Merry-Go-Round system connecting Talaipalli Coal Mine to NTPC Lara Super Thermal Power Station.
  • The rail projects will provide impetus to socio-economic development by facilitating movement of passengers as well as freight traffic in the region.
  • Chhattisgarh – Raipur (Capital) – Bhupesh Baghel (CM) – Biswabhusan Harichandan (Governor) – Chhattisgarhi & Hindi (Language)

Punjab Chief Minister laid foundation stone of Saragarhi memorial in Ferozpur

  • Punjab Chief Minister Bhagwant Singh Mann laid the foundation stone of a Saragarhi memorial in Ferozpur and directed officials to complete it within next six months.
  • About 126 years ago, on 12 September 1897, 21 brave soldiers of the 36th Sikh Regiment of the British-Indian Army under the leadership of Havaldar Ishar Singh gave their martyrdom while fighting against about 10 thousand Afghani tribesmen and killing about 600 Afghani tribesmen and foiled their attempt to capture the area.
  • The 36th Sikh Regiment is now known as the 4th Sikh Regiment of the Indian Army.
  • These 21 Sikhs who died in this war were mostly from the Majha region of Punjab, so memorials of these martyrs were built in Amritsar and Ferozepur districts.
  • These martyrs were honored with the highest Indian military bravery award, Indian Order of Merit at that time, equal to the Paramvir Chakra presently. Shishu Sharma Shantal, Akashvani News, Jalandhar.
  • Punjab – Chandigarh (Capital) – Bhagwant Singh Mann (CM) – Banwarilal Purohit (Governor) – Punjabi (Language)

Rajasthan CM inaugurated park for coaching institute students

  • Rajasthan’s Chief Minister Ashok Gehlot unveiled a sprawling 30-hectare park built at a cost of Rs 120 crore to provide a serene and stress-free environment for coaching institute students.
  • Named the “OxyZone City Park Garden of Joy,” this park has been designed to offer a respite from the rigorous academic schedules that students often face.
  • The park’s construction began in February 2020 under the Urban Improvement Trust.
  • Rajasthan – Jaipur (Capital) – Ashok Gehlot (CM) –       Kalraj Mishra (Governor) – Hindi (Language)

Banking and Finance

Maruti Suzuki partnered with Indian Bank to provide financing solutions to dealers

  • Maruti Suzuki India Ltd had partnered with Indian Bank to provide financing solutions to its dealers.
  • The two parties have signed a Memorandum of Understanding (MoU), which will empower over 4,000 Maruti Suzuki dealerships across the country with comprehensive inventory funding options for their working capital requirements.
  • Maruti Suzuki India Limited (formerly Maruti Udyog Limited) – 24/02/1981 (Founded) – New Delhi (HQ) – R. C. Bhargava (Chairman)

Cashfree Payments launched one-step UPI payment solution for businesses

  • Cashfree Payments launched UPI Plug-in, which enables mobile-first businesses to collect UPI payments from customers without needing them to exit the application.
  • This solution has been created in partnership with NPCI and Axis Bank, ensuring complete security and compliance.
  • Cashfree Payments’ UPI Plug-in simplifies the UPI payment process by increasing conversion rates, reducing customer drop-offs and improving customer experience.
  • The customer only needs to provide their 4 or 6-digit UPI PIN after clicking ‘Pay Now’ to complete the transaction.
  • With the UPI Plug-in, businesses have more visibility over the customer’s payment journey, as the customer does not leave the app.
  • This helps businesses to effectively capture the buyer’s intent and optimise their strategy to target customers who are actively considering making a purchase.
  • The solution is useful for businesses operating in various sectors such as travel aggregators, transportation services, e-commerce, food delivery, and quick commerce.
  • Cashfree Payments – 2015 (Founded) – Bengaluru (HQ) – Akash Sinha (CEO)

Agreements and MoUs signed

India Signed MoU with Armenia, Sierra Leone and Antigua & Barbuda

  • Ministry of Electronics & Information Technology had signed Memorandum of Understanding (MoU) with the Ministry of High-Tech Industry of the Republic of Armenia, Ministry of Information and Communications of the Republic of Sierra Leone & Ministry of Information, Communications Technologies, Utilities and Energy of the Antigua & Barbuda on Cooperation in the field of sharing successful Digital Solutions implemented at Population Scale for Digital Transformation.
  • The MoU intends to promote closer cooperation and exchange of experiences and digital technologies-based solutions (viz. INDIA STACK) in the implementation of digital transformational initiatives of both the country.
  • MoU envisages improved collaboration leading to employment opportunities in the field of IT.
  • The MoU shall come into effect from the date of signature of the Parties and shall be remain in force for a period of 3 years.
  • Armenia – Yerevan (Capital) – Yerevan (Currency) – Vahagn Khachaturyan (President) – Nikol Pashinyan (Prime Minister) – Armenian (Language)
  • Sierra Leone – Freetown (Capital) – Leone (Currency) – Julius Maada Bio (President) – David Sengeh (Chief Minister) – English (Language)
  • Antigua and Barbuda – St. John’s (Capital) – East Caribbean dollar (Currency) – Charles III (Monarch) – Gaston Browne (Prime Minister) -English (Language)

IRCTC signed MoU with MSRTC

  • Indian Railway Catering and Tourism Corporation Ltd’s (IRCTC) signed a memorandum of understanding (MoU) with the Maharashtra State Road Transport Corporation (MSRTC) to enable travellers to book bus journeys through IRCTC’s bus booking portal.
  • MSRTC will provide the APIs of its online bus ticketing system to IRCTC, which will then integrate them on its website and mobile apps.
  • Further specifics on roles and responsibilities will be outlined in the mutually agreed terms.
  • Indian Railway Catering and Tourism Corporation (IRCTC) – 27/09/1999 (Founded) – New Delhi (HQ) – Rajni Hasija (Chairman & MD)

Summit and Conference

International Conference on Dam Safety

  • The Vice President of India, Shri Jagdeep Dhankhar inaugurated the International Conference on the theme “Safe & Secure Dams Ensure Nation’s Prosperity” organised by the Department of Water Resources, River Development, and Ganga Rejuvenation, Ministry of Jal Shakti at Rajasthan International Centre (RIC) in Jaipur, where the world’s foremost experts and leaders in the field will assemble to strengthen capacities for enhancing dam safety.
  • The International Conference on Dam Safety is testament to India’s commitment to ensuring the safety and longevity of its dams.
  • As these structures play a pivotal role in ensuring prosperity of India, such initiatives underline the importance of collaborative efforts, knowledge sharing, and technological advancements in the realm of dam safety.
  • The collective vision shared by the experts and leaders at the conference is bound to inspire confidence and positivity, ensuring a safer and prosperous future for all.
  • 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)

Science and Technology

Skill India Digital Platform

  • Union Minister Dharmendra Pradhan, unveiled Skill India Digital (SID) With the mission of enhancing access to quality skill development, relevant opportunities, and entrepreneurial support for every Indian.
  • SID is a comprehensive digital platform which aims to harmonize and revolutionize the landscape of skills, education, employment, and entrepreneurship in India.
  • During the event, several MoUs were exchanged with leading organizations to advance digital skilling, fostering industry participation, and enhancing learner engagement, including AICTE, CBSE, NIELIT, Infosys, Microsoft, AWS (Amazon), RedHat, Wadhwani Foundation, UNICEF, Future Skills Prime, SAP, Tech Mahindra Foundation.
  • SID serves as the cornerstone of India’s Digital Public Infrastructure (DPI) for skilling, education, employment, and entrepreneurship.
  • It is driven by the vision of enhancing skill development through innovation, accessibility, and personalization, with a particular focus on digital technology and Industry 4.0 skills.
  • Ministry of Skill Development and Entrepreneurship – Dharmendra Pradhan,Union Minister (Rajya Sabha MP,MP) – Rajeev Chandrasekhar,Minister of State (Rajya Sabha MP,Karnataka)

Special Campaign 3.0 portal

  • Union Minister of State for Personnel, Public Grievances, and Pensions Dr Jitendra Singh launched a Special Campaign 3.0 portal at a function in New Delhi.
  • Through this dedicated portal scdpm.nic.in the Special Campaign 3.0 will be monitored. 
  • The Government has announced to conduct Special Campaign 3.0 from the 2nd to the 31st of October 2023 with a focus on Swachhata and reducing pendency in Government Offices with a saturation approach.
  • This Special Campaign will focus on field and outstation offices responsible for service delivery or having a public interface.
  • Department of Administrative Reforms and Public Grievances is the Nodal Department for the implementation of this Campaign.

‘Sarpanch Samvad’ app

  • Assam Governor Gulab Chand Kataria has launched the ‘Sarpanch Samvad’ app.
  • The launch ceremony, was held at the Raj Bhavan, was attended by over 30 sarpanchs from different parts of the country.
  • The app has been developed by the Quality Council of India (QCI).
  • The objective of this initiative is to provide comprehensive support to sarpanchs and foster their growth as leaders.
  • The app is aimed at connecting approximately 2.5 lakh sarpanchs across India, and serves as a holistic platform for networking, knowledge dissemination, and collaboration.
  • The app not only ensures a single platform for idea-sharing, but also reinforces QCI’s commitment to empower grassroots leaders.
  • The Quality Council of India, established in 1997 by the Government of India and the Indian industry, is the apex organisation responsible for establishing and operating the third-party national accreditation system, improving quality across sectors and advising the government and other stakeholders on matters concerning quality.
  • Assam– Dispur (Capital) – Himanta Biswa Sarma (CM) – Gulab Chand Kataria (Governor) – Assamese & Boro (Language)

Acquisitions and Mergers

LIC sold 2% stake in Sun Pharma

  • LIC had sold 2% of its holding in Sun Pharma for Rs 4,699 crore via open market sale.
  • The shares were sold at an average price of Rs 973.80 per share during the period through an open market sale in an ordinary course of transaction.
  • Sun Pharma is engaged in the business of manufacturing, developing and marketing a wide range of branded and generic formulations and Active Pharma Ingredients (APls).
  • Sun Pharmaceutical Industries Limited (Sun Pharma) – 1983 (Founded) – Mumbai (HQ) – Dilip Shanghvi (MD)

Appointments

Chairman of Mastercard India

  • Banking industry veteran and former State Bank of India (SBI) Chairman Rajnish Kumar had been appointed the Chairman of Mastercard India.
  • He concluded his three-year term as SBI Chairman in October 2020.
  • Rajnish Kumar also holds several directorships including seats on the boards of corporate giants such as HSBC Asia Pacific, L&T, and Brookfield Property Management.
  • He also chairs the board of BharatPe and board of governors of leading management institute MDI, Gurgaon.
  • Mastercard Inc. – 1966 (Founded) – New York (HQ) – Merit Janow (Chairman)

Important Days

Hindi Diwas

  • Hindi Diwas day is annually observed on September 14 in India.
  • Day is celebrated to commemorate the date 14 September 1949 on which a compromise was reached during the drafting of the Constitution of India on the languages that were to have official status in the Republic of India.

Defence

IAF took delivery of first C295 transport aircraft

  • Indian Air Force (IAF) received delivery of the first of the 56 C295 aircraft which are set to replace its ageing Avro-748 fleet from Airbus production site in Seville, Spain.
  • In September 2021, India formalised the acquisition of 56 Airbus C295 aircraft to replace the legacy Avro fleet of the IAF at a cost of Rs 21,935 crore.
  • The first 16 C295s of the 56 aircraft on order will be assembled at the San Pablo Sur site in Seville, with the second aircraft due to be delivered in May 2024 and the next 14 rolled out at a rate of one per month until August 2025.
  • The remaining 40 C295s of the IAF order will be manufactured and assembled – in partnership with Tata Advanced Systems Limited (TASL) – at a Final Assembly Line (FAL) in Gujarat’s Vadodara.
  • Spain – Madrid (Capital) – Euro (Currency) – Felipe VI (Monarch) – Pedro Sánchez (Prime Minister) – Spanish (Language)
  • Tata Advanced Systems Limited (TASL) – 2007 (Founded) – Hyderabad (HQ) Vijay Singh (Chairman) – Sukaran Singh (CEO & MD)

Daily Current Affairs - September 14, 2023 - Consolidated

  • Cabinet Approval
  • Study In India (SII) workshop
  • India and Japan held discussion on bilateral cyber cooperation
  • PM laid foundation stone of development projects in Bina, Madhya Pradesh
  • Chhattisgarh CM laid India’s largest wholesale commercial market in Raipur
  • PM launched rail sector projects in Chhattisgarh
  • Punjab Chief Minister laid foundation stone of Saragarhi memorial in Ferozpur
  • Rajasthan CM inaugurated park for coaching institute students
  • Maruti Suzuki partnered with Indian Bank to provide financing solutions to dealers
  • Cashfree Payments launched one-step UPI payment solution for businesses
  • India Signed MoU with Armenia, Sierra Leone and Antigua & Barbuda
  • IRCTC signed MoU with MSRTC
  • International Conference on Dam Safety
  • Skill India Digital Platform
  • Special Campaign 3.0 portal
  • ‘Sarpanch Samvad’ app
  • LIC sold 2% stake in Sun Pharma
  • Chairman of Mastercard India
  • Hindi Diwas
  • IAF took delivery of first C295 transport aircraft

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