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Daily Current Affairs PDF of 09th February 2024

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CURRENT AFFAIRS : BANKING & FINANCE

HDFC Bank and ICICI Bank Make Strategic Investments in Residential Mortgage-Backed Securities Firm RDCL

• Two of India's biggest lenders HDFC Bank and ICICI Bank have invested in a company called RMBS Development Company Limited to promote the residential mortgage-backed securities market.
• The two lenders have acquired a 7% stake each in a newly formed company, they informed in separate regulatory filings on February 2.

Key Highlights :

• Formation of RDCL : RMBS Development Company (RDCL) will have 10 banks and financial institutions as its shareholders, the lenders informed exchanges. However, they have not named other shareholders of the proposed company.
• Financial Details : Both HDFC Bank and ICICI Bank have invested Rs 35 crore each in RDCL, which is expected to be operational by the end of March.
• Objectives of RDCL : The primary objective of RDCL is to promote and develop the RMBS market by investing in them, facilitating investment, issuance, and trade of RMBS, extending credit enhancement (including second loss credit enhancement) for RMBS transactions, and providing liquidity support in the secondary market for RMBS transactions.
• LIC's Involvement: Earlier on January 8,2024 Life Insurance Corporation of India (LIC) had announced its intention to acquire a 10% equity stake in a similar initiative promoted by the National Housing Bank, showcasing growing interest and investment in the RMBS sector from various financial institutions.

About HDFC Bank :

• Founded : 1st July 2023 (via the merger between HDFC-HDFC bank)
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Sashidhar Jagdishan
• Tagline : We Understand Your World

About ICICI Bank :

• Founded : 5 January 1994
• Headquarters : Mumbai , Maharashtra, India
• MD & CEO : Sandeep Bakhshi

HDFC Bank Introduces Four SME Credit Cards Catering to Entrepreneurs and Freelancers                                            

• India's largest private sector bank, HDFC Bank, launched 4 new small and medium enterprises (SME)-focused credit cards to cater to the specific needs of entrepreneurs, freelancers, and

Key Features of SME Credit Cards :

• 55 Days Interest-Free Credit Period : The main highlight of the cards is that they will provide 55 days of interest-free credit, the highest number of days offered by any bank.
• Variants : The four variants include BizFirst, BizGrow, BizPower, and BizBlack, each designed to cater to different business requirements.
• Cost-Efficiency Benefits : These SME-focused credit cards also offer savings on essential business expenses such as utility bills, GST, income tax, vendor payments, business travel, and business productivity tools.
• This feature enables SMEs to streamline their expenditure while maximising cost-efficiency.
• Unified Digital Platform : Tailored to address both the payable and receivable needs of businesses, HDFC Bank has introduced a unified digital platform which consolidates all payables such as vendor payments, utility bills, and statutory payments etc. On the receivable side of payments, the platform is designed to manage and optimize end-to-end supply-chain arrangements and reconciliation.
• The platform provides a detailed dashboard with one view of payments made and accepted, for better cash-flow management.

Key features of the business credit cards:

• Up to 55 days free credit period (industry best)
• Up to 10X* Reward Points on Business Spends
• Bill Payments | Tax Payments | Vendor Payments | Business Travel | Business Productivity Tools
• Specially Curated Business Insurance Package
• Fire & Burglary | Cash in Safe & Transit | Electronic Equipment
• Exclusive Business focussed Redemption Catalogue
• Travel & Hotels | Microsoft Office 365 | Clear Tax | Amazon for Business | Google Ads
• EMI and Loan on card facility
• HDFC Bank has about 5 million SME customers who could be tapped for these customised credit cards.
• Bank will soon be launching GIGA business cards catering to freelancers and gig workers.
• HDFC Bank achieved the milestone of having 2 crore credit cards in force on January 24, 2024 making it the first lender to do so.

State Bank of India Releases Electoral Bonds Valued at Rs 16,518 Crore Across 30 Tranches                        

• The State Bank of India (SBI) has issued Electoral Bonds totalling Rs 16,518 crore in 30 tranches since the inception of the scheme in 2018.
• Objective of Electoral Bond Scheme : To ensure clean tax-paid money is coming into the system of political funding through proper banking channels.

Key Highlights :

• Launch and Nature of Scheme : The Electoral Bond Scheme was introduced by the Union government in 2018.
• It functions as a bearer instrument, similar to a promissory note, purchasable by Indian citizens or companies incorporated in India.
• Donation Process : Citizens or corporations can purchase electoral bonds and donate them to any eligible political party of their choice.
• Denominations and Purchase Options : Electoral bonds are available in denominations of Rs 1,000, Rs 10,000, Rs 1,00,000, Rs 10,00,000, and Rs 1,00,00,000.
• SBI is the sole authorised bank for selling these bonds.
• Purchase Availability and Duration : Electoral bonds are open for purchase for 10 days at the beginning of each quarter.
• Limitations and Regulations : Anonymous cash donations are capped at Rs 2,000.
• Electoral bonds have a limited lifespan of 15 days during which they can be used for making donations to political parties.
• Authorised Recipients : Only political parties registered under Section 29A of the Representation of the People Act, 1951, securing at least 1% of votes polled in the last general election, are eligible to receive electoral bonds.
• Anonymity of Donors : Electoral bonds do not disclose the name of the donor, ensuring donor anonymity.

About SBI :

• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Dinesh Kumar Khara
• CFO : Kameshwar Rao Kodavan

Reserve Bank of India imposes Rs 8.80 lakh fine on Power Finance Corporation for norm violation                             

• The Reserve Bank of India (RBI) has imposed a fine of Rs 8.80 lakh on Power Finance Corporation Limited for violating norms pertaining to the 'Liquidity Risk Management Framework for Non-Banking Financial Companies and Core Investment Companies'.
• During the statutory inspection conducted by the RBI, it was discovered that Power Finance Corporation had failed to maintain the mandated Liquidity Coverage Ratio (LCR) of 60 percent as of March 31, 2022.
• The breach occurred due to the inclusion of ineligible assets as High Quality Liquid Assets (HQLA) for computing the LCR.
• This penalty has been imposed in exercise of powers conferred on RBI under the provisions of clause (b) of sub-section (1) of section 58G read with clause (aa) of sub-section (5) of section 58B of the Reserve Bank of India Act, 1934 (RBI Act).

Recent News :

• In Jan 2024, The Reserve Bank of India (RBI) imposed a monetary penalty of ₹1 crore on Punjab and Sind Bank for non-compliance with certain directions issued by RBI on ‘Loans and Advances – Statutory and Other Restrictions’.
• In Jan 2024, The Reserve Bank of India (RBI) imposed a monetary penalty of ₹120.47 lakh on Dhanlaxmi Bank Ltd.for non-compliance with certain directions issued by RBI on ‘Loans and Advances – Statutory and Other Restrictions’, ‘Reserve Bank of lndia (Know Your Customer (KYC)) Directions, 2016’ and ‘Reserve Bank of lndia (Interest Rate on Deposits) Directions, 2016’.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das

About Power Finance Corporation Limited :

• Established : 1986
• Headquarters : New Delhi, India
• Chairman & Managing Director : Parminder Chopra
• Power Finance Corporation Ltd. is an Indian central public sector undertaking under the ownership of the Ministry of Power, Government of India.

Yes Bank Partners with LeRemitt to Facilitate Seamless Cross-Border Transactions for Micro, Small and Medium Enterprises                                    

• Fintech startup LeRemitt and Yes Bank have partnered to introduce a cross-border platform that enables micro, small and medium enterprises (MSMEs) to conduct international transactions in key currencies, including US dollars and euros.
• In addition to multi-currency support, the platform offers transparency, efficiency, and cost benefits for small businesses involved in global trade, making it more accessible for MSMEs.

About LeRemitt :

• Founded : 2022
• Co-founder and CEO : Sheetal Jain
• LeRemitt serves as a cross-border remittance platform, assisting MSMEs in sending and receiving payments, besides offering various other services.

About Yes Bank :

• Established : 2004
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Prashant Kumar
• Tagline : Experience our expertise

CURRENT AFFAIRS: NATIONAL NEWS

PMFBY framework is being governed by the Union Minister Arun Munda's launch of LMS, Krishi Rakshak Portal, helpline, and SARTHI initiative.

• Union Agriculture and Farmers Welfare Minister Arjun Munda launched LMS, Krishi Rakshak Portal and helpline and SARTHI initiative under Prime Minister Fasal Bima Yojana, PMFBY in New Delhi.
• Through these initiatives insured farmers will be benefitted and their risk will be also reduced.
• The Krishi Rakshak Portal and Helpline is an integrated grievance redressal mechanism having a digital portal and a call centre that has been developed to enable farmers to lodge their grievances, concerns and queries.
• The innovative SARTHI (Sandbox for Agricultural and Rural Security, Technology and Insurance) platform harnesses technology to provide a broad spectrum of insurance products, offering coverage for health, life, property, agriculture tools, motor assets and disaster risks.
• Learning Management System (LMS) is designed to revolutionize the training and knowledge-sharing landscape for stakeholders in implementing key agricultural schemes across the country.
• Ministers of State for Agriculture and Farmers Welfare Shobha Karandlaje and Kailash Chaudhary were also present at the event.

The government has approved 64 applicants who have committed investments worth over 6,700 crore rupees under the PLI Scheme for White Goods.

• The government has approved a committed investment of 6 thousand 766 crore rupees to the 64 Applicants under the Production Linked Incentive Scheme (PLI) for White Goods containing Air Conditioners and LED lights.
• The Ministry of Commerce and Industry has informed that all those companies who opted for the Gestation Period 2021-22 have been commissioned. It added they have achieved 234% of their total threshold investment.
• The Department for Promotion of Industry and Internal Trade is currently implementing the PLI Scheme for White Goods as one of the PLI Schemes out of the 14 PLI Schemes of the Government of India.
• The Scheme is leading to the development of robust component ecosystem in India and a step forward for Atmanirbhar Bharat in important sectors of the economy.

A proposal to provide free cashless treatment to all road crash victims has been finalized by the Ministry of Road Transport.

• The Ministry of Road Transport has finalized a proposal to provide free cashless treatment to all victims of road crashes.
• Under this scheme, road crash victims will receive medical care at Ayushman Bharat-empanelled hospitals across the country.
• The upper limit for the treatment will be Rs 1.5 lakh, covering up to 10 days of hospitalization.
• The cost of the treatment will be borne by insurance companies.
• This initiative aims to ensure timely medical assistance to road crash victims within the first 60 minutes, also known as the 'golden hour'.
• Studies have shown that providing prompt medical care within this critical hour can prevent around 50 per cent of road deaths.
• In 2022, India reported a record high of 1.68 lakh road fatalities.
• The proposal for this scheme underwent inter-ministerial consultation and was included in the amended Central Motor Vehicle Act of 2019.
• Insurance companies will cover the expenses, which will be a fraction of the third-party insurance premiums they collect.
• According to assessments conducted by the Ministry, the average medical expenses for around 97% of road crash cases amount to approximately Rs 60,000.

CURRENT AFFAIRS: BUSINESS NEWS

In December 2023, the coal sector grew by 10.6% among eight core industries, which was impressive.

• The coal sector has showcased highest growth of 10.6 % (provisional) among the eight core industries for December 2023 as per the Index of Eight Core Industries (ICI)) (Base Year 2011-12) released by the Ministry of Commerce & Industrie
• The index of coal industry has reached 204.0 points during Dec’23 as compared to 184.4 points during the same period of last year and its cumulative index has increased by 12.5% during April to December, 2023-24 over corresponding period of the previous year.
• The latest data indicates that the Combined Index of Eight Core Industries has shown an increase of 3.8% in December 2023, compared to the same period of previous year.
• The ICI measures the combined and individual production performance of eight core industries, viz. cement, coal, crude oil, electricity, fertilizers, natural gas, refinery products, and steel.
• The coal sector (Weight 10.33% in ICI) has played a crucial role in overall growth of eight core industries representing double-digit growth in last six months and substantially higher growth than the overall growth of eight core industries in last two financial years.
• The impressive growth in the Index of Coal Industry can be attributed to a substantial surge in coal production during December 2023, reaching 92.92 Million Tonne (MT), surpassing the figures of 83.91 MT of the corresponding month of previous year, representing a remarkable increase of 10.74%.

Tata Group becomes first Indian conglomerate to cross Rs 30 lakh cr market cap

• Tata Group achieved a historic milestone as its combined market capitalization surpassed Rs 30 lakh crore on February 6, making it the first Indian business house to reach this valuation.
• The overall valuation of Tata Group now stands at Rs 30.6 lakh crore, making it the most valued conglomerate in the country, surpassing Reliance Group and Adani Group in market cap rankings.
• TCS, the flagship company, witnessed a notable surge of over 9% in 2024, reaching a market cap of Rs 15 lakh crore on February 5.
• The surge in market value is attributed to increased investor interest in shares of Tata Consultancy Services (TCS), Tata Motors, Tata Power, and Indian Hotels since the beginning of the year.
• However, amidst this upward trajectory, Tejas Network, Tata Elxsi, and Tata Chemicals have experienced declines of over 10 percent so far this year.

CURRENT AFFAIRS: MOUS AND AGREEMENT

A Joint Venture Agreement has been signed between ONGC and NTPC Green Energy Limited to concentrate on offshore wind energy projects.

• ONGC and NTPC Green Energy Limited (NGEL) have signed a Joint Venture Agreement (JVA) to focus on offshore wind energy projects.
• The agreement signed at India Energy Week in Goa, was witnessed by Minister of Petroleum and Natural Gas and Minister of Housing and Urban Affairs Hardeep Singh Puri.
• This collaboration aims to lead renewable energy initiatives, both domestically and internationally.

Key Highlights

• Besides offshore wind projects, the agreement extends to ventures in storage, e-mobility, carbon credits, and green hydrogen business, including derivatives like Green Ammonia and Green Methanol.
• Earlier, ONGC had entered into a Memorandum of Understanding (MoU) with NGEL on September last year, emphasizing the advancement of renewable energy objectives across sectors.
• The focus of the MoU was feasibility assessments and establishing renewable energy projects.

About ONGC

• Headquarters: Vasant Kunj, New Delhi
• Founded: 14 August 1956

IIT Madras to develop India’s first indigenously-designed 155mm smart ammunition

• IIT Madras will develop it in partnership with Defense Public Sector Enterprise Munitions India Limited to achieve indigenisation in the defence sector.
• Its objective is to increase the accuracy of the 155 mm shell to within a Circular Error Probable (CEP) of 10 meters.
• At present, the ammunition developed in India has a CEP of 500 meters.
• Its second goal is to increase lethality at the terminal impact point.
• Munitions India is India’s largest manufacturer and market leader engaged in the production, testing, research & development, and marketing of a wide range of ammunition and explosives for the Army, Navy, Air Force, and Paramilitary Forces.
• Over a period of two years, the faculty of the Department of Aerospace Engineering, IIT Madras, G. Rajesh, and his team of researchers will develop smart ammunition.

CURRENT AFFAIRS : DEFENCE NEWS

DRDO Achieves Success in Flight Trials of High-Speed Expendable Aerial Target 'ABHYAS' at Integrated Test Range, Chandipur

• Defence Research & Development Organisation (DRDO) conducted four successful flight trials of the High-speed Expendable Aerial Target (HEAT) - ABHYAS from the Integrated Test Range in Chandipur, Odisha, between January 30 to February 02, 2024.
• Mission Objectives: Each trial was conducted with different mission objectives, highlighting the versatility and adaptability of ABHYAS in various scenarios.
• The configuration used was revised and robust, featuring a single booster designed by the Advanced Systems Laboratory in Hyderabad, aimed at providing reduced launch acceleration.

Key Highlights :

• Realistic Threat Scenario: ABHYAS serves as a realistic threat scenario for practising weapon systems, offering an effective platform for weapon system firing practice.
• Autonomous Flying: Designed for autonomous flying, ABHYAS is equipped with an auto-pilot system developed by DRDO's Aeronautical Development Establishment (ADE), ensuring precise control during flights.
• Target for Weapon Trials: ABHYAS is specifically designed to be targeted by missiles and other payloads during trials and practice sessions, providing a valuable testing platform for evaluating weapon systems.
• Integrated Systems: The system features Radar Cross Section, Visual, and Infrared augmentation systems necessary for weapon practice, enhancing its effectiveness in simulating real-world scenarios.
• Ground Control System: ABHYAS utilizes a laptop-based Ground Control System for integration, pre-flight checks, data recording, replay, and post-flight analysis, ensuring efficient operation and comprehensive monitoring.
• Logistics and Cost-effectiveness: ABHYAS requires minimum logistics and is cost-effective compared to imported equivalents, emphasizing its value proposition for the defense sector.
• Production Agencies: The systems tested were realized through Production Agencies - Hindustan Aeronautics Limited (HAL) and Larsen & Toubro (L&T) Defence, highlighting collaboration between different entities in the defense sector.
• Propulsion System: ABHYAS is powered by a gas-turbine engine weighing 19 kg, delivering a thrust of 25 kg, and offering an endurance of 30-45 minutes, capable of covering a distance of 400 km, showcasing its capabilities in surface-to-air missile (SAM) systems.

About Ministry of Defence :

• Defence Minister : Rajnath Singh
• Minister of State : Ministry of Defence
• Defence Secretary : Giridhar Aramane

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

HDFC Bank Group Granted RBI Approval to Purchase 9.5% Stake in 6 Banks

• India's biggest private sector bank, HDFC Bank, received the Reserve Bank of India (RBI) approval to acquire aggregate holding of about 9.5% of the paid-up share capital or voting rights in six banks.
• The six banks in which HDFC Bank has received approval to acquire stakes include Axis Bank, Suryoday Small Finance Bank, ICICI Bank, Bandhan Bank, YES Bank, and IndusInd Bank.
• HDFC Bank submitted applications to the RBI, as a promoter/sponsor of the Group, on December 18, 2023, seeking approval for the stake acquisitions.

Key Highlights :

• Validity of Approval: The approval granted by the RBI is valid for one year from the date of RBI's letter, until February 4, 2025, indicating the timeline within which the acquisitions must be completed.
• Investment Entities: The approvals are intended for investments by HDFC Asset Management Company (AMC), HDFC Ergo, and HDFC Life Insurance, as mentioned in the exchange filing by HDFC Bank.
• Limitation on IndusInd Bank: HDFC Bank is required to ensure that its "aggregate holding" in IndusInd Bank does not exceed 9.5% of the paid-up share capital or voting rights of IndusInd Bank, at all times.
• RBI Approval for Changes in Holdings: If the aggregate holding in IndusInd Bank and YES Bank falls below 5%, prior approval from the RBI will be necessary to increase it to 5% or more of the paid-up share capital or voting rights of these banks.

Recent News :

• As of December 2023, HDFC Mutual Fund held 2.76 per cent voting rights in ICICI Bank, 2.49 per cent in Axis Bank, and 2.23 per cent in IndusInd Bank.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Asian Development Bank Names Mio Oka as Country Director for India

• The Asian Development Bank (ADB) has appointed Mio Oka as its new Country Director for India, succeeding Takeo Konishi, who has been promoted to the position of ADB Director General for South Asia at the Manila headquarters.
• Responsibilities of the Country Director : Mio Oka will be responsible for steering ADB operations in India and nurturing relationships with the government and other development partners in the country.
• Oka will lead the implementation of ADB's country partnership strategy for India spanning from 2023 to 2027.
• The strategy aims to catalyze robust, climate-resilient, and inclusive private sector-led growth in India through accelerated structural transformation, job creation, promotion of climate-resilient green growth, and enhanced social and economic inclusiveness.
• Prior to her tenure at ADB, Oka worked with the Ministry of Foreign Affairs of Japan, Japan Bank for International Cooperation, and Japan International Cooperation Agency Bangladesh Office.

ADB's Support for India's Development : 

• Since the start of its country operations in 1986, ADB has been a steadfast partner in supporting India's development goals and economic growth.
• In 2023, ADB has committed to provide India with a sovereign loan of US$ 2.59 billion, besides technical assistance of US$ 16.31 million and grants of US$ 5.25 million under the sovereign portfolio.
• The current India sovereign portfolio comprises 73 projects worth a total of US$15.7 billion.

About ADB : 

• Established : 1966
• Headquarters : Manila, Philippines
• President : Masatsugu Asakawa
• Membership : 68 members, including 49 regional members (countries in Asia and the Pacific) and 19 non-regional members (countries outside the region)

CURRENT AFFAIRS: SPORTS NEWS

India leads the tally at the BIMSTEC aquatic championship with 18 medals on day one, including 7 gold, 9 silver, and 2 bronze.

• The first-ever edition of BIMSTEC aquatic championship is taking place at New Delhi.
• India is leading the tally with 18 medals on day one including 7 Gold, 9 Silver and 2 Bronze.
• Meanwhile, Thailand with 14 medal occupying the second spot and Sri Lanka is in third spot with 4 medals.
• The tournament is being held across three disciplines - swimming, water polo, and diving.
• Over 400 players are competing with 39 medals and nine trophies up for grabs.
• Seven BIMSTEC members have participated in the tournament including hosts India, Bangladesh, Nepal, Sri Lanka, Bhutan, Myanmar, and Thailand.

Arunachal Pradesh is the location where the Tawangchu Tides International Kayaking Championship-2024 will be held

• The three-day Tawangchu Tides International Kayaking Championship-2024 kick started in Tawang District, Arunachal Pradesh.
• District Deputy Commissioner inaugurated the championship at Dongshengmang in Bongleng village near Indo Bhutan border.
• A total of 51 Kayakers from different countries including Britain, Russia and Australia and different states of the country are participating in
• The event is being organized by an organization called “SWYTCH”.
• The race director Charanjeev Kala, the goal of this initiative is to position Arunachal Pradesh as a global hub for kayaking, with the aspirations to host future World Championships.
• The race will continue for three days, from 7 to 9 Feb, and culminate with the declaration of the Champion Kayakers, the one who has done best in all the races.

Daily CA One- Liner: February 9

• Union Agriculture and Farmers Welfare Minister Arjun Munda launched LMS, Krishi Rakshak Portal and helpline and SARTHI initiative under Prime Minister Fasal Bima Yojana, PMFBY in New Delhi.
• The government has approved a committed investment of 6 thousand 766 crore rupees to the 64 Applicants under the Production Linked Incentive Scheme (PLI) for White Goods containing Air Conditioners and LED lights.
• The Ministry of Road Transport has finalized a proposal to provide free cashless treatment to all victims of road crashes.
• The coal sector has showcased highest growth of 10.6 % (provisional) among the eight core industries for December 2023 as per the Index of Eight Core Industries (ICI)) (Base Year 2011-12) released by the Ministry of Commerce & Industries
• Tata Group achieved a historic milestone as its combined market capitalization surpassed Rs 30 lakh crore on February 6, making it the first Indian business house to reach this valuation
• ONGC and NTPC Green Energy Limited (NGEL) have signed a Joint Venture Agreement (JVA) to focus on offshore wind energy projects
• IIT Madras will develop it in partnership with Defense Public Sector Enterprise Munitions India Limited to achieve indigenization in the defence sector
• The first-ever edition of the BIMSTEC aquatic championship is taking place in New Delhi
• The three-day Tawangchu Tides International Kayaking Championship-2024 kick-started in Tawang District, Arunachal Pradesh
• Two of India's biggest lenders HDFC Bank and ICICI Bank have invested in a company called RMBS Development Company Limited to promote the residential mortgage-backed securities market.
• India's largest private sector bank, HDFC Bank, launched 4 new small and medium enterprises (SME)-focused credit cards to cater to the specific needs of entrepreneurs, freelancers, and
• The State Bank of India (SBI) has issued Electoral Bonds totaling Rs 16,518 crore in 30 tranches since the inception of the scheme in 2018.
• The Reserve Bank of India (RBI) has imposed a fine of Rs 8.80 lakh on Power Finance Corporation Limited for violating norms pertaining to the 'Liquidity Risk Management Framework for Non-Banking Financial Companies and Core Investment Companies'.
• Fintech startup LeRemitt and Yes Bank have partnered to introduce a cross-border platform that enables micro, small and medium enterprises (MSMEs) to conduct international transactions in key currencies, including US dollars and euros.
• Defence Research & Development Organisation (DRDO) conducted four successful flight trials of the High-speed Expendable Aerial Target (HEAT) - ABHYAS from the Integrated Test Range in Chandipur, Odisha, between January 30 to February 02, 2024.
• India's biggest private sector bank, HDFC Bank, received the Reserve Bank of India (RBI) approval to acquire aggregate holding of about 9.5% of the paid-up share capital or voting rights in six banks.
• The Asian Development Bank (ADB) has appointed Mio Oka as its new Country Director for India, succeeding Takeo Konishi, who has been promoted to the position of ADB Director General for South Asia at the Manila headquarters.