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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Levies Monetary Penalties on Bandhan Bank, Bank of India, and Indostar Capital Finance for Regulatory Breaches                               

• The Reserve Bank of India (RBI) has imposed monetary penalties on 2 banks, Bank of India (BoI), Bandhan Bank, and 1 non-banking finance company, Indostar Capital Finance Limited for non-compliance with various regulatory norms.
• Bank of India has been penalized Rs 1.4 crore for non-compliance with RBI directions concerning 'interest rate on deposits', 'customer service in banks', 'interest rate on advances', and contravention of provisions of Credit Information Companies Rules, 2006.
• Reasons for Bank of India Penalty: The penalty was imposed after statutory inspections conducted by the RBI regarding the bank's financial position as of March 31, 2021, and March 31, 2022.
• Bank of India also failed to benchmark interest on certain floating rate retail loans and loans to MSMEs to an external benchmark rate, and inaccurately reported data on large borrowers to CRILC (Central Repository of Information on Large Credits).
• RBI has also imposed a penalty of Rs 29.55 lakh on private sector lender Bandhan Bank for non-compliance with certain directions.
• Meanwhile, the RBI also said a penalty of Rs 13.60 lakh has been imposed on Indostar Capital Finance Ltd for non-compliance with the 'Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016' and with certain provisions of KYC directions.
• In all cases, the penalties were imposed for deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers.

About RBI :

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

Bank of Baroda Introduces Green Term Deposit Scheme Offering 7.15% Interest Rate                                                   

• Bank of Baroda (BoB), one of India’s leading public sector banks, has announced the launch of the Bob Earth Green Term Deposit Scheme with an aim to raise deposits that will be used to finance eligible environment-friendly projects and sectors, fostering India’s transition to a green and sustainable economy.

Key Points about Bob Earth Green Term Deposit Scheme :

• The Bob Earth Green Term Deposits offer depositors the opportunity to earn attractive interest rates on a range of tenors and participate in India’s transition to a green and sustainable economy.
• The bank offers interest rates up to 7.15% p.a. Eligible investors include the general public, resident Indians, NRIs, and high-net-worth individuals (HNIs) for the BOB Earth Green Term Deposit scheme.
• The scheme offers customers the dual benefits of stable financial returns and contribution to a greener planet.
• Tenors Amount
• ₹5,000 to Below ₹2 Crore
• Interest Rate
• 1 year i.e. 12 months 6.75
• 5 years i.e. 18 Months 6.75
• 777 days 7.15
• 1111 days 6.40
• 1717 days 6.40
• 2201 days 6.40
• Under the bob Earth Green Term Deposit Scheme, the Bank of Baroda has introduced some innovative tenures that act as a reminder of the planet’s Climate & Sustainability goals, such as a tenure of 1.5 years – signifying the aim to limit global temperature rise to 1.5 degrees Celsius above pre-industrial levels and Tenure 1717 days – doubly emphasizing the United Nations’ 17 Sustainable Development Goals

Recent News :

• On the occasion of International Women’s Day (March 08, 2024), Bank of Baroda (BoB) has announced attractive offers and benefits for its women account holders on the opening of either a bob Mahila Shakti Savings Account or a bob Women Power Current Account – accounts designed specifically for women.
• In January 2024, the State Bank of India (SBI) introduced a unique fixed deposit (FD) scheme called the SBI Green Rupee Term Deposit (SGRTD) with an aim to gather funds to endorse eco-friendly projects, nurturing a green finance environment in India.

About BoB :

• Founded : 20 July 1908
• Headquarters : Vadodara, Gujarat, India
• MD and CEO : Debadatta Chand.
• Tagline : India's International Bank

One97 Communications, Parent Company of Paytm, to Partner with 4 Banks for Unified Payments Interface Integration  

• The country's largest lender State Bank of India (SBI) has partnered with One97 Communications Limited (OCL), which runs Paytm brand and app, for its consumer Unified Payment Interface (UPI) payments.
• Paytm's UPI was powered by Paytm Payments Bank Limited (PPBL) and since the RBI's action on the latter, the mobile payments company has been forced to seek bank partnerships to become a third-party application provider (TPAP), much like its larger competitors PhonePe and Google Pay.
• Paytm had partnered with Axis Bank, Yes Bank and HDFC Bank for TPAP partnerships earlier.
• The transition is expected to be seamless and gradual, with the "@paytm" handle being retained.
• For most large UPI players, the regulatory body National Payments Corporation of India (NPCI) insists that they should have at least 3 bank partners.
• The bank partners in UPI are payment service providers (PSP), which connect the TPAP to the banking network.
• Since OCL already had a partnership with PPBL, it did not require other bank partners.
• Paytm is the third-largest app for UPI payments in the country.
• It processed 1.41 billion monthly transactions worth Rs 1.65 lakh crore ($19.94 billion) in February.
• PhonePe and Google Pay are the two largest UPI payment apps in India.
• They are also third-party application providers.

What are Payment Service Providers (PSPs)?

• A payment service provider (PSP) is a third-party company that allows businesses to accept electronic payments, such as credit cards and debit cards payments.
• PSPs act as intermediaries between those who make payments, i.e. consumers, and those who accept them, i.e. retailers.

Securities and Exchange Board of India Enhances Qualified Stock Brokers Framework to Enhance Investor Confidence                                    

• The Securities and Exchange Board of India (SEBI) has announced the expansion of the Qualified Stock Broker (QSB) framework to include more brokers under enhanced obligations.
• This move aims to strengthen investor trust in the securities market.
• The decision will also help in strengthening the compliance culture among stock brokers.
• New Parameters: The revised QSB framework includes new parameters for designating a stockbroker as QSB:
• Compliance score of the stockbroker.
• Grievance redressal score of the stockbroker.
• Proprietary trading volumes of the stockbroker.
• Earlier Parameters: The QSB framework previously included the following parameters:
• Total number of active clients.
• Available total assets of clients.
• Trading volumes (excluding proprietary trading).
• End-of-day margin obligations (excluding proprietary obligations).
• Total Parameters: With the revision, the QSB framework now consists of 7 parameters for designating a stockbroker as QSB.

Key Highlights :

• Enhanced Obligations for QSBs: Qualified Stock Brokers (QSBs) are required to meet various enhanced obligations, including ensuring appropriate governance structure, implementing effective risk management policies and processes, and maintaining a robust cybersecurity framework.
• Continued Compliance: QSBs that are no longer designated as such upon the release of the revised list must continue to comply with the enhanced obligations and responsibilities for an additional period of three financial years or as specified by Market Infrastructure Institutions (MIIs), in consultation with SEBI.
• Applicable Dates for Designation:For two parameters, namely compliance score and grievance redressal score, the applicable date for designation as QSBs will be September 1 of the subsequent year.
• For the rest of the parameters, the applicable date for designation will be June 1 of the subsequent year.

About SEBI :

• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.

CURRENT AFFAIRS: NATIONAL NEWS

The Indian government has approved an Electric Vehicle (EV) policy to promote the country as a manufacturing destination for electric vehicles.

• The Union Government has approved a scheme to promote India as a manufacturing destination so that e-vehicles (EV) with the latest technology can be manufactured in the country.
• The policy is designed to attract investments in the e-vehicle space by reputed global EV manufacturers. This will provide Indian consumers with access to latest technology, boost the Make in India initiative, strengthen the EV ecosystem by promoting healthy competition among EV players leading to a high volume of production, economies of scale, lower cost of production, reduce imports of crude Oil, lower trade deficit, reduce air pollution, particularly in cities, and will have a positive impact on health and environment.

The policy entails the following: -

• Minimum Investment required: Rs 4150 Cr (∼USD 500 Mn)
• No limit on maximum Investment
• Timeline for manufacturing: 3 years for setting up manufacturing facilities in India, and to start commercial production of e- vehicles, and reach 50% domestic value addition (DVA) within 5 years at the maximum.
• Domestic value addition (DVA) during manufacturing: A localization level of 25% by the 3^rd year and 50% by the 5^th year will have to be achieved
• The customs duty of 15% (as applicable to CKD units) would be applicable on vehicle of minimum CIF value of USD 35,000 and above for a total period of 5 years subject to the manufacturer setting up manufacturing facilities in India within a 3-year period.
• The duty foregone on the total number of EV allowed for import would be limited to the investment made or ₹6484 Cr (equal to incentive under PLI scheme) whichever is lower.
• A maximum of 40,000 EVs at the rate of not more than 8,000 per year would be permissible if the investment is of USD 800 Mn or more.The carryover of unutilized annual import limits would be permitted.

Nitin Gadkari approves Rs. 421.15 crore for 4-lane Gauripur Bypass on NH-17 (New)/NH-31(Old) in Dhubri district, Assam.

• Union Minister for Road Transport and Highways Shri Nitin Gadkar, in Assam, an allocation of Rs 421.15 Crore has been approved for the construction of a 4-lane Gauripur Bypass along NH-17 (New)/NH-31(Old), spanning from Dumardoha Pt-II to the Baladmara road in Dhubri district.
• This covering a total length of 9.61 kilometers, the project aims to alleviate congestion in Gauripur town and mitigate risks associated with sharp bends on the current highway, thereby enhancing safety.
• The implementation of this bypass, equipped with comprehensive road safety measures, is anticipated to contribute significantly to the reduction of accidents in the region.

Nitin Gadkari approves Rs 576.22 Cr for 4-laning of NH-373 segment in Karnataka's Hassan district.

• Union Minister for Road Transport and Highways Shri Nitin Gadkari in a post said in Karnataka, an allocation of ₹576.22 Crore has been sanctioned for the 4-laning of the Yedegowdanahalli to Arjunahalli segment of NH-373 in Hassan district, spanning 22.3 kilometres.
• This corridor serves as a vital link to renowned tourist destinations such as Chikamagaluru, Belur, Halebeedu, and Shravanabelagola.
• The project's implementation promises enhanced connectivity, poised to invigorate tourism and stimulate economic endeavors within the region.

CURRENT AFFAIRS : STATE NEWS

Ahmednagar Officially Renamed as 'Ahilyanagar' in Maharashtra

• The Maharashtra Cabinet formally approved the renaming of Ahmednagar district to ‘Ahilyanagar’ after the 18th century Maratha queen Ahilyabai Holkar.
• The decision to rename the district had already been announced by Chief Minister Eknath Shinde in May last year on the 298th birth anniversary of Ahilyabai Holkar, who had established Maheshwar (in Madhya Pradesh) as the seat of the Holkar dynasty.

Key Highlights :

• The renaming of Ahmednagar follows the Mahayuti government’s decision to rename Aurangabad district as ‘Chhatrapati Sambhajinagar’ and Osmanabad as ‘Dharashiv’.
• The demand for renaming Ahmednagar was started by BJP leader and MLC Gopichand Padalkar, an influential leader of the Dhangar (shepherd) community.
• The community has a special reverence for Ahilyabai given that the queen and her father-in-law, Malhar Rao Holkar, the founder of the Holkar dynasty were Dhangars too.
• Ahmednagar was founded in 1494 AD by Ahmad Nizam Shah, who later established an independent Sultanate in Ahmednagar (the Nizam Shahi dynasty) after the break-up of the Bahamani Sultanate into five successor states known collectively as the Deccani Sultanates.
• Meanwhile, the State Cabinet has also decided to rename 8 railway stations in Mumbai by effecting a name change from their British-era ones.
• The station name changes are as follows: Curry Road to Lalbaug, Marine Lines to Mumbadevi, Sandhurst Road to Dongri, Cotton Green to Kalachowki, Charni Road to Girgaon, Dockyard Road to Mazgaon, King’s Circle to Tirthakar Parshivnath, Mumbai Central to Nana Jagannath Shankarsheth.
• Additionally, the Cabinet approved the purchase of 2.5 acres of land in Srinagar in Jammu and Kashmir to construct a Maharashtra Bhavan there.

About Maharashtra  :

• Governor: Ramesh Bais
• Chief Minister: Eknath Shinde
• Capital: Mumbai
• National Park: Tadoba National Park, Navegaon National Park
• Wildlife Sanctuaries: Bhimashankar Wildlife Sanctuary, Karnala Bird Sanctuary, Nagzira Wildlife Sanctuary
• UNESCO Heritage Sites: Chhatrapati Shivaji Maharaj Terminus, The Victorian and Art Deco Ensemble of Mumbai, Ajanta Caves, Elephanta Caves, Ellora Caves

CURRENT AFFAIRS: BUSINESS NEWS

NHPC is set to develop a 200 MW solar power project in Khavda, located in the Kachchh district of Gujarat.

• NHPC Limited, India’s premier hydropower company and a central public sector enterprise under the Ministry of Power has won the bid to develop a 200 MW capacity Solar Power Project to be set up in the 1,125 MW RE Park of Gujarat State Electricity Corporation Ltd. (GSECL) at Khavda in Kachchh district of Gujarat.
• The project will generate about 473 million units of electricity in the first year of commissioning and the cumulative energy generation from the project over 25 years would be about 10,850 million units.
• NHPC will develop the project on a build-own-and-operate basis at a tentative development cost of Rs. 847 crores.
• Gujarat Urja Vikas Nigam Limited conducted the e-reverse auction for the project and the Letter of Intent has been issued.
• The project has been secured at a tariff of Rs. 2.66 per unit and will be completed in 18 months.

CURRENT AFFAIRS: AWARDS AND HONOURS

The Ministry of Tourism held an award ceremony for the 'Design Challenge: Eco-Friendly Cutlery and Crockery to Replace Single-Use Plastic'.

• Ministry of Tourism hosted an award ceremony for the winners of the ‘Design Challenge: Eco-Friendly Cutlery and Crockery to Substitute Single Use Plastic’ along with an exhibition of edible crockery and cutlery, New Delhi which was chaired by D.G. (Tourism), Ms Manisha Saxena and graced by the presence of Senior Economic Advisor Mr. Gyan Bhushan, renowned Chef Manjit Singh Gill, Chef Gunjan Goela and others.
• Ministry of Tourism, in coordination with the National Council for Hotel Management & Catering Technology (NCHMCT) had organized the ‘Design Challenge: Eco-Friendly Cutlery and Crockery to Substitute Single Use Plastic’ on a pan India basis.
• 22 Hotel management institutes from across the country participated in the Design Challenge, out of which the top 07 Institutes were selected who have designed and developed innovative edible cutlery and crockery options after extensive research and creativity.
• On the parameters of durability, cost-effectiveness, scalability, nutritional values and hygiene standards etc. the innovations were evaluated.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Former Bureaucrats Gyanesh Kumar and Sukhbir Singh Sandhu Named as Election Commissioners

• In exercise of powers conferred by section 4 of the Chief Election Commissioner and other Election Commissioners (Appointment, Conditions of Service and Term of Office) Act, 2023 (Act No. 49 of 2023), the President is pleased to appoint Shri Gyanesh Kumar,Indian Administrative Service (IAS) (Retd.) and Sukhbir Singh Sandhu, IAS(Retd.) as Election Commissioners in the Election Commission of India (ECI).
• According to the Act, a selection committee headed by the Prime Minister and comprising a Union Minister nominated by the Prime Minister and the Leader of Opposition (LoP) in the Lok Sabha will select members of the EC.
• In the current committee, Union Home Minister Amit Shah is the Cabinet Minister and Adhir Ranjan Chowdhury represents the Opposition, being the Congress leader of the House in Lok Sabha.
• The appointments were made to fill vacancies in the Election Commission following the retirement of Anup Chandra Pandey on February 14 and the resignation of Arun Goel on March 8.
• The poll panel is headed by Chief Election Commissioner Rajiv Kumar.
• The Election Commission is expected to announce the schedule for the April- May Lok Sabha polls on one of these days.
• The new commissioners will join their offices to help the poll body conduct these polls.
• The two appointments come the day before the Supreme Court is slated to hear petitions challenging the selection process.

About Gyanesh Kumar :

• Gyanesh Kumar is a 1988-batch IAS officer from the Kerala cadre.
• Kumar, 60, has worked with Union Home Minister Amit Shah before.
• During his tenure in the home ministry, Mr Kumar oversaw the abrogation of the Constitution's Article 370, which granted special status to Jammu and Kashmir.
• He retired as secretary in the Ministry of Cooperation, which comes under Amit Shah, on January 31, 2024.
• Before that, he also served as the secretary in the Ministry of Parliamentary Affairs

About Sukhbir Singh Sandhu :

• Sukhbir Singh Sandhu is also 1998 batch IAS officer but from Uttarakhand cadre.
• Sandhu, a former chief secretary of Uttarakhand, is learnt to have overseen the idea for the implementation of the Uniform Civil Code in the state.
• He has served as the chairman of the National Highways Authority of India (NHAI) and additional secretary in higher education of the central government.
• He has published papers on 'Urban Reforms' and 'Municipal Management and Capacity Building'.
• He was conferred the President's Medal in recognition of his services as commissioner, Ludhiana Municipal Corporation, Punjab.
• In Feb 2024, he was appointed as secretary, Lokpal, with a tenure of one year.

About Election Commission of India (ECI) :

• Founded : 25 January 1950
• Headquarters : New Delhi, Delhi
• The ECI is a constitutional body. It was established by the Constitution of India to conduct and regulate elections in the country.
• Article 324 of the Constitution provides that the power of superintendence, direction, and control of elections to parliament, state legislatures, the office of the president of India, and the office of vice-president of India shall be vested in the election commission.

LinkedIn's India Head Ashutosh Gupta Resigns from Position                             

• Ashutosh Gupta, Country Manager for India & APAC Head of Online Sales for LinkedIn Marketing Solutions, has decided to leave the company at the end of April,2024 to take a career break before taking on new roles.

About Ashutosh Gupta :

• Gupta has two decades of tech experience with stints in Google, Cognizant and Infosys.
• Gupta had joined Linkedin in 2013 to lead LinkedIn’s Marketing Solutions (LMS) business in India, and then moved to Singapore in 2016 to build LMS’ Online Sales Organisation (OSO) for Asia Pacific and China.
• LinkedIn appointed Gupta as country manager for India, effective September 2, 2019.
• At that time LinkedIn had more than 630 million members globally and over 57 million users in India.
• India is the second-largest market for LinkedIn after the United States, with around 120 million members in the country.
• The company reported over $15 billion in revenue for fiscal 2023.

Madhu Nair Named Chief Executive Officer of Union Asset Management Company                   

• Union Asset Management Company Private Limited has appointed Madhu Nair as the Chief Executive Officer (CEO).
• He will replace G Pradeepkumar who tendered his resignation after 14 years of service.
• A Harvard Business School alumnus, Nair comes with over 25 years of diverse experience across various market segments.
• He was instrumental in building up asset management companies such as HSBC, Invesco and Kotak, during his career span of two and a half decades.

CURRENT AFFAIRS : DEFENCE NEWS

China, Iran, and Russia Conduct Joint Drills Near Gulf of Oman to Ensure Regional Maritime Security

• China, Iran, and Russia initiated a joint naval exercise named "Security Belt-2024" near the Gulf of Oman.
• Purpose of Exercise: The exercise aims to safeguard regional maritime security, explicitly stating that it does not target any third country or current regional tensions.
• This marks the fourth joint naval exercise conducted by the three countries since 2019.
• The joint exercise kicked off after Chinese warships arrived in waters near Chabahar, Iran and rendezvoused with participating Iranian and Russian naval vessels.
• Exercise Theme: The exercise revolves around the theme of "jointly building peace and security."
• It focuses on anti-piracy and search and rescue training courses and is organized into 3 phases: harbor phase, sea phase, and summarize phase.

Participating Forces :

• China : 3 warships of the People's Liberation Army (PLA) Navy's 45th escort task force that just wrapped up escort missions in the Gulf of Aden, namely the Type 052D guided missile destroyer Urumqi, the Type 054A guided missile frigate Linyi and the Type 903A comprehensive replenishment ship Dongpinghu
• Iran: Over 10 vessels, including the frigates Alborz and Jamaran
• Russia: The guided missile cruiser Varyag and the large anti-submarine warfare ship Marshal Shaposhnikov.
• Observer Nations: Envoys from the militaries of Azerbaijan, India, Kazakhstan, Oman, Pakistan, and South Africa attended the exercise as observers.

About Gulf of Oman:

• The Gulf of Oman or Sea of Oman, also known as Gulf of Makran or Sea of Makran, is a gulf that connects the Arabian Sea with the Strait of Hormuz, which then runs to the Persian Gulf.
• It borders Iran and Pakistan on the north, Oman on the south, and the United Arab Emirates on the west.

About China:

• President: Xi Jinping
• Capital: Beijing
• Currency: Renminbi

About Iran : 

• President : Ebrahim Raisi
• Capital : Tehran
• Currency : Iranian rial

About Russia :

• President : Vladimir Putin
• Prime Minister : Mikhail Mishustin
• Capital : Moscow
• Currency : Ruble

Prime Minister Shri Narendra Modi Observes 'Bharat Shakti' Tri-Services Firing and Manoeuvre Exercise in Pokhran, Rajasthan

• Prime Minister Shri Narendra Modi, along with delegates from over 30 nations, witnessed the tri-service exercise called 'Bharat Shakti' at the Pokhran field firing range in Jaisalmer, Rajasthan.
• Aim of the exercise : To demonstrate the calibrated tactical use of advanced technology in a tri-services environment against perceived threats. It showcases indigenous weapon systems and platforms, aligning with India's Aatmanirbharata (self-reliance) initiative.
• The exercise simulates realistic, synergized multi-domain operations to display the integrated operational capabilities of the Indian armed forces across land, air, sea, cyber, and space domains.

Key Highlights :

• Platforms Demonstrated: Various indigenous weapon systems and platforms were showcased during the exercise, including LCA Tejas, ALH Mk-IV, mobile anti-drone system, T90 tanks, Dhanush, K9 Vajra, and Pinaka.
• Neutral Direction: The exercise is emphasized as not being tailored towards any specific direction (northern or western border) or adversary, indicating its focus on overall preparedness and capability demonstration rather than targeting specific threats.
• Pokhran's Significance : Pokhran is a remote location in the Thar Desert of Rajasthan’s Jaisalmer district.
• The Test Range in Pokhran hosted the detonation of India’s first nuclear device in 1974.
• Peaceful Nuclear Explosive : The test was known as a “Peaceful Nuclear Explosive” among government officials.
• After the detonation, it came to be known as Operation Smiling Buddha while the MEA called it ” Pokhran I”.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Competition Commission of India Clears Merger of Financial Technology Firm, Garagepreneurs Internet Private. Limited., with North East Small Finance Bank

• The Competition Commission of India (CCI) has approved the merger of a financial technology company, Garagepreneurs Internet Private Limited (GIPL) with the North East Small Finance Bank (NESFB).
• The proposed merger involves Garagepreneurs Internet Private Limited (GIPL), which includes Quadrillion Finance Private Limited (QFPL) and Intergalactory Foundry Private Limited (IFPL), merging with North East Small Finance Bank Limited (NESFB), which includes RGVN (North-East) Microfinance Limited (RGVN).
• The merger will be carried out through a composite scheme of amalgamation to be filed before the National Company Law Tribunal.

Key Highlights :

• GIPL operates under the brand name "slice" and focuses on facilitating payments and credit products through digital means in India.
• GIPL primarily focuses on enabling access to financial services for underbanked customers through affordable and transparent cost solutions and structures.
• NESFB is a private sector small finance bank (SFB).
• It is headquartered in Guwahati, Assam and has branches in the North Eastern states (Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Tripura, and Sikkim), and West Bengal.

About CCI :

• Established : 14 October 2003
• Headquarters : New Delhi
• Chairman : Ravneet Kaur
• The CCI is the chief national competition regulator in India.
• It is a statutory body within the Ministry of Corporate Affairs and is responsible for enforcing the Competition Act, 2002 to promote competition and prevent activities that have an appreciable adverse effect on competition in India.

CURRENT AFFAIRS: MOUS AND AGREEMENT

RECPDCL and BHEL have joined hands to collaborate on developing utility-scale renewable energy projects.

• REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC Limited, has signed an MoU with Bharat Heavy Electrical Limited (BHEL), for joint development of utility scale Renewable Energy Projects across the country.
• The MoU thus aims to contribute to the clean energy targets of the nation, through a dedicated Special Purpose Vehicle (SPV).
• The SPV will benefit by the core engineering expertise of BHEL and infrastructure investment expertise of REC Limited.
• The SPV will focus on catering to the energy requirement of preferably the commercial and industrial (C&I) segment, with an initial capacity of 1 GW which would be scaled up further.
• The MoU was signed in New Delhi in the presence of CMD, REC, Shri Vivek Kumar Dewangan; CMD, BHEL, Shri Koppu Sadashiv Murthy; Director (Projects), REC, Shri V K Singh; CEO, RECPDCL, Shri Rajesh Kumar and Director, IS&P, BHEL, Ms. Bani Varma.

MoRD, GoI signs MoU with Bharat Financial Inclusion Ltd to synergize livelihood intervention in the livestock sector.

• The Ministry of Rural Development, Government of India has signed a Non-Financial Memorandum of Understanding (MoU) with the Bharat Financial Inclusion Limited (BFIL) to support the livelihood intervention of DAY-NRLM by syncing their activities in livestock and fisheries development.
• The MoU was signed by Additional Secretary, Ministry of Rural Development Shri Charanjit Singh and Executive Vice Chairman Shri J Sridharan at New Delhi.
• Senior Officials of MoRD Joint Secretary Smt. Smriti Sharan, Deputy Secretary Ms Nivedita Prasad, Deputy Director Shri Raman Wadhwa and National Mission Manager Dr. Vivek Kunj, Chief People Officer Shri Kishore Sambasivam, Chief Managers Dr. Prem Nath Singh and Shri Asad Ahmad from BFIL were also present in MoU signing ceremony.
• As part of the MoU, in the initial phase a centralized Project Monitoring Unit (PMU) will be established to support DAY-NRLM at the national level and State PMU in Maharashtra, Madhya Pradesh, Jharkhand, Uttar Pradesh, Rajasthan, Tamil Nadu and Bihar will be developed.
• The PMU will comprise specialists from livestock (as per the need in respective state), Market Linkage etc.
• BFIL will also strengthen the Pashu Sakhis (last mile extension workers at village) developed under DAY-NRLM to provide basic healthcare support to animals.
• The other area of intervention will be on livestock cluster facilitation, developing IT enabled ecosystem and also for providing veterinary care and facilitation support to SHG households of DAY-NRLM.

Ministry of Rural Development signs a MoU with J-PAL South Asia to provide technical assistance in the implementation of inclusive development under DAY NRLM

• The Ministry of Rural Development, Government of India signed a MoU with Abdul Latif Jameel Poverty Action Lab (J-PAL), South Asia at IFMR. J-PAL, SA@ IFMR will act as a knowledge partner on inclusive development to put rural poor women on the path to self-sufficiency.
• The MoU was signed by Additional Secretary, Ministry of Rural Development Shri Charanjit Singh and Executive Director, J-PAL South Asia Ms. Shobhini Mukerji.
• The inclusive development strategy will adapt BRAC’s Graduation Approach, a comprehensive livelihoods programme that randomised evaluations by researchers affiliated with J-PAL and Innovations for Poverty Action have found to be effective in lifting vulnerable households out of poverty.
• As part of this partnership, J-PAL South Asia will support MoRD in catalysing the adoption of scientific evidence and data in their decision-making.

Key Highlights

• J-PAL South Asia will also collaborate with MoRD to set-up a Gender Impact Lab to conduct new research and institutionalise data use within Deendayal Antyodaya Yojana National Rural Livelihoods Mission (DAY NRLM) for driving women-led development.
• DAY-NRLM is one of the largest community mobilisation efforts in the world, organising more than 10.04 crore women into over 90.76 lakh self-help groups. The programme promotes financial inclusion, digital lieteracy, sustainable livelihoods and social development interventions. But above all, it empowers them to lead dignified lives.
• J-PAL South Asia, together with Bandhan-Konnagar, has been working with the Government of Bihar’s JEEViKA since 2018 to support the expansion of Satat Jeevikoparjan Yojana (SJY), estimated to be the largest government-led scale-up of the Graduation Approach in the world. SJY is on track to reach 200,000 women-headed households by 2024 across Bihar.

India and Singapore have signed a Memorandum of Understanding for cooperation in the area of Law and Dispute Resolution.

• India and Singapore have signed a Memorandum of Understanding (MoU) on cooperation between the two countries in the sphere of Law & Dispute Resolution.
• The Memorandum of Understanding was signed in a virtual meeting of the Minister of State for Law and Justice (I/C), Government of India, Shri Arjun Ram Meghwal for the Indian side and the Minister for Culture, Community and Youth and Second Minister for Law, Government of Singapore, Mr. Edwin Tong for the Singapore side.
• The Memorandum of Understanding is on further cooperation between the two countries in the areas of common interest such as international commercial dispute resolution; matters relating to the promotion of robust alternative dispute resolution mechanisms in respective countries and the establishment of a Joint Consultative Committee to oversee the implementation of the Memorandum of Understanding.
• This collaboration therefore marks a key milestone in strengthening cooperation between India and Singapore with a focus on exchange of best practices in the sphere of law and dispute resolution, which will eventually enable adoption of efficacious mechanisms for the resolution of disputes through alternate dispute resolution mechanisms.

CURRENT AFFAIRS: IMPORTANT DAYS

National Vaccination Day: March 16

• On 16th March 2024, National Vaccination Day is observed all over India.
• It is a national event celebrated annually since 1995 on the 16th March every year.
• National Vaccination Day is celebrated every year in the country on March 16 as on the same day the first dose of Oral Polio Vaccine was given in India in 1995.
• The day is observed to celebrate the Indian government's Pulse Polio Campaign which was an initiative to eradicate polio from the country.
• As per the program, 2 oral drops of polio vaccine were provided for children from the age of 0 to 5 years.
• This program became a success gradually, as in 2014 India became a polio-free country.

Daily CA One- Liner: March 16

• The Union Government has approved a scheme to promote India as a manufacturing destination so that e-vehicles (EV) with the latest technology can be manufactured in the country
• Union Minister for Road Transport and Highways Shri Nitin Gadkar, in Assam, an allocation of Rs 421.15 Crore has been approved for the construction of a 4-lane Gauripur Bypass along NH-17 (New)/NH-31(Old), spanning from Dumardoha Pt-II to the Baladmara road in Dhubri district
• Union Minister for Road Transport and Highways Shri Nitin Gadkari in a post said in Karnataka, an allocation of ₹576.22 Crore has been sanctioned for the 4-laning of the Yedegowdanahalli to Arjunahalli segment of NH-373 in Hassan district, spanning 22.3 kilometres
• NHPC Limited, India’s premier hydropower company and a central public sector enterprise under the Ministry of Power has won the bid to develop a 200 MW capacity Solar Power Project to be set up in the 1,125 MW RE Park of Gujarat State Electricity Corporation Ltd. (GSECL) at Khavda in Kachchh district of Gujarat
• Ministry of Tourism hosted an award ceremony for the winners of the ‘Design Challenge: Eco-Friendly Cutlery and Crockery to Substitute Single Use Plastic’ along with an exhibition of edible crockery and cutlery, New Delhi which was chaired by D.G. (Tourism), Ms Manisha Saxena and graced by the presence of Senior Economic Advisor Mr. Gyan Bhushan, renowned Chef Manjit Singh Gill, Chef Gunjan Goela and others
• Ministry of Tourism hosted an award ceremony for the winners of the ‘Design Challenge: Eco-Friendly Cutlery and Crockery to Substitute Single Use Plastic’ along with an exhibition of edible crockery and cutlery, New Delhi which was chaired by D.G. (Tourism), Ms Manisha Saxena and graced by the presence of Senior Economic Advisor Mr. Gyan Bhushan, renowned Chef Manjit Singh Gill, Chef Gunjan Goela and others
• The Ministry of Rural Development, Government of India has signed a Non-Financial Memorandum of Understanding (MoU) with the Bharat Financial Inclusion Limited (BFIL) to support the livelihood intervention of DAY-NRLM by syncing their activities in livestock and fisheries development
• The Ministry of Rural Development, Government of India signed a MoU with Abdul Latif Jameel Poverty Action Lab (J-PAL), South Asia at IFMR. J-PAL, SA@ IFMR will act as a knowledge partner on inclusive development to put rural poor women on the path to self-sufficiency
• India and Singapore have signed a Memorandum of Understanding (MoU) on cooperation between the two countries in the sphere of Law & Dispute Resolution
• The Reserve Bank of India (RBI) has imposed monetary penalties on 2 banks, Bank of India (BoI), Bandhan Bank, and 1 non-banking finance company, Indostar Capital Finance Limited for non-compliance with various regulatory norms.
• Bank of Baroda (BoB), one of India’s leading public sector banks, has announced the launch of the Bob Earth Green Term Deposit Scheme to raise deposits that will be used to finance eligible environment-friendly projects and sectors, fostering India’s transition to a green and sustainable economy.
• India’s largest lender State Bank of India (SBI) has partnered with One97 Communications Limited (OCL), which runs Paytm brand and app, for its consumer Unified Payment Interface (UPI) payments.
• The Securities and Exchange Board of India (SEBI) has announced the expansion of the Qualified Stock Broker (QSB) framework to include more brokers under enhanced obligations.
• The Maharashtra Cabinet formally approved the renaming of Ahmednagar district to ‘Ahilyanagar’ after the 18th century Maratha queen Ahilyabai Holkar.
• In exercise of powers conferred by section 4 of the Chief Election Commissioner and other Election Commissioners (Appointment, Conditions of Service and Term of Office) Act, 2023 (Act No. 49 of 2023), the President is pleased to appoint Shri Gyanesh Kumar,Indian Administrative Service (IAS) (Retd.) and Sukhbir Singh Sandhu, IAS(Retd.) as Election Commissioners in the Election Commission of India (ECI).
• Ashutosh Gupta, Country Manager for India & APAC Head of Online Sales for LinkedIn Marketing Solutions, has decided to leave the company at the end of April,2024 to take a career break before taking on new roles.
• Union Asset Management Company Private Limited has appointed Madhu Nair as the Chief Executive Officer (CEO).
• China, Iran, and Russia initiated a joint naval exercise named "Security Belt-2024" near the Gulf of Oman.
• Prime Minister Shri Narendra Modi, along with delegates from over 30 nations, witnessed the tri-service exercise called 'Bharat Shakti' at the Pokhran field firing range in Jaisalmer, Rajasthan.
• The Competition Commission of India (CCI) has approved the merger of a financial technology company, Garagepreneurs Internet Private Limited (GIPL) with the North East Small Finance Bank (NESFB).
• On 16th March 2024, National Vaccination Day is observed all over India.