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CURRENT AFFAIRS : BANKING & FINANCE

SEBI to Enforce One-Hour Trade Settlement by March 2024

• Markets regulator Securities and Exchange Board of India (SEBI), plans to introduce one-hour trade settlements in India by the end of the fiscal year, March 2024 with an aim to significantly reduce the time taken for the settlement of securities transactions.
• SEBI has adopted a roadmap to transition from the current settlement cycle to one-hour settlements, with the ultimate goal of achieving instantaneous settlements in the securities market.

Key Highlights :

• Implementation Timeframe: The transition to one-hour settlements is expected to take place first, with an additional 6 to 8 months being considered for the eventual move to instantaneous settlements.
• Technology Readiness: One-hour trade settlements are quicker to implement because the necessary technology infrastructure already exists. In contrast, instantaneous settlements require further technology development.
• ASBA-like Facility: SEBI plans to launch an Application Supported by Blocked Amount (ASBA)-like facility for trading in the secondary market, with a target launch date of January 2024.
• ASBA is a process developed by SEBI for Initial Public Offer (IPO) applications.

What are the benefits of one-hour trade settlement?

• Under the current T+1 settlement cycle, if an investor sells securities, the money gets credited into the person’s account the next day.
• In a one-hour settlement, if an investor sells a share, the money will be credited to their account in an hour, and the buyer will get the shares in their demat account within an hour.

What is trade settlement?

• Settlement is a two-way process which involves the transfer of funds and securities on the settlement date.
• A trade settlement is said to be complete once purchased securities of a listed company are delivered to the buyer and the seller gets the money.
• The current cycle of T+1 means trade-related settlements happen within a day, or 24 hours of the actual transactions.
• India became the 2nd country in the world to start the T+1 settlement cycle in top-listed securities after China, bringing in operational efficiency, faster fund remittances, share delivery, and ease for stock market participants.

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),

Hitachi Payment Services Introduces India's 1st UPI-ATM in Collaboration with NPCI

• Hitachi Payment Services, a 100% subsidiary of Japan-based Hitachi Limited, has launched India's first Unified Payments Interface (UPI)-Automated Teller Machine (ATM) in collaboration with the National Payments Corporation of India (NPCI).
• The UPI-ATM, named Hitachi Money Spot UPI ATM, offers cardless cash withdrawals, eliminating the need for physical ATM cards.
• This UPI-ATM operates as a White Label ATM (WLA), a type of ATM operated by non-banking entities.

Key Features of UPI-ATM (Interoperable Cardless Cash Withdrawal - ICCW) :

• Compatibility: The UPI-ATM is compatible with various systems, enhancing accessibility.
• Cardless Transactions: Users can conduct transactions without the need for a physical ATM card.
• Transaction Limit: It allows cash withdrawals of up to ₹10,000 per transaction, aligning with existing UPI daily limits and issuer bank's UPI-ATM transaction limits.
• Convenience: The UPI-ATM eliminates the necessity to carry an ATM card for cash withdrawals, offering enhanced convenience.
• Multiple Account Access: Users can withdraw cash from multiple accounts via the United Payments Interface (UPI) app.

Financial Inclusion and Accessibility :

• Promoting Financial Inclusion: The UPI-ATM is expected to drive financial inclusion by facilitating easy access to banking services, particularly in areas with limited traditional banking infrastructure and low card penetration.
• Accessibility in Remote Areas: This innovative concept is designed to provide quick access to cash even in remote parts of India, enhancing financial services' reach.

How is it different from cardless cash withdrawals offered by banks?

• QR-Based UPI Cash Withdrawals: Unlike current cardless cash withdrawals offered by banks, which rely on mobile numbers and OTPs, the UPI-ATM functions through QR-based UPI cash withdrawals.
• UPI Application Requirement: To use the UPI-ATM, individuals must have a UPI application installed on their Android or iOS smartphones. The UPI application is essential for conducting transactions.

About Hitachi Payment Services Private Limited :

• Founded : 2008
• Headquarters : Mumbai, Maharashtra
• MD & CEO : Sumil Vikamsey
• Hitachi Payment Services is the only White Label ATM operator that provides a cash deposit facility at over 3,000 locations in India.
• Hitachi manages a substantial network of over 65,500 ATMs, including 27,500 cash recycling machines, and 9,500 White Label ATMs (WLAs).

AMFI Establishes Guidelines for Direct Mutual Fund Firms Seeking to Act as Agents for Asset Management Companies (AMCs)  

• The Association of Mutual Funds in India (AMFI), has established a net worth requirement of Rs 1 crore for direct plan distributors interested in registering with them as execution-only platforms (EOPs).
• The Securities and Exchange Board of India (SEBI) has mandated that online platforms exclusively dedicated to distributing direct mutual fund (MF) schemes must become EOPs.
• They can achieve this by registering either with exchanges (EOP Category 2) or with AMFI (EOP Category 1).

Key Highlights :

• While AMFI has provided guidelines for registration, it has not specified a maximum fee limit that EOPs can charge for their services.
• SEBI's regulation came into effect in September, and it mandates the registration of these platforms as EOPs, with the deadline for compliance set for December.
• After successfully registering with AMFI as an EOP, MF distribution platforms are required to establish agreements with fund houses to commence the online sale of their direct schemes.

About AMFI :

• Established : August 22, 1995
• CEO : Mr. N. S. Venkatesh
• The Association of Mutual Funds in India (AMFI) is dedicated to fostering the Indian Mutual Fund Industry while upholding professional, ethical, and healthy standards.
• Its primary goal is to safeguard and promote the interests of mutual funds and their unit holders.
• As of now, AMFI represents 44 Asset Management Companies that are registered with SEBI as its members.

PSB Alliance Launches Door-Step Banking Services at 6,800 Locations

• PSB Alliance Private Limited, a company established by public sector banks (PSBs), plans to expand to 6,800 centres across India by June 2024, a substantial increase from the current 100 centres with an aim to significantly increase the coverage of its DSB services.
• PSB Alliance is jointly owned by 12 public sector banks, with each bank holding an 8.33% stake in the company.
• This collaborative ownership structure enables the collective expansion of DSB services.

Key Highlights :

• Reduced Transaction Charges: PSB Alliance aims to reduce the charges associated with DSB transactions.
• Their goal is to lower the transaction cost to below ₹50 per transaction, which is a significant reduction from the current fee of ₹75 (excluding GST of ₹13.50).
• Range of DSB Services: The DSB services currently offered by PSB Alliance include:
• Cash deposit services with transaction limits ranging from ₹1,000 to ₹10,000.
• Funds transfer services, allowing a maximum of 3 fund transfer requests with a cumulative daily limit of ₹25,000.
• Digital life certificate services.
• Nomination services.
• Chief executive and managing director of PSB Alliance : Rajinder Mirakhur

UPI Transactions in India Surpass 10 Billion Mark for the 1st Time in August 2023   

• According to the National Payments Corporation of India (NPCI), the United Payments Interface (UPI) crossed 10 billion in the volume of transactions in August 2023, marking a significant milestone for the payments.
• As of August 30, 2023, the monthly transaction count on UPI had reached 10.24 billion, with a net transaction value totaling ₹15.18 trillion.
• UPI is not limited to domestic usage alone, as it is increasingly used for small-ticket transactions. Moreover, it has become an integral part of India's foreign policy outreach.

What is UPI?

• UPI is a unified system that consolidates multiple bank accounts into a single mobile application (of any participating bank), offering various banking features, seamless fund routing, and merchant payments within a single platform.
• UPI also supports "Peer to Peer" collect requests, enabling scheduled payments as per the user's convenience and require
• The National Payments Corporation of India (NPCI) introduced UPI initially on a pilot basis in 2016.
• UPI achieved its first billion monthly transactions milestone in October 2019, indicating remarkable growth in its adoption, taking less than four years to grow fourfold.

Recent News :

• In July 2023, Unified Payments Interface (UPI) registered96 billion transactions, with the total value for the month hitting Rs 15.34 lakh crore, according to data from the NPCI.

About NPCI :

• Founded : 2008
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Dilip Asbe
• The NPCI is an umbrella organisation for creating and operating robust retail payments and settlement systems in India.
• It is an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007.

PNB Introduces Interoperability Between CBDC and UPI for Seamless Transactions          

• State-owned Punjab National Bank (PNB) has launched Central Bank Digital Currency (CBDC) with Unified Payments Interface (UPI) interoperability feature in its digital rupee mobile application.
• This move is in line with the RBI's CBDC pilot project and unleashes a new potential in India's payment ecosystem.
• PNB customers can now use the PNB digital rupee app to scan the UPI QR code for payment to their merchants or complete a transaction at a merchant outlet.
• Even if the merchants do not have a CBDC Wallet, PNB digital rupee app users can utilise their CBDC wallets to conduct transactions on the UPI QR of these merchants.
• The app with this new functionality is currently available for Android users on the Play store and will also be made live for iOS users.

Recent News :

• On World Senior Citizens Day (Aug 21, 2023), Punjab National Bank (PNB), the nation’s leading public sector bank, has introduced the “Pensioner’s Lounge”, a dedicated space within the branch that serves pensioners and senior citizens with all their banking needs.

About PNB :

• Founded : 19 May 1894
• Headquarters : Dwarka, Delhi, India
• MD & CEO : Atul Kumar Goel
• Tagline : You Can Bank Upon

CURRENT AFFAIRS: NATIONAL NEWS

Three-fourths of India’s irrigation sources run on electricity:

• The latest/sixth edition of the Minor Irrigation Census (MIC) finds that electricity is the dominant source (3/4th) of power to extract water, over diesel, windmills, and solar pumps.
• The MIC is a compendium of borewells, tubewells, and other privately owned irrigation sources by farmers.
• Overall, 23.14 million MI schemes were reported in the country from 695 districts, which shows an increase of about 1.42 million between the fifth and sixth editions.
• Most of the schemes (96.6%) were privately owned and small and marginal farmers, having less than two hectares of land, owned the majority of MI schemes.
• Out of all MI schemes, 21.93 million (94.8%) were for groundwater (GW) and 1.21 million (5.2%) for surface-water (SW) extraction.
• UP had the largest number of MI schemes in the country (17.2%) followed by Maharashtra (15.4%) and MP (9.9%).
• Leading States in GW schemes are UP, Maharashtra, MP; whereas Maharashtra, Karnataka, Telangana, Odisha and Jharkhand have the highest share in SW schemes.
• Irrigation schemes using either groundwater or surface water and having a Culturable Command Area up to 2000 hectares individually are categorized as Minor Irrigation Schemes.
• Minor Irrigation plays an important role in the development of agriculture and livelihoods particularly in drought prone areas and areas outside command of Major and Medium projects.
• The schemes have been categorised broadly into 6 major types:
• Dugwell (can draw water from a maximum depth of 15 metres),
• Shallow tubewell (capable of drawing water from up to 35 metres),
• Medium Tubewell (up to 70 metres),
• Deep tubewell (beyond 70 metres),
• Surface flow schemes and
• Surface lift schemes.
• The First Census of Minor Irrigation schemes was conducted with reference year 1986-87.
• This is the Sixth MIC, which has been conducted with reference year 2017-18 in all States and UTs except Delhi, Daman & Diu, Dadra and Nagar Haveli and Lakshadweep.
• While ‘dug-wells’ or ponds remain the dominant source of groundwater, their number has declined from 87 lakh to 82 lakh between the 5th and 6th editions.
• ‘Shallow’ tube wells have declined from 59 lakh to 55 lakh.
• However, ‘medium-sized’ wells grew from 31 lakh to 43 lakh and ‘deep’ wells rose from 26 lakh to 37 lakh.

Cabinet approves additional fund requirement under Industrial Development Scheme, 2017 for Himachal Pradesh and Uttarakhand

• The Cabinet chaired by Hon’ble PM Shri Narendra Modi has approved an amount of 1164.53 cr. for the Industrial Development Scheme (IDS), 2017 for Himachal Pradesh and Uttarakhand.
• The government of India announced the Industrial Development Scheme, 2017, in 2018 vide Notification No.2(2)/2018-SPS dated 23rd April 2018 for the state of Himachal Pradesh and Uttarakhand.
• Under this scheme,the total financial outlay was Rs.131.90 crore.
• This allocated fund has been exhausted during the financial year 2021-22.
• Further, the requirement of an additional fund to meet the committed liabilities up to 2028-2029 is Rs.1164.53 Crore.
• The Cabinet, in its meeting held, considered and approved the proposal of the Ministry of Commerce and Industry, Department for Promotion of Industry and Internal Trade for Central Sector Scheme for Industrial Development Scheme 2017 for Himachal Pradesh and Uttarakhand for additional fund requirements to meet the committed liabilities under the scheme up to 2028-29.
• The financial outlay of IDS, 2017 for the State of Himachal Pradesh & Uttarakhand was only Rs.131.90 crore, which was released during 2021-2022.
• Further, to meet the committed liabilities through the additional requirement of funds under the scheme up to 2028-29, the cabinet has approved the additional financial outlay amounting to 1164.53 crore under the scheme.

Central Capital Investment Incentive for Access to Credit (CCIIAC):

• All eligible new industrial units and existing industrial units on their substantial expansion in the manufacturing and service sector located anywhere in the States of Himachal Pradesh and Uttarakhand will be provided Central Capital Investment Incentive for access to credit (CCIIAC) @ 30% of the investment in Plant and Machinery with an upper limit of Rs.5.00 crore.

Central Comprehensive Insurance Incentive (CCII):

• All eligible new industrial units and existing industrial units on their substantial expansion located anywhere in the states of HP and Uttarakhand will be eligible for reimbursement of 100% insurance premium on insurance of building and Plant & Machinery for a maximum period of 5 years from the date of commencement of commercial production/operation.

About HP :

• Governor : Shiv Pratap Shukla
• Chief Minister : Sukhvinder Singh Sukhu
• Capital : Shimla (Summer), Dharamshala (Winter)
• Wildlife Sanctuary : Daranghati Sanctuary, Kanwar Sanctuary,Rupi Bhawa Sanctuary

About Uttarakhand :

• Governor : Gurmit Singh
• Chief Minister : Pushkar Singh Dhami
• National Park : Corbett National Park, Govind National Park, Nanda Devi National Park
• Wildlife Sanctuary : Binsar Wildlife Sanctuary, Jhilmil Wildlife Sanctuary

Recent News

• In May 2023, The Union Cabinet approved the signing of a memorandum of understanding between the Competition Commission of India (CCI) and the Egyptian Competition Authority (ECA).
• In May 2023, The Union Cabinet authorised the City Investments to Innovate, Integrate, and Sustain (CITIIS) 2.0 programme, which would encourage a circular economy in 18 smart cities chosen through a competition.

Cabinet approves the Scheme titled Viability Gap Funding for Development of Battery Energy Storage Systems (BESS)

• The Union Cabinet, chaired by the Hon'ble Prime Minister approves the Scheme for Viability Gap Funding (VGF) for the development of Battery Energy Storage Systems (BESS).
• The approved scheme envisages development of 4,000 MWh of BESS projects by 2030-31, with a financial support of up to 40% of the capital cost as budgetary support in the form of Viability Gap Funding (VGF).
• A watershed moment in the long list of pro-environment measures taken by the Government, the move is expected to bring down the cost of battery storage systems increasing their viability.
• Designed to harness the potential of renewable energy sources such as solar and wind power, the scheme aims to provide clean, reliable, and affordable electricity to the citizens.
• The VGF for the development of BESS Scheme, with an initial outlay of Rs.9,400 crore, including a budgetary support of 3,760 crore, signifies the government's commitment to sustainable energy solutions.
• By offering VGF support, the scheme targets achieving a Levelized Cost of Storage (LCoS) ranging from Rs. 5.50-6.60 per kilowatt-hour (kWh), making stored renewable energy a viable option for managing peak power demand across the country.
• The VGF shall be disbursed in five tranches linked with the various stages of implementation of BESS projects.

Recent News

• In June 2023, The Cabinet Committee on Economic Affairs (CCEA) today approved an increase in Minimum Support Price, MSP, for all mandated Kharif Crops for Marketing Season 2023-24.
• In June 2023, The Cabinet Committee on Economic Affairs (CCEA) chaired by the Hon’ble Prime Minister Shri Narendra Modi approved the continuation of the Central Sector Scheme of “Exploration of Coal and Lignite scheme” with an estimated expenditure of Rs. 2980 crore from 2021-22 to 2025-26 co-terminus with the 15th Finance Commission cycle.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Indonesia Introduces 'Golden Visa' Program to Attract Foreign Investors

• Indonesia has introduced a 'golden visa' program aimed at attracting foreign individuals and corporate investors to stimulate its national economy.
• The golden visa offers an extended residence permit for a duration of 5 to 10 years, providing a long-term stay option for eligible applicants.

Individual Investor Eligibility:

• To qualify for a 5-year golden visa, an individual must establish a company in Indonesia with a minimum investment of $2.5 million.
• For a 10-year visa, the required investment increases to $5 million.

Corporate Investor Eligibility:

• Corporate investors, such as directors and commissioners, are eligible for a 5-year golden visa by investing $25 million.
• To obtain a 10-year visa, they must double their investment, totalling $50 million.
• Several other countries, including the United States, Ireland, New Zealand, and Spain, also offer similar 'golden visa' programs for investors.
• These programs are designed to attract capital and promote entrepreneurial residency in these countries.

About Indonesia :

• President : Joko Widodo
• Capital : Jakarta
• Currency : Indonesian rupiah

CURRENT AFFAIRS : STATE NEWS

Assam Government Establishes 3-Member Committee to Draft Anti-Polygamy Legislation               

• The Assam government has established a 3 -member committee to draft a law aimed at ending polygamy within Assam.
• The committee consists of prominent individuals, including Advocate-General Devajit Saikia, Legal Remembrancer Kuntal Sharma Pathak, and Director-General of Police Gyanendra Pratap Singh.
• The newly formed committee has been tasked with preparing the draft for an anti-polygamy Bill within a stipulated period of 45 days.
• Before this, the Assam government had set up another committee chaired by Justice Rumi Phookan (retired) to assess the legislative competence of the State legislature regarding the enactment of an anti-polygamy law.
• Justice Rumi Phookan's panel scrutinised the provisions of the Muslim Personal Law (Shariat) Act, 1937, and also considered Article 25, with the aim of addressing issues related to the establishment of a uniform civil code.

About Assam :

• Governor : Gulab Chand Kataria
• Chief Minister : Himanta Biswa Sarma
• Capital: Guwahati
• National Park: Kaziranga National Park, Manas National Park, Nameri National Park
• Wildlife Sanctuary: Garampani Wildlife Sanctuary, Laokhowa Wildlife Sanctuary, Bornadi Wildlife Sanctuary

Himachal Pradesh Chief Minister Unveils 'SABAL' Scheme for Specially-Abled Children                     

• Himachal Pradesh Chief Minister Shri Sukhvinder Singh Sukhu launched the Mukhya Mantri Sporting Abilities, Rebuilding Aspirations and Livelihood Scheme (SABAL) from Nadaun in district Hamirpur, HP.
• Aim: To improve the lives of specially-abled children in HP.
• Coverage: Approximately 400 schools across Hamirpur, Solan, and Shimla districts are included in this scheme.

Other Launches :

Abhyas Himachal' and 'Shikshak Sahayata' Chatbots :

• The chatbots, accessible via the Swift Chat app, offer ease similar to WhatsApp and are powered by conversational Artificial Intelligence (AI).
• These chatbots will enable students to revise lessons at their convenience, from any location from their mobile phones.
• This facility features a quiz-based format and provides educational videos that can be utilised by both students and teachers to enhance the learning and teaching experience in the classroom as well.

Sampark Science TV Programme :

• “Sampark Science TV Programme,” designed to transform ordinary TVs into Smart TVs.
• This innovation aims to enhance children’s learning experiences, especially in subjects like mathematics and English.
• The device comes preloaded with educational materials, eliminating the need for an internet connection.

Establishment of 'Rajya Chayan Aayog' :

• He also announced to set up a ‘Rajya Chayan Aayog’ in place of the now-dissolved Himachal Pradesh Staff Selection Commission in Hamirpur within the next 2 months to ensure fairness in the selection criteria of candidates.

HPSSC Dissolution :

• The Himachal Pradesh Staff Selection Commission (HPSSC) was dissolved in February 2023, following the discovery of a paper leak on December 23, 2022.

About HP :

• Governor : Shiv Pratap Shukla
• Chief Minister : Sukhvinder Singh Sukhu
• National Parks : Great Himalayan National Park , Khirganga National Park, Pin Valley National Park
• Wildlife Sanctuaries : Kibber Wildlife Sanctuary, Chandratal Wildlife Sanctuary (Ramsar Site)

CURRENT AFFAIRS: AWARDS AND HONOURS

Vijayawada gets IGBC’s ‘Green Railway Station’ certification with platinum rating

• Vijayawada Railway Station was awarded the ‘Green Railway Station’ certification with the highest rating of Platinum by the Indian Green Building Council (IGBC).
• This is an upgrade of the station’s ratings, from gold in 2019 to platinum in 2023.
• The Indian Green Building Council (IGBC) is part of the Confederation of Indian Industry (CII) and was formed in the year 2001.
• It is India's Premier certification body.
• The council offers a wide array of services, which include developing new green building rating programmes, certification services and green building training programmes.
• The council also organises the Green Building Congress, its annual flagship event on green buildings.
• It is also among the 5 countries that are on the board of the World Green Building Council, discussing global issues at COP and similar global platforms.
• The rating is based on six environmental categories, which include sustainable station facility, health, hygiene and sanitation, energy efficiency, water efficiency, smart and green initiatives and innovation and development.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Centre signs an MoU with Adobe to help children learn Artificial Intelligence

• The Union Ministry of Education signed an agreement with global software major Adobe to help children develop creative expression in classrooms using the application Adobe Express.
• Training and certification in creativity and digital literacy will be provided to about 20 million students and 5,00,000 teachers by 2027 using Adobe Express-based curriculum.

Key Highlights

• Under the programme, Adobe will provide schools across the country with free access to Adobe Express Premium and the professional development of educators.
• Curriculum, training and certification based on Adobe Express tools and capabilities will be rolled out to empower students and educators with topics covering creativity, generative AI, design, animation, video and other emerging technologies.
• Students and teachers will be able to use Express, which according to Adobe, is an easy content creation application with generative AI capabilities.

About Adobe:

• CEO: Shantanu Narayen
• Headquarters: San Jose, California, United States
• Founders: Charles Geschke, John Warnock
• Founded: December 1982

TCS partners with JLR for £800 million digital transformation deal

• Tata Consultancy Services (TCS) and Jaguar Land Rover (JLR) have announced a strategic partnership to transform JLR’s digital estate and build a new, future-ready digital core.
• The partnership is valued at £800 million over the next five years.
• TCS will leverage its deep domain expertise, proprietary platforms and vast partner ecosystem to help JLR enhance its digital capacity, and transform and simplify its digital estate, under the partnership.
• The partnership is a significant milestone in JLR’s Reimagine strategy, which aims to make the company a more agile, efficient, and customer-centric organisation.
• The partnership will help JLR to achieve its digital transformation goals and deliver a modern luxury experience for its customers.
• Jaguar Land Rover Automotive PLC is the holding company of Jaguar Land Rover Limited, also known as JLR, and is a British multinational automobile manufacturer that produces luxury vehicles and sport utility vehicles.

About TCS:

• Founders: Faquir Chand Kohli, J. R. D. Tata
• Headquarters: Mumbai, Maharashtra
• CEO: K. Krithivasan
• Founded: 1 April 1968

Recent News

• In May 2023, Tata Consultancy Services (TCS) announced that a consortium, headed by the prominent IT company, has been awarded an advance purchase order worth more than ₹15,000 crore by the government-owned BSNL.
• In June 2023, Tata Consultancy Services (TCS) announced that Ikano Bank AB in Sweden has selected the TCS BaNCS Global Banking SaaS Platform for its pan-Europe core banking transformation.

REC signs USD 100 million Foreign Currency Term Loan Agreement with EXIM Bank

• REC Limited, the Maharatna Central Public Sector Enterprise under the Ministry of Power, has signed a Foreign Currency Term Loan Agreement for USD 100 Million, with the Export-Import Bank of India (EXIM Bank).
• The proceeds of the loan will be used towards refinancing for on-lending to REC’s borrowers in the power, infrastructure and logistics sectors for importing capital equipment.
• The funds will be raised as part of REC's Market Borrowing Programme of Rs. 1.20 lakh crore for the year 2023-24.
• This is the first term loan being extended by EXIM Bank to REC.
• The loan has been tied up for a 5-year tenor and is benchmarked to SOFR (Secured Overnight Financing Rate), which is the benchmark rate for loans denominated in USD.

About REC:

• REC Limited is an NBFC focusing on Power Sector Financing and Development across India. Established in 1969, REC Limited has completed over fifty years of operations.

About Export-Import Bank India :

• Established : 1982.
• Headquarters : Mumbai, Maharashtra
• Managing Director : Harsha Bangari
• It is wholly owned by the government of India (GoI) and was set up to finance, facilitate and promote India’s international trade.

Recent News

• In April 2023, EXIM (Export-Import) Bank is expected to operationalise its proposed GIFT City subsidiary for trade finance by the third quarter (Q3) of the current financial year (FY24).

CURRENT AFFAIRS: SPORTS NEWS

Indian men’s team finishes with bronze medal at Asian Table Tennis Championships 2023

• In Table Tennis, the Indian men’s team finished with a bronze medal at the Asian Table Tennis Championships 2023 following a semi-final defeat to Chinese Taipei in Pyeongchang, the Republic of Korea.
• The Indian men’s table tennis team comprising Sharath Kamal, Harmeet Desai and Sathiyan Gnanasekaran lost 0-3 in their final four matches.
• The two losing semi-finalists are awarded bronze medals at the competition.
• The Asian Table Tennis Championships 2023 was also a qualifier for the Paris 2024 Olympics.

About Table Tennis Federation of India

• President: Meghna Ahlawat
• Founded: 1926
• Secretary: Kamlesh Mehta
• Headquarters: Delhi
• Membership: 32 state units and 37 institutions

About South Korea : 

• President : Yoon Suk Yeol
• Prime Minister : Han Duck-soo
• Capital : Seoul
• Currency : South Korean won

Recent News

• In June 2023, The Indian women's doubles pair of Sutirtha Mukherjee and Ayhika Mukherjee won the World Table Tennis (WTT) Contender tournament in Tunis, after beating the Japanese pair of Miyuu Kihara and Miwa Harimoto.

CURRENT AFFAIRS : OBITUARIES

Australian Olympic swimming gold medallist John Devitt Passed away

• Australian former swimming champion John Thomas Devitt passed away at the age of 86 in Sydney, Australia.

About John Devitt :

• John Devitt was born on 4 February 1937 in Granville, New South Wales, Australia.
• He won his only individual Olympic gold medal in the 100-metre freestyle at Rome.
• He was also a member of the gold-medal-winning 4x200 Australian freestyle relay at the Melbourne Games four years earlier.
• He won a silver medal in the 100 freestyle at Melbourne and a bronze with the Australian 4x200 relay team in Rome.
• He also won 3 gold medals at the 1958 Cardiff British Empire and Commonwealth Games in Wales.
• He later served as an executive on the Australian Olympic Committee and helped Sydney win the bid for the 2000 Olympics.
• He was also the Australian chef de mission for the 2006 Commonwealth Games in Melbourne.

Awards & Honors :

• Devitt was inducted into the International Swimming Hall of Fame as an "Honour Swimmer" in 1979 and the Sport Australia Hall of Fame in 1986.
• He was made a Member of the Order of Australia in 1989, and received an Australian Sports Medal in 2000.

CURRENT AFFAIRS: IMPORTANT DAYS

World Physical Therapy Day: September 8

• Every year 8th of September is observed as World Physical Therapy Day.
• In ancient times, the first report of physical therapy came from Hippocrates.
• From then physiotherapy has progressed from a simple massage to a complex portfolio of therapies with a worldwide range.
• In 1813, the Father of Swedish Gymnastics (Per Henrik Ling) constructed the Royal Central Institute of Gymnastics(RCIG) to produce medical benefits for the athlete.
• Sweden’s National Board of Health and Welfare granted physical therapists official registration in 1887.
• In India, physiotherapy was first started in the year of 1952.
• The first physiotherapy centre was started in Mumbai with the support of the Government and the support of the World Health Organisation(WHO).

World Literacy Day 2023: September 8

• World Literacy Day or International Literacy Day is observed each year on the 8th of September.
• The theme of World Literacy Day 2023 is “Promoting literacy for a world in transition: Building the foundation for sustainable and peaceful societies”.
• In 1966, UNESCO declared the 8th of September as World Literacy Day to remind the importance of literacy as a matter of dignity and human rights for people.
• UNESCO encourages International Literacy Day in partnership with governments, local communities, charities, and experts in the field worldwide.
• International Literacy Day was first coined in the “World Conference of Ministers of Education on the Eradication of Illiteracy” held in Tehran, Iran in 1965.
• According to UNESCO “Literacy is the best remedy” which is a right for all to an education.

Daily CA One- Liner: September 8

• The Markets regulator Securities and Exchange Board of India (SEBI), plans to introduce one-hour trade settlements in India by the end of the fiscal year, March 2024 with an aim to significantly reduce the time taken for the settlement of securities transactions.
• Hitachi Payment Services, a 100% subsidiary of Japan-based Hitachi Limited, has launched India's first Unified Payments Interface (UPI)-Automated Teller Machine (ATM) in collaboration with the National Payments Corporation of India (NPCI).
• The Association of Mutual Funds in India (AMFI), has established a net worth requirement of Rs 1 crore for direct plan distributors interested in registering with them as execution-only platforms (EOPs).
• PSB Alliance Private Limited, a company established by public sector banks (PSBs), plans to expand to 6,800 centres across India by June 2024, a substantial increase from the current 100 centres with an aim to significantly increase the coverage of its DSB services.
• According to the National Payments Corporation of India (NPCI), the United Payments Interface (UPI) crossed 10 billion in the volume of transactions in August 2023, marking a significant milestone for the payments.
• State-owned Punjab National Bank (PNB) has launched Central Bank Digital Currency (CBDC) with a Unified Payments Interface (UPI) interoperability feature in its digital rupee mobile application.
• The latest/sixth edition of the Minor Irrigation Census (MIC) finds that electricity is the dominant source (3/4th) of power to extract water, over diesel, windmills, and solar pumps.
• The Cabinet chaired by Honourable PM Shri Narendra Modi has approved an amount of 1164.53 cr. for the Industrial Development Scheme (IDS), 2017 for Himachal Pradesh and Uttarakhand.
• The Union Cabinet, chaired by the Hon'ble Prime Minister approves the Scheme for Viability Gap Funding (VGF) for the development of Battery Energy Storage Systems.
• Vijayawada Railway Station was awarded the ‘Green Railway Station’ certification with the highest rating of Platinum by the Indian Green Building Council (IGBC).
• The Union Ministry of Education signed an agreement with global software major Adobe to help children develop creative expression in classrooms using the application Adobe Express.
• Tata Consultancy Services (TCS) and Jaguar Land Rover (JLR) have announced a strategic partnership to transform JLR’s digital estate and build a new, future-ready digital core.
• REC Limited, the Maharatna Central Public Sector Enterprise under the Ministry of Power, has signed a Foreign Currency Term Loan Agreement for USD 100 Million, with the Export-Import Bank of India.
• In Table Tennis, the Indian men’s team finished with a bronze medal at the Asian Table Tennis Championships 2023 following a semi-final defeat to Chinese Taipei in Pyeongchang, the Republic of Korea.
• Indonesia has introduced a 'golden visa' program aimed at attracting foreign individuals and corporate investors to stimulate its national economy.
• The Assam government has established a 3 -member committee to draft a law aimed at ending polygamy within Assam.
• Himachal Pradesh Chief Minister Shri Sukhvinder Singh Sukhu launched the Mukhya Mantri Sporting Abilities, Rebuilding Aspirations and Livelihood Scheme (SABAL) from Nadaun in district Hamirpur, HP.
• Australian former swimming champion John Thomas Devitt passed away at the age of 86 in Sydney, Australia.
• Every year 8th of September is observed as World Physical Therapy Day.
• World Literacy Day or International Literacy Day is observed each year on the 8th of September.