Daily Current Affairs September 17 & 18 2023 | Latest News | Download Free PDF

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CURRENT AFFAIRS : BANKING & FINANCE

RBI imposes monetary penalty on 4 co-operative banks

  • The Reserve Bank of India (RBI) has imposed monetary penalties on 4 cooperative banks for deficiencies in regulatory compliance.

List of 4 cooperative banks :

  1. The Becharaji Nagarik Sahakari Bank Limited., located in Mehsana, Gujarat, has been penalised ₹2.00 lakh.
  2. The Waghodia Urban Co-operative Bank Ltd., located in Vadodara, Gujarat, faces a penalty of ₹5.00 lakh.
  3. The Viramgam Mercantile Co-operative Bank Ltd., situated in Ahmedabad, Gujarat, is also penalised ₹5.00 lakh.
  4. The Baramati Sahakari Bank Ltd., based in Baramati, Pune,Maharashtra has received a penalty of ₹2.00 lakh.

Reasons for Penalties :

  • Becharaji Nagarik Sahakari Bank Ltd. faced penalties for non-compliance with RBI's directions regarding the 'Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)' and breaching the prudential interbank counterparty exposure limit.
  • The Waghodia Urban Co-operative Bank Ltd. received penalties for non-compliance with directions related to 'Loans and advances to directors, relatives, and firms or concerns in which they are interested,' as well as 'Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)' among others.
  • The Viramgam Mercantile Co-operative Bank Ltd. was penalised for non-compliance with directions on 'Loans and Advances to directors etc. – directors as surety or guarantors – Clarification,' 'Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs),' and specific directions issued by RBI under the Supervisory Action Framework (SAF).
  • The Baramati Sahakari Bank Ltd. faced penalties for non-compliance with RBI's directions related to the 'Maintenance of Deposit Accounts - Primary (Urban) Co-operative Banks' as it had not credited interest to inoperative saving bank accounts.

Recent News :

  • In Aug 2023, The Reserve Bank of India (RBI) imposed monetary penalties on 4 cooperative banks - Mangal Co-operative Bank, The Mahabaleshwar Urban Co-operative Bank, The Islampur Urban Co-operative Bank and The Tapindu Urban Co-operative Bank for violating rules.

About RBI :

  • Established : 1 April 1935
  • Headquarters : Mumbai, Maharashtra, India
  • Governor : Shaktikanta Das
  • Deputy governors : Mahesh Kumar Jain,M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar

LIC Hands Over ₹1,831 Crore Dividend Cheque to Finance Minister Nirmala Sitharaman

  • The Life Insurance Corporation of India (LIC) presented a dividend cheque of Rs 1,831.09 crore to Finance Minister (FM) Smt Nirmala Sitharaman.
  • The dividend payment was approved by LIC shareholders at the Annual General Meeting held on August 22, 2023.
  • This dividend amount represents the Centre's share of the dividend for the fiscal year 2022-23.
  • As of June 2023, the Centre held an equity stake of 96.5% in LIC.
  • In May 2022, LIC, which is the country's largest insurer, launched its mega ₹21,000 crore initial public offering (IPO).
  • This IPO was the biggest ever public issue in India up to that date.

About LIC :

  • Established : 1956
  • Headquarters : Mumbai, Maharashtra
  • Chairman : Siddharth Mohanty
  • Current MDs : Ipe Mini, M Jagannath, Tablesh Panday, Sat Pal Bhanoo

MobiKwik Introduces 'Lens' to Assist Users with Financial Wellness                                  

  • MobiKwik, a digital banking platform, has introduced a new feature called "Lens" to assist users with their financial wellness.
  • MobiKwik Lens leverages Account Aggregator technology, which is a data science framework.
  • This technology is used to make complex financial data more understandable and actionable for users.
  • MobiKwik Lens offers a range of features, including :
  • An overview of the user's net worth with detailed transaction information.
  • Smart categorization of incoming and outgoing financial transactions.
  • Insights into trends related to bank account balances, expenditures, investments, and
  • The product includes a feature known as 'Highlights,' which is designed to draw the user's attention to important financial information at the right time.

Recent News :

  • In Aug 2023, MobiKwik,, became the first fintech in the country to post PAT positive in Q1 of FY 23-24, recording 181% (year-over-year) growth.

About MobiKwik :

  • Founded : 2009
  • Headquarters : Gurugram, Haryana
  • Co-founder and CEO : Bipin Preet Singh
  • MobiKwik is an Indian payment service provider that provides a mobile phone-based payment system and digital wallet.

YES BANK and BriskPe Collaborate to Transform Cross-Border Payments for Indian Micro, Small, and Medium Enterprises

  • GoBrisk Technologies Private Limited (BriskPe), a cross-border payments FinTech company, and YES BANK have entered into a partnership to introduce BriskPe Account to Account (A2A) , a cutting-edge suite of solutions designed to empower exporters and importers.
  • The partnership enables BriskPe's customers to collect payments in more than 36 foreign currencies from over 180 countries.
  • Funds collected in foreign currencies can be converted into Indian Rupees (INR) and settled directly into the local bank accounts of Indian businesses within a single business day.
  • This collaboration represents a significant leap in the realm of cross-border payments, benefiting Micro, Small and Medium Enterprises (MSMEs) in the manufacturing and services sectors.

About the Partnership :

  • The product is built on YES BANK's Online Payment Gateway Service Providers (OPGSP) Export APIs and offers features such as real-time transaction processing and instant eFIRA (Electronic Foreign Inward Remittance Advice) generation.
  • YES BANK aims to align with the government's objective of boosting the MSME sector and turning India into a global export powerhouse through this partnership.
  • The partnership represents a significant advancement in cross-border payments, providing a seamless and efficient platform for Indian exporters to navigate international trade complexities and enhance their global competitiveness.

Recent News :

  • In Aug 2023, Yes Bank in collaboration with spend management platform Zaggle launched a co-branded Corporate Credit Card named Yes Bank Zaggle Corporate Credit Card to empower businesses to reimagine their payment processes, streamline reconciliation, and efficiently manage company expenditures.
  • In Aug 2023, Private lender YES Bank introduced its state-of-the-art mobile banking application named 'iris' with an aim to redefine digital banking for its customers.

About BriskPe :

  • Headquarters : Mumbai, Maharashtra
  • Co-founder & CEO : Sanjay Tripathy
  • BriskPe is a financial technology company, established with a vision of becoming a global player & market leader in providing cross border B2B payments solutions for small-to-medium sized business (SMBs).

About YES Bank :

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

E Magazine

CURRENT AFFAIRS: NATIONAL NEWS

Government rolls out UPAg, a unified portal for agri statistics

  • The Centre launched a unified portal for agricultural statistics and named it as UPAg (Unified Portal for Agricultural Statistics) and termed it as a groundbreaking move to address the complex governance challenges India’s farm sector is facing now.
  • The portal will empower stakeholders with real-time, reliable, and standardized information, paving the way for more responsive and efficient agricultural policies.
  • Agriculture Secretary Manoj Ahuja claimed that the UPAg portal will help users to have access to credible, granular and objective data.
  • Unified Portal for Agricultural Statistics developed by the Ministry of Agriculture and Farmers’ Welfare (DA & FW) was launched by NITI Aayog members.
  • It is a crucial component of the Digital Public Infrastructure for Agriculture.
  • It is an initiative by the Department of Agriculture and Farmers’ Welfare to streamline data management in the agriculture sector.

Recent News

  • In May 2023, The Union Minister of Communications launched a citizen-centric Sanchar Saathi portal.
  • In May 2023, Himachal Pradesh (HP) Chief Minister (CM) Shri Sukhvinder Singh Sukhu launched the 'Him' data portal, a common digital platform to improve the delivery of welfare schemes by integrating real-time and accurate data of all government bodies

All reported births, and deaths to be digitally registered from October 1, 2023

  • According to a government notification, all reported births and deaths in the country will be digitally registered on the Centre’s portal from October 1.
  • The Registration of Births and Deaths (Amendment) Act, 2023 paves way for digital birth certificates
  • It will be a single document to be used for admission to educational institutions, applications for driving licenses, government jobs, passports or Aadhaar, voter enrolment, and registration of marriage, among others.
  • The centralized database will also update the National Population Register (NPR), ration cards, property registration and electoral rolls.
  • It will be compulsory for States to register births and deaths on the Centre’s Civil Registration System (CRS) portal and share data with the Registrar General of India (RGI).
  • The centralized database will also update the National Population Register (NPR), ration cards, property registration and electoral rolls.

About NPR:

  • NPR, first collected in 2010 and updated in 2015 through door-to-door enumeration, already has a database of 119 crore residents.
  • NPR is the first step to the creation of the National Register of Citizens (NRC), as per the Citizenship Act.
  • It will be compulsory for States to register births and deaths on the Centre’s Civil Registration System (CRS) portal and share data with the RGI which functions under the Union Home Ministry.

The 14th edition of the World Spice Congress begins in Navi Mumbai

  • The 14th edition of the World Spice Congress (WSC) began at Vashi in Navi Mumbai.
  • World Spice Congress (WSC) was planned and conceived in 1990 as a forum for discussion and interaction between the importers and exporters of spices.
  • It is the conglomeration of the global spice industry that has become the most apt platform to deliberate the concerns and considerations of the sector over its three-decades-long presence.
  • Since its inception, it has been Organized under the leadership of the Spices Board, Ministry of Commerce and Industry, Government of India.
  • The theme of the WSC 2023 is VISION 2030: S-P-I-C-E-S, which stands for sustainability, productivity, innovation, collaboration, excellence and safety.

About The Spices Board of India

  • The Spices Board of India was constituted on 26th February 1987 under the Spices Board Act 1986 with the merger of the erstwhile Cardamom Board (1968) and Spices Export Promotion Council (1960).
  • It is functioning under the Ministry of Commerce & Industry.

CURRENT AFFAIRS : INTERNATIONAL NEWS

UNDP India Collaborates with NABARD to Promote Data-Driven Agricultural Innovations      

  • The United Nations Development Programme (UNDP) and the National Bank for Agriculture and Rural Development (NABARD) have signed a 5-year Memorandum of Understanding (MoU).

Aim :

  • To co-create data-driven digital public goods, including DiCRA (Data in Climate Resilient Agriculture), with a focus on building sustainable agricultural practices and securing livelihoods, especially for small farmholders, including women.
  • The MoU was signed by Sanjeev Rohilla, Chief General Manager of NABARD, and Ms. Isabelle Tschan, UNDP Deputy Resident Representative.

Key Highlights :

  • Under this MoU, both organisations will collaborate to improve the lives and livelihoods of smallholder farmers by sharing open-source data for product development, technology transfer, and supporting the formulation of agrarian policies.
  • UNDP will leverage its expertise in open innovations, data collaboratives, data science approaches, and global knowledge to support NABARD's agenda of promoting data-driven decision-making in agriculture investments.

About DiCRA (Data in Climate Resilient Agriculture) :

  • DiCRA is a collaborative digital public good that offers open access to crucial geospatial datasets related to climate-resilient agriculture.
  • UNDP and partner organisations curate DiCRA to inform public investments in agriculture, covering 50 million hectares of farmland across India.
  • DiCRA utilises cutting-edge data science and machine learning to identify farms that are resilient to climate change and those that are highly vulnerable.
  • Such open data innovations can highlight best practices, optimise agriculture investments and shelter populations from risk.
  • NABARD will host and maintain the DiCRA platform and utilise key geospatial datasets for policymaking, research and development activities, with technical support from UNDP.

Benefits of the Partnership :

  • The partnership will enable the analysis of agricultural trends over time to inform decisions regarding investments in areas such as watershed management, micro-irrigation, warehouse optimization, and climate-related initiatives.
  • This collaboration enhances data resources for both UNDP and NABARD, promoting data-driven solutions in agriculture.

Recent News :

  • In Aug 2023, The United Nations Development Programme (UNDP) committed to provide technical assistance to the Ministry of Development of North Eastern Region (MDoNER) to speed up India's sustainable development goals (SDGs).

About NABARD :

  • Headquarters : Mumbai, Maharashtra, India
  • Chairman : Shri. Shaji K V
  • It was established on the recommendations of Sivaraman Committee (by Act 61, 1981 of Parliament) on 12 July 1982 to implement the National Bank for Agriculture and Rural Development Act 1981.
  • NABARD is an apex regulatory body for the overall regulation of regional rural banks and apex cooperative banks in India.
  • It is under the jurisdiction of the Ministry of Finance (MoF), Government of India (GoI).

About UNDP :

  • Established: 22 November 1965
  • Headquarters: New York, United States
  • Administrator : Achim Steiner
  • The UNDP is a United Nations agency tasked with helping countries eliminate poverty and achieve sustainable economic growth and human development.
  • It was founded with the merging of the United Nations Expanded Programme of Technical Assistance (EPTA) and the Special Fund.

CURRENT AFFAIRS : STATE NEWS

Assam Governor Gulab Chand Kataria Introduces 'Sarpanch Samvaad' Mobile App

  • Assam Governor Shri Gulab Chand Kataria launched the 'Sarpanch Samvad' mobile app at Raj Bhavan in Guwahati, Assam.
  • The 'Sarpanch Samvad' app has been developed by the Quality Council of India (QCI).
  • Objective: To provide comprehensive support to sarpanchs (village heads) and promote their growth as leaders.
  • Aim : To connect approximately 2.5 lakh sarpanchs across India & serves as a holistic platform for networking, knowledge dissemination, and collaboration among sarpanchs.

About QCI :

  • Established : 1997
  • Headquarters : New Delhi, Delhi, India
  • Chairperson : Jaxay Shah
  • Secretary General : Dr. Ravi P. Singh
  • The QCI, established by the Government of India (GoI) and the Indian industry, is the apex organisation responsible for establishing and operating the third-party national accreditation system, improving quality across sectors and advising the government and other stakeholders on matters concerning quality.
  • Constituent Boards: QCI has established various constituent boards, each responsible for accreditation in specific areas:
  • NABL (National Accreditation Board for Testing and Calibration Laboratories): Accredits testing and calibration laboratories.
  • NABH (National Accreditation Board for Hospitals & Healthcare Providers): Accredits hospitals and healthcare providers.
  • NABCB (National Accreditation Board for Certification Bodies): Accredits certification and inspection bodies
  • NABET (National Accreditation Board for Education and Training): Accredits education and training institutions.
  • QCI's National Board for Quality Promotion is responsible for running the national quality campaign, emphasising the importance of quality across various sectors.

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
  • Dance : Bihu, Jhumur Dance, Bagurumba

CURRENT AFFAIRS: AWARDS AND HONORS

Nobel Foundation announced winners of this year's Nobel Prizes to get extra one million crowns

  • The Nobel Foundation has announced that the winners of this year's Nobel Prizes will get an extra one million crowns.
  • This means that the 2023 laureates will receive a total financial reward of 11 million Swedish crowns which is equivalent to around 986,000 dollars (8.1 crore rupees).
  • This increase has made this year's cash award the most valuable, to be handed out in the more than 100-year history of the Nobel Prize.
  • The prize money has been adjusted up and down in recent years.
  • In 2012, the foundation reduced the prize money from 10 million crowns to 8 million in order to strengthen its finances.
  • However, the award money was gradually increased back to 10 million crowns towards the end of the decade.
  • According to the award-givers, a further increase in the amount this year reflects the Foundation's stronger financial position.
  • This year's Nobel Prize winners will be announced next month.
  • The laureates will then be invited to receive their awards at prize ceremonies on the 10th of December, which is the anniversary of award founder Alfred Nobel's death in 1896.
  • The prestigious Peace Prize is handed out in Oslo, while the other award ceremonies are held in Stockholm.

CURRENT AFFAIRS: BUSINESS NEWS

Global debt declined to $235 trillion in 2022 but stayed above pre-Covid level: IMF

  • The global debt burden retreated for the second year in a row, even though it remains above its already-high pre-pandemic level, according to the latest update of the IMF Global Debt Database.
  • The total debt stood at 238 per cent of global gross domestic product last year, 9 percentage points higher than in 2019.
  • In US dollar terms, debt amounted to $235 trillion, or $200 billion above its level in 2021.
  • Even then, the decline was not enough to erase the pandemic surge.
  • Before the pandemic, global debt-to-GDP ratios had risen for decades.
  • Global public debt tripled since the mid-1970s to reach 92 per cent of GDP (or just above $91 trillion) by end-2022.
  • China played a central role in increasing global debt in recent decades as borrowing outpaced economic growth.
  • Debt as a share of GDP has risen to about the same level as in the United States, while in dollar terms China’s total debt ($47.5 trillion) is still markedly below that of the United States (close to $70 trillion).
  • As for non-financial corporate debt, China’s 28% share is the largest in the world.

About IMF :

  • Founded: 1990
  • Headquarters : North Hollywood, California, United States of America
  • Founders : Brian Novis, Susie Novis, and Brian G.M. Durie
  • The IMF is an American non-profit organization serving patients with myeloma, a cancer of plasma cells in the bone marrow.
  • The Foundation’s reach extends to more than 525,000 members in 140 countries worldwide.
  • Kristalina Georgieva, Managing Director of the International Monetary Fund.

REC extends Rs. 6,075 crore loan to Greenko for setting up 1,440 MW Pumped Storage Project

  • REC Limited has sanctioned Rs. 6,075 Crore loan to renewable energy company Greenko for setting up a 1,440 MW Standalone Pumped Storage Project.
  • The country’s premier NBFC-IFC is also in advanced discussions with Greenko and is poised to extend financial support for multiple clean energy projects.
  • The National Electricity Plan of the Central Electricity Authority estimates an overall Renewable installed capacity growth of around 4 times between FY 2022 and FY 2032 (~7 times under Solar, ~5.5 times under Pumped Storage Project, ~3 times under Wind).
  • These projections, coupled with global thrust and national commitments under Renewables, will not just present a business opportunity for REC but will also allow the company to contribute to nation building by leading the green financing vertical.
  • With a steadfast vision and unyielding dedication, REC is firmly set on a path to attain a green finance loan portfolio totalling 3 lakh Crore by the fiscal year 2030.

Recent News

  • REC hosted the Green Finance Summit in July 2023 on the sidelines of India’s G20 Presidency, where one-on-one discussions with RE developers were conducted, leading to the successful signing of Memorandums of Understanding (MoUs) amounting to a total of around Rs. 2.86 lakh Crore.
  • In July 2023,REC Limited, a Maharatna Central Public Sector Enterprise under the Union Ministry of Power, has decided to extend financial assistance of Rs. 3,045 crores to Bangalore Metro Rail Corporation Limited (BMRCL), for the establishment and development of Metro Lines under the Phase-II project of Bangalore Metro.

About REC Ltd.

  • REC Limited is an NBFC focusing on Power Sector Financing and Development across India.
  • The financial assistance to BMRCL forms part of REC’s foray into funding infrastructure development.
  • Established in 1969, REC Limited has completed over fifty years of operations.
  • It provides financial assistance to the complete power sector value chain; for various types of projects including Generation, Transmission, Distribution and Renewable Energy.
  • REC’s funding illuminates every fourth bulb in India.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Srinivasan K Swamy elected as Chairman of Audit Bureau of Circulation for 2023-24

  • Srinivasan K Swamy, Executive Chairman of R K Swamy Hansa Group, has been elected as the Chairman of Audit Bureau of Circulations (ABC) for the year 2023-2024.

Other Appointments :

  • Riyad Mathew, Chief Associate Editor & Director of Malayala Manorama, representing Publisher Members on the Council, was unanimously elected as the Deputy Chairman of the Bureau for the year 2023-2024.
  • Mohit Jain, Executive Director of Bennett, Coleman & Company Limited, representing Publisher Members on the Council, was unanimously elected as the Hon. Secretary of the Bureau for the year 2023-2024.
  • Vikram Sakhuja, Partner & Group CEO Media & OOH of Madison Communications Private Limited, representing Advertising Agencies Members on the Council, was unanimously re-elected as the Hon. Treasurer of the Bureau for the year 2023-2024.

Members on the Council :

Publishers Representatives :

  1. Riyad Mathew - Malayala Manorama Co. Ltd.. – Deputy. Chairman
  2. Pratap G. Pawar – Sakal Papers Pvt. Ltd.
  3. Shailesh Gupta - Jagran Prakashan Ltd
  4. Praveen Someshwar – HT Media Ltd.
  5. Mohit Jain – Bennett, Coleman & Co. Ltd. - Hon. Secretary
  6. Dhruba Mukherjee – ABP Pvt. Ltd.
  7. Karan. Darda - Lokmat Media Pvt. Ltd
  8. Girish Agarwal – DB Corp Limited

Advertiser Representatives

  1. Karunesh Bajaj, ITC Ltd
  2. Aniruddha Haldar, TVS Motor Company Ltd.
  3. Shashank Srivastava, Maruti Suzuki India Ltd.

Secretariat

  • Hormuzd Masani – Secretary General

About Srinivasan K Swamy :

  • Swamy holds various leadership positions in the advertising and business associations.
  • He currently serves as the Chairman of the Asian Federation of Advertising Associations.
  • He earlier served as President / Chairman of International Advertising Association (IAA), IAA India Chapter, Confederation of Asian Advertising Agency Associations, Advertising Agencies Association of India, Advertising Standards Council of India, All India Management Association, Madras Chamber of Commerce & Industry and Madras Management Association.
  • He was honoured with the Lifetime Achievement Award by the Advertising Agencies Association of India (AAAI).

About Audit Bureau of Circulations (ABC) :

  • Founded : 1948
  • Headquarters : Mumbai, Maharashtra, India
  • The Audit Bureau of Circulations (ABC) of India is a non-profit circulation-auditing organisation.
  • It certifies and audits the circulations of major publications, including newspapers and magazines in India.

IRS officer Rahul Navin appointed as interim director of Enforcement Directorate

  • Rahul Navin, a 1993-batch Indian Revenue Service (IRS) officer, has been appointed as the in-charge director of the Enforcement Directorate (ED), succeeding the incumbent Sanjay Kumar Mishra.
  • He is currently working as Special Director-Chief Vigilance Officer (ED headquarters).

Tenure of Sanjay Kumar Mishra:

  • Sanjay Kumar Mishra was initially appointed as the ED director for a two-year term that was set to end in November 2020.
  • He was later granted a one-year extension, which faced a legal challenge.
  • On July 27, 2023, the Supreme Court allowed Sanjay Kumar Mishra to continue as the director of the ED until September 15, 2023.

About ED :

  • Founded : 1 May 1956
  • Headquarters : New Delhi, Delhi, India
  • The ED is a domestic law enforcement and economic intelligence agency responsible for enforcing economic laws and combating economic crimes in India.
  • It operates under the Department of Revenue, Ministry of Finance (MoF), Government of India (GoI).
  • It is responsible for the enforcement of the Foreign Exchange Management Act 2019 (FEMA), Fugitive Economic Offenders Act, 2018, and certain provisions under the Prevention of Money Laundering Act.
  • The primary focus of the Enforcement Directorate is to investigate and prosecute cases related to money laundering, foreign exchange violations, and economic offences.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Air Force Receives Its 1st C-295 Aircraft from Airbus in Spain           

  • The Indian Air Force (IAF) has received the first C-295MW transport aircraft from Airbus in Seville, Spain.
  • The IAF has ordered a total of 56 C-295MW aircraft under a project valued at ₹21,935 crores.

About C-295MW :

  • The C-295MW is a transport aircraft with a capacity of 5-10 tonnes.
  • The new C-295MW aircraft will replace the legacy Avro aircraft in the Indian Air Force, which were procured in the 1960s.
  • Under the contract, 16 aircraft will be delivered in fly-away condition from Seville, while the remaining 40 will be manufactured by Airbus in partnership with Tata Advanced Systems Ltd. (TASL).
  • The C-295MW aircraft has a flight endurance of up to 11 hours and can carry out multi-role operations under all weather conditions.
  • It is capable of Short Take-off and Landing (STOL) and can operate on short, unprepared airstrips.
  • The aircraft can be converted into an air tanker, capable of delivering up to 6,000 kg of gasoline to fixed and rotary-wing receivers by adding a detachable refuelling kit.
  • The 2nd C-295 will be delivered in May 2024, followed by seven more aircraft in 2024, at a rate of one per month.
  • In September 2021, the Cabinet Committee on Security approved the procurement of 56 C-295MW transport aircraft from Airbus Defence and Space S.A., Spain.
  • The C-295MW is equipped with close-air-support operations using Intelligence Surveillance and Reconnaissance (ISR) capabilities, making it suitable for various missions.
  • It can be utilised for casualty or medical evacuation, airdropping loads, paratrooping, special missions, disaster relief operations, and maritime patrol responsibilities.

About IAF : 

  • Established : 1932
  • Headquarters : New Delhi, Delhi
  • Chief of the Air Staff :  Air Chief Marshal Vivek Ram Chaudhari

About Spain :

  • King: Felipe VI of Spain
  • Prime Minister: Pedro Sánchez
  • Capital: Madrid
  • Currency : Euro

CURRENT AFFAIRS: MOUS AND AGREEMENT

Air India enters interline partnership with Bangkok Airways

  • As part of its effort to expand its global network, Air India has entered into an interline partnership with Bangkok Airways in order to provide greater connectivity within Thailand and other countries in Southeast Asia.
  • The agreement comprises seamless connections via Air India’s Bangkok, Hong Kong and Singapore gateways to and from 10 destinations in Thailand, Laos and Cambodia on Bangkok Airways’ route network as well as complimentary lounge access at available airports regardless of cabin class.
  • In addition to the Bangkok gateway, Air India passengers can also choose to fly to Koh Samui via Singapore and Hong Kong.
  • The scope of the agreement between the two airlines includes Inter Airline Through Check-In (IATCI) implementation, which enables guests to receive their boarding passes at the first point of departure for all the travel sectors on a single ticket, and have their baggage checked in through to their final destinations.

About Air India

  • Air India is the flag carrier of India, headquartered in New Delhi.
  • It is owned by Talace Private Limited, a fully owned subsidiary of Tata Sons, after Air India Limited's former owner, the Government of India, completed the sale.
  • CEO: Campbell Wilson.

Recent News

  • In June 2023,An art exhibition titled ‘Maharaja’s Treasure: Select Works of Art from the Famed Air India Collection’ hosted by the National Gallery of Modern Art, Mumbai, under the Union Ministry of Culture was inaugurated by Union Minister of State for External Affairs and Culture Meenakshi Lekhi

Tata Power, SIDBI tie up to facilitate solar adoption by MSMEs

  • Tata Power Renewable Energy Ltd (TPREL) inked a Memorandum of Understanding (MoU) with the Small Industries Development Bank of India (SIDBI) to provide accessible financing options to micro, small, and medium enterprises (MSMEs) looking to adopt solar solutions.
  • Under the scheme, MSMEs opting for Rooftop Solar PV Plants or associated services from Tata Power or its authorized channel partners across India will receive financial support from SIDBI.
  • This collaboration aims to promote solar energy adoption among MSMEs by providing tailored and innovative financing solutions through SIDBI’s 4E (End-to-End Energy Efficiency) Scheme, which offers competitive interest rates and flexible loan limits, catering to the specific needs of the MSME sector.
  • Additionally, TPSSL and SIDBI have introduced ‘The Big Solar Fest’ at the Global SME Finance Forum 2023, offering zero processing fees during the upcoming festival season.
  • This initiative aims to drive awareness about competitive financing options with no processing fees, further accelerating the transition towards green energy in the MSME sector.

About SIDBI:

  • Small Industries Development Bank of India (SIDBI), was established under an Act of Parliament in 1990.
  • Headquarters: Lucknow, Uttar Pradesh, India.
  • Established: 2 April 1990
  • Headquarters : Lucknow, Uttar Pradesh, India
  • Chairman & Managing Director : Sivasubramanian Ramann
  • SIDBI is the apex regulatory body for overall licensing and regulation of micro, small and medium enterprise finance companies in India.
  • It is under the jurisdiction of the Ministry of Finance (MoF), Government of India (GoI).

About MSME :

  • The MSME term was introduced by the Government of India (GoI) in agreement with the Micro, Small & Medium Enterprises Development (MSMED) Act, 2006.

Recent News

  • In June 2023, State-owned Small Industries Development Bank of India (SIDBI) entered into a Memorandum of Understanding (MoU) with HDFC Bank for providing financial solutions to Micro, Small, and Medium Enterprises (MSMEs).
  • In July 2023, Small Industries Development Bank of India (SIDBI) has participated as an anchor investor in Promising Lenders Fund (PLF) managed by Vivriti Asset Management with an aggregate target corpus of ₹700 crore in two tranches

REC ties up debt funding of Rs. 3081 crore to Serentica for 560 MW greenfield solar-wind project in Gadag, Karnataka

  • REC Limited has sanctioned debt funding of more than 3,081 Crore to renewable energy company Serentica Renewables for its 560 MW peak greenfield solar-wind hybrid project in Gadag district of Karnataka.
  • The loan documentation has been signed and disbursement of funds is being done.
  • REC Limited, a Maharatna company, has emerged as a frontrunner in catalyzing India's energy transition, in alignment with the nation's COP26 commitments and recent G20 pledges under India’s G20 Presidency.
  • With a resolute vision and unwavering commitment, REC is on a trajectory to achieve a green finance loan book of Rs. 3 lakh Crore by the fiscal year 2030.
  • As India and the world strive towards a cleaner and greener energy landscape, REC's dedication to fostering green finance initiatives and its pivotal role in India's energy transition reinforce its commitment to creating a sustainable and eco-friendly future.

About REC:

  • REC Limited is an NBFC focusing on Power Sector Financing and Development across India. Established in 1969, REC Ltd. has completed over fifty-four years in the area of its operations.
  • It provides financial assistance to the complete power-sector value chain; for various types of projects including Generation, Transmission & Distribution and Renewable Energy.
  • Recently, REC has also diversified into the non-power Infrastructure and Logistics sector, to cover areas such as airports, metro, railways, ports, bridges, etc.

About Karnataka :

  • Governor: Thawar Chand Gehlot
  • Chief minister: Siddaramaiah
  • Capital: Bengaluru
  • National Park : Bandipur NP, Kudremukh NP
  • Wildlife Sanctuaries : B R Hills Wildlife Sanctuary, Cauvery Wildlife Sanctuary, Gudavi Bird Sanctuary, Bhadra Wildlife Sanctuary
  • Tiger Reserve : Nagarahole Tiger Reserve, Bhadra Tiger Reserve
  • Festival : Hampi, Mahamastakabhisheka (Shravanabelagola)
  • Dance : Yakshagana, Dollu Kunitha, Bolak-aat (Bolak Dance)

Recent News

  • In May 2023,REC Limited extended a loan of ₹ 4,785 crores to HPCL Rajasthan Refinery Limited (HRRL), for setting up a green field refinery cum petrochemical complex in Barmer district, Rajasthan.
  • In May 2023,REC Limited, a Maharatna power finance company has exclusively listed its recently issued Green bonds worth $750 million at GIFT IFSC Stock Exchanges, under its Global Medium Term Programme of $7 billion

CURRENT AFFAIRS: RANKING AND INDEX

India ranks first in grassroots crypto adoption

  • India has been ranked first in grassroots crypto adoption, even amid a tough regulatory environment, according to Chainalysis’ 2023 Global Crypto Adoption Index.
  • The country ranked first in four parameters including centralized service value received, retail centralized service value received, DeFi value received and Retail DeFi value received.
  • In 2022, India stood fourth, based on the report.
  • The report combines on-chain data and real-world data to measure which countries are leading the world in grassroots crypto adoption.
  • Grassroots crypto adoption isn’t about which countries have the highest raw transaction volumes, Instead, it’s the countries where average, everyday people are embracing crypto the most.
  • Nigeria ranked second in the index, followed by Vietnam, United States and Ukraine.
  • The report also said that low-income countries saw a dramatic uptick in crypto adoption following a slump in late 2022, spurred by the collapse of the FTX.
  • With 30% tax on gains, India has also introduced a 1% TDS on crypto trades, thus harming the trade volumes.
  • However, India is also advocating for worldwide crypto legislation, most recently at the G20 Summit hosted by the country.

CURRENT AFFAIRS: SPORTS NEWS

Indian javelin thrower Neeraj Chopra finishes second in men’s event at Diamond League Final in Eugene, US

  • Indian javelin thrower Neeraj Chopra finished second in the men’s event at the Diamond League Final in Eugene, Oregon, USA.
  • The Indian's best throw of 83.80 meters came in his second attempt.
  • However, Czech Republic’s Jakub Vadlejch, won his third title with a best throw of 84.24 meters.
  • Reigning Olympic and world champion Chopra, who holds the Indi an national record of 89.94 meters, won a world championship silver medal at the same venue last year with an 88.13-meter effort.
  • Earlier this month, Chopra, who won India's first-ever gold at the World Athletics Championships, failed to defend his Diamond League title, falling just short of Jakub Vadlejch 85.86 meter again, who took home the trophy.
  • Next, he will defend his title at the Asian Games 2023 starting in Hangzhou later this month.

Recent News

  • In Aug 2023, Olympic champion Neeraj Chopra scripted history by becoming the first Indian to win gold medal in World Athletics Championships with 88.17 meter throw in second attempt, which was his best and kept him at the top

CURRENT AFFAIRS: IMPORTANT DAYS

World Patient Safety Day 2023: September 17

  • Every year September 17 is observed as World Patient Safety Day.
  • The World Patient Safety Day Theme in 2023 is "Engaging patients for patient safety", to recognize the crucial role patients, families, and caregivers play in the safety of health care.
  • In the year of 2019, the World Health Assembly established World Patient Safety Day with a resolution on patient safety at the international level.
  • The World Health Assembly adopted the resolution WHA 72.6 on “Global action on patient safety” which was built on a series of Annual Global Ministerial summits in 2016.
  • Though this day was established in 2019, this day was first observed in the year 2021.

World Bamboo Day 2023: September 18

  • Every year the 18th of September is celebrated as World Bamboo Day.
  • World Bamboo Day was recognized by the World Bamboo Organization in the year of 2009.
  • World Bamboo Day was founded by Kamesh Salam who was the former president of the World Bamboo Organization.
  • The World Bamboo Organization Headquarters was located in Antwerp, Belgium.
  • The 8th World Bamboo Congress was held in Bangkok on 18 September 2009. So on this day, the World Bamboo Organization declared that every year the 18th of September is observed as World Bamboo Day.
  • The World Bamboo Congress organized this day in order to achieve the protection of natural resources and to promote new cultivation of Bamboo for new industries in regions around the world.

Daily CA One- Liner: September 17 & 18

  • The Centre launched a unified portal for agricultural statistics and named it as UPAg (Unified Portal for Agricultural Statistics) and termed it as a groundbreaking move to address the complex governance challenges India’s farm sector is facing now.
  • According to a government notification, all reported births and deaths in the country will be digitally registered on the Centre’s portal from October 1.
  • The 14th edition of the World Spice Congress (WSC) began at Vashi in Navi Mumbai.
  • The Nobel Foundation has announced that the winners of this year's Nobel Prizes will get an extra one million crowns.
  • The global debt burden retreated for the second year in a row, even though it remains above its already-high pre-pandemic level, according to the latest update of the IMF Global Debt Database.
  • REC Limited has sanctioned Rs. 6,075 Crore loan to renewable energy company Greenko for setting up a 1,440 MW Standalone Pumped Storage Project.
  • As part of its effort to expand its global network, Air India has entered into an interline partnership with Bangkok Airways in order to provide greater connectivity within Thailand and other countries in Southeast Asia.
  • Tata Power Renewable Energy Ltd (TPREL) inked a Memorandum of Understanding (MoU) with the Small Industries Development Bank of India (SIDBI) to provide accessible financing options to micro, small, and medium enterprises (MSMEs) looking to adopt solar solutions.
  • REC Limited has sanctioned debt funding of more than 3,081 Crore to renewable energy company Serentica Renewables for its 560 MW peak greenfield solar-wind hybrid project in Gadag district of Karnataka.
  • India has been ranked first in grassroots crypto adoption, even amid a tough regulatory environment, according to Chainalysis’ 2023 Global Crypto Adoption Index.
  • Indian javelin thrower Neeraj Chopra finished second in the men’s event at the Diamond League Final in Eugene, Oregon, USA.
  • The Reserve Bank of India (RBI) has imposed monetary penalties on 4 cooperative banks The Becharaji Nagarik Sahakari Bank Limited., located in Mehsana, Gujarat, has been penalised ₹2.00 lakh, the Waghodia Urban Co-operative Bank Ltd., located in Vadodara, Gujarat, faces a penalty of ₹5.00 lakh, the Viramgam Mercantile Co-operative Bank Ltd., situated in Ahmedabad, Gujarat, is also penalised ₹5.00 lakh, the Baramati Sahakari Bank Ltd., based in Baramati, Pune,Maharashtra has received a penalty of ₹2.00 lakh for deficiencies in regulatory compliance
  • The Life Insurance Corporation of India (LIC) presented a dividend cheque of Rs 1,831.09 crore to Finance Minister (FM) Smt Nirmala Sitharaman.
  • MobiKwik, a digital banking platform, has introduced a new feature called "Lens" to assist users with their financial wellness.
  • GoBrisk Technologies Private Limited (BriskPe), a cross-border payments FinTech company, and YES BANK have entered into a partnership to introduce BriskPe Account to Account (A2A) , a cutting-edge suite of solutions designed to empower exporters and importers.
  • The United Nations Development Programme (UNDP) and the National Bank for Agriculture and Rural Development (NABARD) have signed a 5-year Memorandum of Understanding (MoU) to co-create data-driven digital public goods, including DiCRA (Data in Climate Resilient Agriculture), with a focus on building sustainable agricultural practices and securing livelihoods, especially for small farmholders, including women.
  • Assam Governor Shri Gulab Chand Kataria launched the 'Sarpanch Samvad' mobile app at Raj Bhavan in Guwahati, Assam.
  • Srinivasan K Swamy, Executive Chairman of R K Swamy Hansa Group, has been elected as the Chairman of Audit Bureau of Circulations (ABC) for the year 2023-2024.
  • Rahul Navin, a 1993-batch Indian Revenue Service (IRS) officer, has been appointed as the in-charge director of the Enforcement Directorate (ED), succeeding the incumbent Sanjay Kumar Mishra.
  • The Indian Air Force (IAF) has received the first C-295MW transport aircraft from Airbus in Seville, Spain.
  • Every year September 17 is observed as World Patient Safety Day.
  • Every year the 18th of September is celebrated as World Bamboo Day.
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