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Daily Current Affairs - Banking - September 26, 2023

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National News

National Policy on Research and Development and Innovation in Pharma-MedTech Sector in India

  • Dr. Mansukh Mandaviya, Union Minister of Chemicals and Fertilisers and Minister of Health & Family Welfare launched the National Policy on Research and Development and Innovation in Pharma-MedTech Sector in India and Scheme for promotion of Research and Innovation in Pharma MedTech Sector (PRIP) in the presence of Shri Bhagwanth Khuba, Union Minister of State for Chemicals and Fertilisers and Renewable Energy and Dr V.K. Paul, Member, NITI Aayog.
  • The event was organised by Department of Pharmaceuticals at India International Centre.
  • The National Policy on Research and Development in the Pharma-MedTech Sector in India can potentially help in growing the sector to USD 120-130 Billion over the next decade, increasing its contribution to the GDP by about 100 basis points.
  • The policy aims to encourage R&D in pharmaceuticals, including traditional medicines & phytopharmaceuticals and medical devices.
  • The policy acknowledged the need for greater emphasis on encouraging R&D, through indigenously developed cutting-edge products and technologies upon three focus areas, namely, strengthening the regulatory framework, incentivising investments in innovation and creating a facilitatory ecosystem for Innovation.
  • The event will see active participation from other dignitaries, including policymakers, experts from the healthcare sector along with representative from academia, think tanks, industry and media.
  • This gathering aims to highlight the India’s drug and pharmaceutical export trend, India’s category wise export share, the preamble, need for the policy, its objectives, focus areas of the objectives and monitoring and evaluation mechanism.
  • Ministry of Health and Family Welfare – Mansukh Laxmanbhai Mandaviya,Union Minister (Rajya Sabha MP,Gujarat) – Dr. Bharati Pravin Pawar,Minister of State (Dindori,Maharashtra), Satya Pal Singh Baghel ,Minister of State (Agra,UP)

31st meeting of Northern Zonal Council

  • Union Home Minister and Minister of Cooperation Shri Amit Shah presided over the 31st meeting of the Northern Zonal Council in Amritsar, Punjab.
  • Northern Zonal Council comprises the states of Punjab, Haryana, Rajasthan, Himachal Pradesh, and the Union Territories of Delhi, Jammu and Kashmir, Ladakh, and Chandigarh.
  • The meeting was organized by the Inter-State Council Secretariat under the Ministry of Home Affairs, in collaboration with the Government of Punjab.

Banking and Finance

Reserve Bank of India News

  • The Reserve Bank of India has sanctioned the Scheme of Amalgamation of Mumbai-based Sahebrao Deshmukh Co-operative Bank Ltd with Pune-based Cosmos Co-operative Bank Ltd with effect from September 26, 2023 under Banking Regulation Act, 1949.
  • After the merger they will function as branches of Cosmos Co-operative Bank.
  • The central bank had imposed a penalty of ₹1.3 crore on State Bank of India and ₹1.62 crore on Indian Bank for non-compliance with guidelines on ‘Loans and Advances – Statutory and Other Restrictions’.
  • The statutory Inspection of the banks for FY21 revealed that they had sanctioned a term loan to a corporation in lieu of or to substitute budgetary resources envisaged for certain projects and without undertaking due diligence on the viability and bankability of the projects.
  • Further, the repayment/servicing of the loan was made out of budgetary resources.
  • SBI also violated norms on ‘Management of Intra-Group Transactions and Exposures’ wherein it failed to adhere to the intra-group exposure limit, as it did not consider the intra-day limit sanctioned to its group entity for the purpose of computing intra-group exposure limit.
  • Indian Bank defaulted on guidelines under ‘Know Your Customer (KYC) Directions, 2016’ and ‘Interest Rate on Deposits Directions, 2016’.
  • The bank allowed operations and did not close several accounts opened using OTP based e-KYC in non-face-to-face mode, even after expiry of one year without conducting customer due diligence procedure, and opened several savings accounts in the names of customers not eligible to maintain savings deposit account.
  • The Central Bank also fined ₹1 crore on Punjab & Sind Bank for breach of norms on ‘The Depositor Education and Awareness Fund Scheme’ as the bank failed to credit eligible amount to Depositor Education and Awareness Fund within the period prescribed under Section 26A of the Banking Regulation Act, 1949.
  • A penalty of ₹8.8 lakh has also been imposed on Fedbank Financial Services, the NBFC arm of Federal Bank.
  • Lenders may have to undertake a huge exercise over the next six months as Reserve Bank of India (RBI) has asked them to display on their website information on borrowers whose secured assets have been taken into possession by them under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002.
  • The central bank had cancelled the licence of Mumbai-based The Kapol Co-operative Bank Limited as the lender does not have adequate capital and earning.
  • About 96.09% of the depositors are entitled to receive full amount of their deposits from DICGC.
  • The Central Bank had also imposed several restrictions on Ahmedabad-based Colour Merchants Co-operative Bank, including capping withdrawal at ₹50,000 per customer, in the wake of the deteriorating financial condition of the lender.
  • The restrictions, imposed in the form of ‘directions’, have come into effect with the close of business on September 25, 2023.
  • Reserve Bank of India (RBI) – 01/04/1935 (Founded) – Mumbai (HQ) – Shaktikanta Das (Governor)

Business and Economy

Phase II of the ‘Amazon Future Engineer Programme’

  • National Education Society for Tribal Students (NESTS), under Union Ministry of Tribal Affairs, launched the Phase II of the ‘Amazon Future Engineer Programme’ in 54 Eklavya Model Residential Schools (EMRS) spread across Andhra Pradesh, Gujarat, Madhya Pradesh, Odisha, Rajasthan and Telangana.
  • The second phase would include an Advanced Block Programming and Artificial Intelligence curriculum.
  • Secretary (Tribal Affairs), Shri Anil Kumar Jha inaugurated the three-day in-person teachers’ training workshop as well as the EMRS Coders Expo, an exhibition of Top 20 Coding Projects from EMRSs during the previous academic year, in New Delhi.
  • The pilot phase, launched in collaboration with Amazon India and Learning Links Foundation (LLF) last year, has trained over 7,000 students from grades six to eight on the fundamentals of computer science and block programming modules.
  • To make tribal students ready for the ever-expanding technological landscape, it is pertinent that educators be well-equipped with the right knowledge and resources.
  • More than 50 teachers were trained through a 2-day capacity-building workshop followed by periodic virtual sessions in Phase I.
  • Ministry of Tribal Affairs – Arjun Munda,Cabinet Minister (Khunti,Jharkhand) – Renuka Singh Saruta, Minister of State (Sarguja, Chhattisgarh) & Bisweshwar Tudu, Minister of State (Mayurbhanj,Odisha)

Agreements and MoUs signed

Iran-India Joint Chamber Signed MoU with FIEO

  • The Iran-India Joint Chamber of Commerce signed a Memorandum of Understanding (MOU) with Federation of Indian Export Organizations (FIEO) to strengthen trade, investment, quality standards and technology transfer.
  • Vice President of the Iran-India Joint Chamber of Commerce, Mahdi Rangrona signed the MoU with Director General and CEO of Federation of Indian Export Organizations, Ajay Shai.
  • Federation of Indian Export Organizations (FIEO) – 1965 (Founded) – New Delhi (HQ) – Dr A Sakthivel (President)

Summit and Conference

Virtual Conference - South-South Knowledge Sharing Series

  • Union Minister of State for Skill Development & Entrepreneurship and Electronics & IT, Shri Rajeev Chandrasekhar, participated in a virtual conference organized by the World Bank known as the “South-South Knowledge Sharing Series.”
  • This event centered around India’s Digital Public Infrastructure (DPI) and its potential to serve as an inspiring model for African nations, especially in light of the African Union’s recent inclusion in the G20 during India’s presidency of the summit this year.
  • The conference’s theme was “Digital Public Infrastructure: The India Story” and representatives from the African Union highlighted the significant opportunities DPIs could offer to countries whose citizens are not yet connected to the internet.
  • World Bank – December 1944 (Founded) – Washington DC (HQ) – Ajay Banga (President)

India Energy Summit 2023

  • Union Power and New & Renewable Energy Minister R K Singh inaugurated the ‘India Energy Summit 2023′ in New Delhi.
  • The two-day Summit aims to focus on the development of an enabling Green Hydrogen ecosystem in the country.
  • In the inauguration session of the Summit, Ambassador of Kingdom of Belgium Didier Vanderhasselt and Germany Ambassador Dr Philipp Ackermann along with senior dignitaries were also present.
  • Ministry of New and Renewable Energy – Raj Kumar Singh,Union Minister (Arrah, Bihar) – Bhagawanth,Minister of State (Bidar,Karnataka)

Science and Technology

Unified Registration Portal for GOBARdhan

  • The Department of Drinking Water and Sanitation (DDWS), Ministry of Jal Shakti has introduced a Unified Registration Portal for GOBARdhan (gobardhan.co.in) to streamline the registration of Compressed Bio-Gas (CBG) and biogas plants nationwide.
  • The DDWS, being the Nodal Department for GOBARdhan, announced that over 1163 biogas plants and 426 CBG plants have successfully registered on the portal to date.
  • These registered CBG/Biogas plants are eligible for assistance under the Market Development Assistance (MDA) scheme of the Department of Fertilizers, Ministry of Chemicals & Fertilizers.
  • According to the guidelines, MDA of Rs. 1500/MT will be granted for the sale of Fermented Organic Manure (FOM)/ Liquid Fermented Organic Manure (LFOM)/ Phosphate Rich Organic Manure (PROM) produced at BG/CBG plants under the GOBARdhan initiative.
  • Registration of manufacturing plants on the Unified GOBARdhan portal of the DDWS and adhering to Fertilizer Control Order (FCO) specifications for organic fertilizers are pre-requisites for MDA eligibility.
  • Manufacturing units registered under the Unified registration portal for GOBARdhan can market FOM/LFOM/PROM (co-products of CBG/Biogas plants) through Fertilizer Marketing Companies in packed form or independently in packed form, bulk, or both.
  • Quality testing of the manure will be carried out at Government-notified laboratories/NABL accredited private labs.
  • Department of Fertilizers, Ministry of Chemicals & Fertilizers has rolled out the MDA scheme, with focused guidelines to promote production and uptake of organic fertilizers from Galvanising Organic Bio-Agro Resources Dhan (GOBARdhan) plants.
  • The MDA scheme has been launched with a robust budget of Rs. 1451.82 Crores spanning three years (FY 2023-24 to FY 2025-26) to promote production and take-up of organic fertilizers generated from GOBARdhan plants inter alia, promoting sustainable/organic agricultural practices throughout the country.
  • Its objective is to drive the widespread adoption of organic manure, ushering in savings for rural households by cutting down reliance on chemical fertilizers/urea.
  • 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)

Nature

Veerangana Durgavati Tiger Reserve

  • Veerangana Durgavati Tiger Reserve will be the 54th tiger reserve in India and seventh in Madhya Pradesh.
  • Kanha, Bandhavgarh, Satpura, Pench, Panna and Sanjay-Dubri were the previous six Tiger reserves in Madhya Pradesh
  • Ranipur Wildlife Sanctuary in Uttar Pradesh was the 53rd Tiger Reserve.
  • First Tiger Reserve in India is Bandipur National Park in Chamarajnagar, Karnataka in 1973.
  • The National Tiger Conservation Authority (NTCA) is a statutory body under the Ministry of Environment, Forests and Climate Change constituted under enabling provisions of the Wildlife (Protection) Act, 1972, as amended in 2006, for strengthening tiger conservation.
  • The ‘Project Tiger’ is a Centrally Sponsored Scheme (CSS) launched by Ministry of Environment, Forests and Climate Change, in 1973 providing funding support to tiger range States for in-situ conservation of tigers in designated tiger reserves, and has put the endangered tiger on an assured path of recovery by saving it from extinction, as revealed by the recent findings of the All India tiger estimation using the refined methodology.
  • Ministry of Environment, Forest and Climate Change (MoEFCC) – Bhupender Yadav, Cabinet Minister (Rajya Sabha MP,Rajasthan) – Ashwini Kumar Choubey, Minister of State (Buxar,Bihar)

Power

1st Green Hydrogen Fuel Cell Bus

  • Union Minister of Petroleum & Natural Gas and Housing & Urban Affairs Shri Hardeep Singh Puri flagged off 1st two Green Hydrogen Fuel Cell Bus from Kartavya Path, New Delhi under National Green Hydrogen Mission.
  • Under this program, 15 fuel cell buses will be plying on specified routes in the Delhi NCR Region to establish the performance data under Indian operating conditions.
  • These 15 buses shall cover a cumulative 3 lakh kilometres to establish the efficacy, efficiency and sustainability of the complete value chain.
  • Shri Hardeep Singh Puri complimented IndianOil for undertaking this collaborative approach along with Tata Motors for development of indigenous solutions pertaining to Fuel Cell and hydrogen infrastructure in the country.
  • The fuel cell utilizes Hydrogen and air to generate electricity to power the bus and the only by-product from the bus is water.
  • Ministry of Petroleum and Natural Gas – Hardeep Singh Puri,Cabinet Minister (Rajya Sabha MP,UP) – Rameshwar Teli, Minister of State (Dibrugarh,Assam)

Appointments

Chairman of ASOSAI from 2024-2027

  • The 56th Governing Board elected Shri Girish Chandra Murmu, Comptroller and Auditor General of India (C&AG), as the host of the 16th Assembly of Asian Organization of Supreme Audit Institutions (ASOSAI) in 2024 and the Chairman of ASOSAI from 2024-2027.
  • C&AG, as the Chairman, will be the Chief Executive of ASOSAI and represent ASOSAI in its dealings with national and international organizations.

Advisor to Prime Minister Narendra Modi

  • Appointments Committee of the Cabinet had approved the extension in Mr Amit Khare tenure beyond October 12, 2023, for a period co-terminus with the term of Prime Minister.
  • He was appointed to the post for two years in October 2021.
  • Mr Khare, a 1985-batch (retired) Indian Administrative Service IAS officer of the Jharkhand cadre, had superannuated on 30th September 2021.
  • Appointments Committee of the Cabinet had also approved the extension in tenure of Rajesh S Gokhale as secretary, Department of Biotechnology, for a period of two years, with effect from 1st November 2023.

President of the IVPA

  • Sudhakar Rao Desai, Chief Executive Officer of Emami Agrotech Ltd, has been unanimously re-elected President of the IVPA (Indian Vegetable Oil Producers’ Association) at the 46th annual general meeting of the association.
  • He has previously served as a member of the Organising Committee of GlobOil, and as a member of the Product Committee of Commodity Exchanges in India.
  • Desai has also held the position of Director at the Bombay Commodity Exchange.
  • Amrendra Mishra, Managing Director of ADM India, and V.K. Jain, Vice-President of Patanjali Foods, have been elected as Vice-Presidents of IVPA.a

Reports

India Digital Payments Report for H1 2023

  • According to the “India Digital Payments Report for H1 2023” released by global payments service provider Worldline, the number of UPI transactions in India rose 62% in the first six months of 2023 compared to the same period last year.
  • This has been largely driven by P2M transactions.
  • Driven by zero transaction fees and depth of acceptance, person-to-merchant (P2M) transactions in India are expected to account for 75 per cent of all United Payments Interface (UPI) transactions by 2025.
  • Currently, P2M accounts for a share of 56.1% of all UPI transactions.

First edition of Startup Genome's Scaleup Report

  • In the survey involving 12,400 startups, India is ranked fourth with 429 scaleups, after the USA (7,184), China (1,491), and the UK (623).
  • However, India is ahead of the UK in total VC investment that has gone into these scaleups and in cumulative tech value investment of scaleups.
  • The report stated that India recorded 429 scaleups, with a VC investment of $127 billion and a total value of tech investment of $446 billion.
  • Startup Genome, an innovation policy advisory and research firm, surveyed startups in over 80 cities across more than 40 countries and looked at 60-plus metrics.
  • The report said that India has startups with 50% or more of their customers from outside their continent and has the highest scaleup rate.

Awards and Recognitions

Dadasaheb Phalke Award 2023

  • Veteran actress Waheeda Rehman, had been named as the recipient of the prestigious Dadasaheb Phalke Lifetime Achievement Award, this year.
  • Her honours include a National Film Award and three Filmfare Awards.
  • She is regarded as one of Hindi cinema’s best actresses.
  • In 1972, the Indian government awarded her with Padma Shri, and she subsequently received the Padma Bhushan in 2011.
  • The Dadasaheb Phalke Award is India’s highest award in the field of cinema.
  • It is presented annually at the National Film Awards ceremony by the Directorate of Film Festivals, an organisation set up by the Ministry of Information and Broadcasting.
  • 1st awarded to Devika Rani in 1969.
  • In 2022 awarded to Asha Parekh.

Sports News

Indian Grand Prix 2023

  • MotoGP India Grand Prix 2023 was held at the Buddh International Circuit in Greater Noida.

    Position

    Player

    Team

    1

    Marco Bezzecchi

    Ducati

    2

    Jorge Martín

    Ducati

    3

    Fabio Quartararo

    Yamaha

    4

    Brad Binder

    KTM

    5

    Joan Mir

    Repsol Honda

Important Days

World Environmental Health Day

  • World Environmental Health Day is annually observed on September 26.
  • The day aimed to highlight the importance of caring for environmental health.
  • The day was first observed in 2011 by The International Federation of Environmental Health.
  • Theme – Global Environmental Public Health: Standing up to protect everyone’s Health each and every day
  • International Federation of Environmental Health – 1986 (Founded) – Prof. Susana Paixão (President)

World Contraception Day

  • World Contraception Day is annually observed on September 26.
  • The day aimed to improve awareness of contraception and to enable young people to make informed choices on their sexual and reproductive health.
  • The day was first observed in 2007 by ten international family planning organizations like the Asian Pacific Council on Contraception, Centro Latinoamericano Salud y Mujer, European Society of Contraception and Reproductive Health, German Foundation for World Population, International Federation of Paediatric and Adolescent Gynaecology, International Planned Parenthood Federation, Marie Stopes International, Population Services International, The Population Council, the USAID, and Women Deliver.

Defence

First C-295 aircraft inducted into ‘11 Squadron’ of IAF

  • The first IAF squadron to be equipped with the C-295 is 11 Squadron (The Rhinos), which is based at Vadodara and would replace ageing Avro-748 fleet.
  • The aircraft was flown from the Airbus’ Seville facility in Spain.
  • While the first 16 of the 56 contracted aircraft will be delivered to the IAF in a ‘fly-away’ condition, the remaining 40 would be manufactured in India by Tata Advanced Systems Ltd at their facility in Vadodara as part of a ₹21,935-crore deal India signed two years ago with Airbus Defence and Space.
  • Spain – Madrid (Capital) – Euro (Currency) – Felipe VI (Monarch) – Pedro Sánchez (Prime Minister) – Spanish (Language)

Daily Current Affairs - September 26, 2023 - Consolidated

  • National Policy on Research and Development and Innovation in Pharma-MedTech Sector in India
  • 31st meeting of Northern Zonal Council
  • Reserve Bank of India News
  • Phase II of the ‘Amazon Future Engineer Programme’
  • Iran-India Joint Chamber Signed MoU with FIEO
  • Virtual Conference – South-South Knowledge Sharing Series
  • India Energy Summit 2023
  • Unified Registration Portal for GOBARdhan
  • Veerangana Durgavati Tiger Reserve
  • 1st Green Hydrogen Fuel Cell Bus
  • Chairman of ASOSAI from 2024-2027
  • Advisor to Prime Minister Narendra Modi
  • President of the IVPA
  • India Digital Payments Report for H1 2023
  • First edition of Startup Genome’s Scaleup Report
  • Dadasaheb Phalke Award 2023
  • Indian Grand Prix 2023
  • World Environmental Health Day
  • World Contraception Day
  • First C-295 aircraft inducted into ‘11 Squadron’ of IAF

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