Daily Current Affairs April 09 & 10 2023 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

RBI Imposes Penalty On Mahindra & Mahindra Financial Services & Indian Bank

• The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹6.77 crore on Mahindra & Mahindra Financial Services Limited for non-compliance with the “Non-Banking Financial Company-Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016”.
• The statutory inspection of the company was conducted by RBI with reference to its financial position as on March 31, 2019 and March 31, 2020.
• Meanwhile, the RBI imposed a fine of Rs 55 lakh on Indian Bank for non-compliance with certain provisions of the Reserve Bank of India (Know Your Customer) Directions, 2016.
• This penalty has been imposed in the exercise of powers vested in RBI under the provisions of section 47 A (1) (c) read with sections 46 (4) (i) and 51 (1) of the Banking Regulation Act, 1949.
• Also, the RBI has imposed a monetary penalty of ₹10.50 lakh on Muthoot Money Limited, Ernakulam, Kerala for non-compliance with certain provisions of the ‘Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016’.

About MMFSL : 

• Founded : 1991
• Headquarters : Mumbai, Maharashtra, India
• MMFSL is an Indian rural non-banking financial company.

About Indian Bank : 

• Founded : 15 August 1907
• Headquarters : Chennai, Tamil Nadu, India
• MD & CEO : Shanti Lal Jain

Reserve Bank of India Allows Pre-Sanctioned Credit Lines Via UPI

• The Reserve Bank of India’s (RBI’s) governor Mr Shaktikanta Das proposed to expand scope of United Payments Interface (UPI) by permitting operations of pre-sanctioned credit lines by banks through UPI.

Key Highlights : 

• UPI is a robust payment platform supporting an array of features.
• Presently it handles 75% of the retail digital payments volume in India.
• The UPI system has been leveraged to develop products and features aligned to India’s payments digitisation goals.
• In other words, the UPI network will facilitate payments financed by credit from banks.
• This can reduce the cost of such offerings and help in the development of unique products for Indian markets.
• At present, UPI transactions are enabled between deposit accounts at banks, sometimes intermediated by pre-paid instruments including wallets.
• The central bank will soon issue detailed instructions in this regard.
• Recently, RuPay credit cards were permitted to be linked to UPI.
• According to National Payments Corporation of India (NPCI), transactions on the UPI platform advanced by 60% year-on-year in March to a record 8.7 billion.

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

IIFL Finance Secures $100 million from Export Development Canada & Deutsche Bank

• Fairfax-backed, leading Mumbai-based non-banking financial company (NBFC), IIFL Finance Limited (IIFL), has secured USD 100 million in long-term funding, jointly, from Export Development Canada (EDC) and Deutsche Bank.
• The NBFC secured USD 50 million from EDC and USD 50 million from Deutsche Bank, respectively.

Key Highlights : 

• The deal was structured under the aegis of Deutsche Bank as mandated lead arranger, book runner and co-financier.
• This would also be IIFL’s second loan from EDC.
• Previously, it had secured funding of USD 100 million from EDC in 2019.
• IIFL Finance had raised USD 400 million through its maiden dollar bond issue in February 2020. 
• It was able to buy back the maximum possible amount, as approved by the Reserve Bank of India (RBI), with the remaining amount due for maturity in April 2023.  

About IIFL Finance Limited : 

• Founded : 1995
• Headquarters : Mumbai, Maharashtra
• Managing Director : Nirmal Jain

FY23 bank credit growth Increased by 15% & highest since FY12 – RBI data

• According to the Reserve Bank of India (RBI) data India’s Bank credit rose by 15% year-on-year (YoY) in 2022-23 (FY23), against 9.6% YoY in 2021-22 (FY22).
• FY23 credit growth is highest since 2011-12, when it was 19.3%.

Key Highlights : 

• Bank deposits expanded 9.58% YoY in FY23, against 8.9% YoY growth seen in the FY22.
• The RBI data showed that bank deposit mobilisation lagged behind credit disbursements in FY23.
• They raised Rs 15.78 trillion through deposits in FY23, against Rs 13.51 trillion raised in FY22.
• The credit in absolute terms rose Rs 17.83 trillion in FY23, up from Rs 10.43 trillion in FY22.
• According to the RBI’s Scheduled Bank’s Statement of Position in India, the outstanding credit stood at Rs 136.75 trillion at the end of FY23 (March 24, 2023), up from Rs 118.91 trillion a year ago (March 25, 2022 — FY22).
• Outstanding deposits stood at Rs 180.43 trillion, against Rs 164.6 trillion a year ago.
• The interest rate on one-year term deposits was in the range of 5-5.6% around the end of March 2022 and moved up to 6-7.25% by the end of March 2023.
• The savings deposit rate remained in the range of 2.7-3% in March 2022 and March 2023.

Indian Bank Launches New Fixed Deposit Scheme IND Super 400 Days With High Interest to Women

• Indian Bank, a public sector bank, launched a new retail term deposit named “IND SUPER 400 DAYS” with 0.05% higher interest rate to women investors & fixed maturity tenor of 400 days in the form of FD/MMD (Fixed Deposits/Money Multiplier Deposits)

Key Features : 

IND SUPER 400 DAYS -Rate of Interest (% pa) : 

Indian Bank FD interest rates : 

• Indian Bank has hiked the interest rate on FDs with tenure of 2 years to less than 3 years by 20 basis points (bps) from 6.50% to 6.70%.
• Indian Bank offers an additional rate of interest of 0.50% p.a. for amounts up to Rs 10 crore for senior citizens.
• Indian Bank also offers a special term deposit called “IB – Golden Ager” for super senior citizens (Age 80 years and above).
• Recently, on December 19, 2022,Indian Bank also introduced a special retail term deposit product called ” IND SHAKTI 555 DAYS ” with a 555-day maturity period and for deposit amounts ranging from Rs. 5000 to less than Rs 2 crore.
• Indian Bank is offering an interest rate of 7% for the general public and 7.50% for senior citizens.
• This scheme is valid till March 31, 2023.

CURRENT AFFAIRS: NATIONAL NEWS

Cabinet approves LIGO-India, to cost Rs 2,600 crore

• The Union Cabinet approved a project to build an advanced gravitational-wave detector in Maharashtra at an estimated cost of Rs 2,600 crore.
• LIGO-India is scheduled to begin its scientific operation from 2030.
• LIGO India will be the fifth detector after Virgo of Italy and KAGRA of Japan.
• It will be made with the exact specifications of Laser Interferometer Gravitational-wave \Observatories (LIGO) in Louisiana and Washington in the U.S.
• The LIGO-India project is a collaboration between a consortium of Indian research institutions, U.S. observatories, and other international partners.
• It will be built by the Department of Atomic Energy and the Department of Science and Technology, with a memorandum of understanding (MoU) with the National Science Foundation, the US, along with several national and international research and academic institutions.
• LIGO-India is a collaboration between the LIGO Laboratory (operated by Caltech and MIT in the US) and three Institutes in India: the Raja Ramanna Center for Advanced Technology (RRCAT, in Indore), the Institute for Plasma Research (IPR in Ahmedabad), and the Inter-University Centre for Astronomy and Astrophysics (IUCAA, in Pune).
• This project has been approved by the Indian government in 2016.
• The LIGO is a giant L-shaped instrument in which each arm of the ‘L’ shape is 4km long.
• Researchers use this instrument to detect, record, and study gravitational waves.

Ministry of Finance to roll out 3 month long campaign to achieve saturation under PM Jeevan Jyoti Bima Yojana & PM Suraksha Bima Yojana

• To achieve saturation under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY), the Finance Ministry launched a three-month campaign.
• A special 3 months campaign has been launched by DFS at Gram Panchayat Level covering all districts in the country to saturate all eligible persons under the PMJJBY and PMSBY e.f 1st April 2023 to the 30th June 2023.
• Under the campaign, camps are going to be organise d at the Gram Panchayat level across all districts in the country by the banks with active participation of the State administration and other Ministries of the Government of India to ensure that benefits of the two Jan Suraksha schemes reach the masses.
• Lead District Managers (LDMs) will lead the campaign in consultation with State/ UT Level Bankers Committees of the States/ UTs and District Magistrates/ Collectors of the Districts.
• The PMJJBY offers life insurance cover of Rs 2 lakh in case of death due to any reason to people in the age group of 18-50 years having a bank or post office account, who give their consent to join or enable auto-debit of premium.
• On the other hand, the PMSBY offers insurance cover of Rs 2 lakh for accidental death or total permanent disability and Rs 1 lakh for partial permanent disability to people in the age group of 18-70 years with a bank or post office account, who give their consent to join or enable auto-debit of premium.

N Sitharaman Presents ₹ 1.18 Lakh Crore Budget For Jammu And Kashmir

• Finance Minister Nirmala Sitharaman presented Rs 1.18 lakh crore Budget for Jammu and Kashmir for the year 2023-24 with a thrust on providing housing in rural areas and water tap connections to 18.36 lakh households.
• The Budget assures to double the UT’s GDP within five years and has themes of good governance, strengthening grass-root democracy, promoting sustainable agriculture, facilitating investment and industrial growth, employment generation, accelerated development and inclusive growth, and women empowerment and social inclusion.
• All 18.36 lakh households of Jammu and Kashmir will have functional tap connections by 2023-24.
• The Budget focuses on doubling UT’s GDP within five years, providing housing in rural areas and water tap connections to 18.36 lakh households.

CURRENT AFFAIRS : INTERNATIONAL NEWS

‘Kashi’ declared first tourism & cultural capital of Shanghai Cooperation Organisation 

• ‘Kashi’(Varanasi) has been declared the first tourism and cultural capital of the Shanghai Cooperation Organisation (SCO).
• The declaration was made by a meeting of the SCO heads of Tourism Administrations held in Varanasi, Uttar Pradesh (UP).
• The initiative will garner more attention by highlighting the spiritualism, mysticism, and learning of Kashi which is also the cradle of Indian civilization.
• The meeting also adopted the Action Plan for “Year of Tourism Development in the SCO Space in 2023.
• The next meeting of the SCO Heads of Tourism Administrations will be held in Kazakhstan in 2024.

About SCO : 

• Founded : 15 June 2001
• Headquarters : Beijing, China
• The SCO currently comprises 8 Member States (China, India, Kazakhstan, Kyrgyzstan, Russia, Pakistan, Tajikistan and Uzbekistan).

CURRENT AFFAIRS : STATE NEWS

IndiaGrid launches first battery energy storage system linked to solar panels in Maharashtra    

• India’s first listed power sector infrastructure investment trust,India Grid Trust has commissioned its first battery energy storage system (BESS) project coupled with its solar panels at the Dhule substation in Maharashtra.
• The project will meet the substation’s auxiliary consumption requirement.
• The BESS solution, coupled with solar generation, also acts as a prototype for expanding its presence in energy transition opportunities in the sector.

About India Grid Trust : 

• Founded : 21 October 2016
• Headquarters : Mumbai, Maharashtra, India
• Director & CEO : Harsh Shah
• IndiGrid is an Indian power sector infrastructure investment trust (InvIT), sponsored by KKR & Sterlite Power (SPTL)
• It owns 17 power projects, consisting of 46 transmission lines with more than 8,416 ckms (circuit kilometers) length, 13 substations with 17,550 MVA transformation capacity and 100 MW (AC) of solar generation capacity.

About Maharashtra :

• Governor: Bhagat Singh Koshyari
• 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

Tamil Nadu Chief Minister M.K. Stalin launches Anaivarukkum IIT M initiative for government school students 

• Tamil Nadu (TN) Chief Minister (CM) Shri M K Stalin launched Anaivarukkum IITM’ (IIT-M for All) the initiative of the Indian Institute of Technology (IIT), Chennai, to connect the institution with one lakh government school students in TN studying in rural locations to electronic science.
• He also announced a new talent support scheme, Thiranari Thervu Thittam, for state-run school students that carries a Rs 1,000 monthly stipend.
• Thiranari Thervu Thittam means a scheme to spot and nurture talent.
• The objective is to encourage and help Tamil Nadu government schools students to continue their higher education without hurdles.
• A stipend of Rs 1,000 would be provided every month until the students complete Class 12.
• They would also get Rs 12,000 as stipend annually during their under-graduation and post-graduation.

About Tamil Nadu :

• Governor: R. N. Ravi
• Chief minister: M. K. Stalin
• Capital: Chennai
• Dance : Bharatnatyam, Karakattam
• National Park : Mudumalai National Park, Mukurthi National Park, Guindy National Park, Gulf of Mannar Marine National Park
• Wildlife Sanctuaries : Kalakad Wildlife sanctuary, Karikili Bird Sanctuary, Vedanthangal Bird Sanctuary
• Tiger Reserve : Anamalai Tiger Reserve
• Biosphere Reserve : Agasthyamalai Biosphere Reserve

About IIT-M : 

• Established : 1959
• Headquarters : Chennai, Tamil Nadu
• Chairman : Pawan Kumar Goenka

KSINC launches solar-powered tourist vessel Sooryamshu

• The Kerala Shipping and Inland Navigation Corporation (KSINC) has introduced its first solar-powered tourist vessel named ‘Sooryamshu’ in Kochi backwaters, Kerala.
• The ₹3.95-crore vessel that can carry up to 100 passengers was built at a yard in Sri Lanka and is among the few in Kochi whose safety and allied features are certified by the Indian Register of Shipping (IRS).
• The vessel will have a 6-hour day cruise priced at ₹799 per person in which it will operate in the Marine Drive-Kadamakudy corridor and later 10 km into the sea.

About KSINC : 

• Headquarters : Kochi, Kerala,India
• Chairman : K. T. Chacko
• MD : R. Girija
• KSINC is a Government of Kerala undertaking that oversees the shipping and inland navigation matters of the state.

Cabinet nod for inking agreement with German bank KfW for Kerala Green Energy Corridor Project

• The Union Cabinet gave its nod for inking an agreement with the German development bank, KfW, for securing a loan for the Green Energy Corridor (GEC) project being implemented by the Kerala State Electricity Board (KSEB).
• The tripartite agreement will be signed by the State government, KSEB and KfW.

Key Highlights : 

• The Central government and KfW had signed an agreement on November 11, 2022 for the ₹1,457-crore Kerala GEC project.
• At the current rates, the project will be eligible for a KfW loan of €102.11 million (approximately ₹916 crore) at 3% to 4% interest.
• A sum of ₹138.71 crore will be available as a Central government grant.
• Both the Law and Finance departments had given the go-ahead for the proposal.
• Kerala needs to award the works before November 23, 2023, for securing the Central grant.

2nd Meeting of Global Partnership for Financial Inclusion concludes in Hyderabad, Telangana

• The second Meeting of the Global Partnership for Financial Inclusion (GPFI) under G20 (Group of Twenty) India Presidency concluded in Hyderabad, Telangana.
• The meeting was led by GPFI Co-Chair and G20 India Presidency.

Participants : 

• Ministry of Finance and Central Bank representatives from Bangladesh, Bhutan, Egypt, Ethiopia, Ghana, Jordan, Malawi, Maldives, Nepal, Oman, Philippines, Poland, Senegal, Sierra Leone, Sri Lanka, Thailand, Vietnam as well as from Regional Organizations, namely, the Asian Development Bank, the African Union Commission, the African Continental Free Trade Area (AfCFTA), the Arab Monetary Fund, the Eastern Caribbean Central Bank, the Gates Foundation, the Organisation of Eastern Caribbean States and Smart Africa actively participated in the deliberations.

Key Highlights : 

• The meeting witnessed announcement of the selection of the new long-term Co-Chairs of the GPFI.
• India and Italy were announced as the new GPFI Co-Chairs with support from the whole membership.
• The new Co-Chairs have been selected for a duration of 3 years and their tenure will commence from 2024.
• A dedicated workshop was also organised for the development of GPFI Financial Inclusion Action Plan (FIAP) 2023 which will guide the financial inclusion work under G20 for 2024-26.
• The GPFI Meeting was preceded by a Knowledge and Experience Exchange Programme for the Emerging Economies of the Global South.
• The 1st G20 Global Partnership for Financial Inclusion (GPFI) meeting under G20 India Presidency is scheduled to be held during 9-11 January 2023 in Kolkata, West Bengal (WB).

About Ministry of Finance : 

• Cabinet Minister : Nirmala Sitharaman
• Minister of State : Bhagwat Karad, Pankaj Choudhary

Yaoshang festival Celebrated in Manipur                                        

• The Yaoshang festival is celebrated every year on the full moon of Lamta month (February-March) of the Meitei lunar calendar.
• The festival is celebrated by the Meetei who are predominantly Hindu and it is celebrated at the same time as Holi.

About Yaoshang Festival : 

• The festival marks the rejuvenation of the spirit of life and commemorates the birthday of Chaitanya Mahaprabhu.
• The 5-day-long celebration begins with the burning of ‘yaoshang’ (a small thatch hut/straw hut) which is constructed with bamboo and straws on the first day
• The highlight of the festival is the ThabalChongba, a traditional Manipuri folk dance.

Who are the Meitei people?

• The Meitei people also known as the Manipuri people are the predominant ethnic group of Manipur in Northeast India.

About Manipur : 

• Governor : Anusuiya Uikey
• Chief Minister : N. Biren Singh
• Capital : Imphal
• National Park : Keibul Lamjao National Park, Shiroy National Park
• Wildlife Sanctuary : Zeilad Lake Sanctuary, Yangoupokpi-Lokchao Wildlife Sanctuary

CURRENT AFFAIRS: BUSINESS NEWS

Reliance, Jio raise $5 billion in largest syndicated loan in India

• Reliance Industries Ltd and its telecom arm Jio Infocomm have raised a total of USD 5 billion in back-to-back foreign currency loans, the largest syndicated loan in India’s corporate history.
• Reliance raised USD 3 billion last week from 55 banks and Reliance Jio Infocomm secured additional credit of USD 2 billion from 18 banks.
• The USD 3 billion financing closed on March 31 and the add-on facility of USD 2 billion was secured.
• Reliance will mainly deploy the funds raised towards its capital expenditure, while Jio would put the money to finance its nationwide 5G network rollout.
• The USD 2 billion add-on will be split equally between Reliance and Jio and is likely to be wrapped up by the end of April.
• Eighteen banks, including the 15 senior MLABs of the USD 3 billion loan and others joining in the senior phase, are expected to form the syndicate for the USD 2 billion add-on, which is split equally for Reliance and Jio, and is likely to be wrapped up by the end of the month.
• MLAB refers to Mandated Lead Arranger and Book Runner.
• Reliance Industries Ltd’s (RIL) last syndicated offshore borrowing was a USD 1.45 billion dual-currency financing completed in 2020.

CURRENT AFFAIRS: AWARDS AND HONOURS

Zelensky awarded Poland’s highest honour

• Volodymyr Zelensky has been awarded Poland’s highest Order of the White Eagle award.
• He has received the award for his service to security, resilience and the defense of human rights.
• Polish President Andrzej Duda presented the award to Volodymyr Zelensky.
• The Order of the White Eagle is Poland’s oldest and highest decoration.
• It is given to the most eminent persons of Poland and the highest-ranking representatives of foreign countries.
• This award was officially instituted on 1 November 1705 by Augustus II the Strong, King of Poland.
• Zelenski also met with the Prime Minister of Poland Mateusz Morawiecki before attending a Polish-Ukrainian economic forum.

Bharat Biotech wins award at World Vaccine Congress

• Bharat Biotech has won the `Best Production /Process Development’ award as part of the Vaccine Industry Excellence (ViE) awards at the World Vaccine Congress 2023.
• The Congress was held during April 3-6 in Washington, USA.
• Hyderabad-based Bharat Biotech was the only Indian company in the list of VIE awards in various categories, including best clinical trial company, best clinical trial network, best central/speciality laboratory award, best contract research organisation, best production/process development award, among others.
• Bharat Biotech is the world’s first producer of intranasal Covid-19 vaccine, iNcovacc.
• Its intramuscular vaccine, Covaxin, is part of India’s public vaccination programme and was also exported.

CURRENT AFFAIRS: RANKING AND REPORTS

Tripura becomes best performing northeast state in e-procurement, receives award

• Tripura became the best-performing state among North Eastern States in implementing e-Procurement.
• Tripura received this award at a National Workshop on e-Procurement.
• A National Workshop on e-Procurement was organized by the Ministry of Finance and the Ministry of Electronic and Information Technology.
• The Tripura government has been recognized for their work in various departments in the last 5 years.
• The Tripura government has received this award for completing the work within a specified time under the Power Department’s Saubhagya Yojana.
• Tripura also gets the title of the best performer in agriculture, and panchayat self-employment.
• The Finance Minister of Tripura said that the state government has emphasized on transparency in administration.
• The Tripura government made e-procurement mandatory for the procurement of goods and services above Rs 25,000.
• In the 2022-23 FY, 9815 tenders have been made through the e-procurement portal. 3095 orders have been placed through GEM as of December 2022.
• In FY 2022-23, the total value of bidding and tendering via e-procurement and GEM was Rs 7373 crore.

Mumbai among 19 cities with the best public transport in the world, and it’s the only one from India

• Mumbai, Maharashtra’s capital has featured in the list of top twenty cities with best public transport in the world.
• The city’s Suburban Railways, which was the first passenger railway to be built by the British East India Company, forms the backbone of public transport for a population of 12.5 million.
• The list that has been released by Time Out, the publisher of global city guides.
• Maharashtra’s capital city Mumbai featured in the nineteenth rank on the list.
• The Indian megacity recently introduced Chalo Pay, a new app that makes it easier to book and pay for transit tickets without needing to carry cash.
• Further, seven of the top 19 cities hailed for their mass transit systems are in Asia.
• Tokyo, in third place, that had the highest showing for the continent.

The world’s best cities for public transit –

1. Berlin, Germany,
2. Prague, Czech Republic,
3. Tokyo, Japan,
4. Copenhagen, Denmark,
5. Stockholm, Sweden.

 Shah Rukh Khan tops TIME 100 Reader Poll, defeats Lionel Messi, Prince Harry

• Shah Rukh Khan the man that gave Bollywood its biggest hit “Pathaan’ since the industry seemed to have been suffering in box office collections in the post-covid era, has now ranked highest in TIME 100 Reader Poll.
• Shah Rukh Khan, 57, topped the list of most influential people around the world, for TIME magazine’s 100th edition of the list.
• Shah Rukh Khan received 4 percent of the 1.2 million votes cast by readers in the 2023 TIME100 poll.
• Notably, Shah Rukh Khan has an estimated net worth of ₹627 million ($770 million), making him the richest actor in Asia and fourth richest actor all over the world.
• In January 2023, defeating fellow immensely famous and cult actors like Tom Cruise, Jackie Chan, and George Clooney, Shah Rukh Khan took the fourth position in the list of eight richest actors of the world released by World of Statistics.
• The list that also featured Elon Musk, Lionel Messi, Prince Harry, Meta CEO Mark Zuckerberg, Meghan Markle saw the Bollywood legend top the list.
• The actors ranked above the likes of Oscar-winning actor Michelle Yeoh, athlete Serena Williams, Meta CEO Mark Zuckerberg and Brazilian President Luiz Inacio Lula da Silva.
• Lionel Messi, whose stellar performance during the Qatar FIFA World Cup 2022 brought him and the Argentine team the much coveted trophy, secured the fifth spot.
• Messi got with 1.8% of the votes.
• In second place are the Iranian women who are protesting for their rights.
• They garnered 3% of the votes.
• The woman also won the magazine’s 2022 Person of the Year reader poll.
• In third place, with 2% of the votes, were the healthcare workers who’ve been at the frontlines of the pandemic since 2020.
• Further, Prince Harry and Meghan Markle took the fourth spot, with each of them getting 1.9% of the votes.
• Harry made headlines around the world earlier this year after he released his memoir Spare.
• The 2023 TIME100 list will be released on 13 April.
• In 2022, Gautam Adani, Karuna Nundy, Khurram Parvez were the only Indians who featured on the list.

Aaditya Thackeray selected for World Economic Forum’s Young Global Leaders Class 2023

• The World Economic Forum (WEF) inducted Shiv Sena (UBT) leader Aaditya Thackeray and national vice president of BJP youth wing Madhukeshwar Desai to the list of world’s most promising public figures under the age of 40.
• Announcing the list of nearly 100 new members to its Forum of Young Global Leaders, the WEF said the fresh inductions included promising political leaders, innovative entrepreneurs, game-changing researchers and visionary activists, who are accelerating positive and lasting change in their communities, countries and the world.
• It also highlighted that the members of the Forum have gone on to become Nobel Prize recipients, heads of state, CEOs of Fortune 500 companies and Grammy Award winners.
• Other Indians who made to the list were from the fields of business and academia.
• Tanvi Ratna, Founder and CEO, Policy 4.0. Research Foundation Aakrit Vaish, Co-Founder and CEO, Jio Haptik Technologies Limited Sudarshan Venu, Managing Director, TVS Motor Company Limited
• Vibin B Joseph, Executive Director and CEO, BiOZEEN are the newest members of its Young Global Leaders Class of 2023.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Honda Motorcycle & Scooter India appoints Tsutsumu Otani as new President, CEO & MD

• One of the leading two-wheeler makers, Honda Motorcycle & Scooter India (HMSI) appointed Tsutsumu Otani as the President, Chief Executive Officer (CEO) and Managing Director (MD).
• He has succeeded Atsushi Ogata, who headed Honda’s Indian two-wheeler operations for three years.
• Prior to this, Otani was the Vice President at Honda Motor Co. Japan

About Tsutsumu Otani : 

• From 2017 to 2022, he was designated as the president of Sundiro Honda Motorcycle.
• In 2022 Otani was appointed as Executive General Manager, Shanghai Branch Honda Motor (China) Investment.

Other Appointments & Promotions : 

• Atsushi Ogata has been appointed as Executive General Manager at Honda Motor (China) Investment Co Ltd, Shanghai Branch, which effected from April 1, 2023.
• Alongside this, the company has also elevated Vinay Dhingra (earlier director – General & Corporate Affairs, Strategic Information System and Honda India Foundation, HMSI) to senior director – Human Resource & Administration, Corporate Affairs, Information Technology, and Honda India Foundation.
• Additionally, Yogesh Mathur and Sanjiv Jain have now been promoted to the Board of Directors of HMSI.
• As the new director, Mathur will be responsible for the premium motorcycle business along with customer service, logistics planning and control, sales and marketing.

About HMSI : 

• Founded : 20 August 1999
• Headquarters : Gurgaon, Haryana, India
• HMSI is the wholly owned Indian subsidiary of Honda Motor Company, Limited, Japan.

Ministry of Corporate Affairs appointed Grant Thornton Bharat to Assist in Capacity Building  

• The Ministry of Corporate Affairs(MCA) has appointed Grant Thornton Bharat LLP, one of the largest fully integrated Assurance, Tax and Advisory firms in India, to assist in the formulation of an Annual Capacity Building Plan (ACBP) as a part of its efforts to build capacity among its cadre/ posts and other organisations to make them ‘future ready’ and to meet the requirements of a vision of ‘New India’.

Objective : 

• To enhance the delivery system and create a ‘citizen centric, future ready civil service with the right attitude, skills and knowledge aligned to the vision of New India’.
• The Centre’s ‘New India’ vision aims to transform India into a modern and developed country.
• The vision encompasses various sectors, including the economy, infrastructure, social welfare, healthcare, education, and agriculture.

About MCA : 

• Union Minister : Smt. Nirmala Sitharaman
• Minister of State : Rao Inderjit Singh

MCA extends tenure of IL&FS chairman Chandra Shekhar Rajan till September 2023

• The Ministry of Corporate Affairs (MCA) has extended the term of Chandra Shekhar Rajan as non-executive chairman of IL&FS (Infrastructure Leasing & Financial Services Limited) up to September 30, 2023.
• Besides, the ministry has also extended the term of Nand Kishore as managing director of IL&FS up to March 31, 2024.

About IL&FS : 

• Founded : 1987
• Headquarters : Mumbai, Maharashtra, India
• IL&FS is an Indian state-funded infrastructure development and finance company.
• It was an “Reserve Bank of India (RBI) registered Core Investment Company”

CURRENT AFFAIRS : DEFENCE NEWS

Andaman & Nicobar Command Conducts Large Scale Joint Military Exercise ‘KAVACH’                                      

• India’s only tri-services Andaman & Nicobar Command conducted a joint military exercise ‘EX-KAVACH’.

Aim of the exercise : 

• To improve joint warfighting capabilities and operational synergy.
• The exercise was previously conducted from 21-25 Jan 2021 in the Andaman and Nicobar Islands as AMPHEX-21. 

Key Highlights :

• Various drills including amphibious landing, air landing operations, heliborne operations by soldiers were carried out during the exercise.
• Weapon systems of the Indian Army, Indian Navy, Indian Air Force (IAF), as well as Indian Coast Guard (ICG), were deployed during the exercise.
• Assets of the Army, Navy, Air Force and Coast Guard were involved in the exercise.
• During the exercise, joint activities for intelligence, surveillance, and reconnaissance were also conducted.

Ministry of Defence signs ₹667 crore deal with Hindustan Aeronautics Limited to procure 6 Dornier aircraft for Indian Air Force 

• The Ministry of Defence (MoD), signed a contract for procurement of 6 Dornier-228 aircraft for the Indian Air Force (IAF) from Hindustan Aeronautics Limited (HAL) at a cost of Rs 667 crore.
• The aircraft was used by IAF for Route Transport Role and communication duties.
• Subsequently, it has also been used for training of transport pilots of the IAF.
• The present lot of 6 aircraft will be procured with an upgraded fuel-efficient engine coupled with a 5 bladed composite propeller.
• The aircraft is ideally suited for short haul operations from semi-prepared/short runways of the North East and island chains of India.

About Dornier-228 : 

• The Dornier-228 aircraft is a highly versatile multi-purpose light transport aircraft.
• The Dornier 228 is a twin-turboprop Short Takeoff and Landing (STOL) utility aircraft, designed and first manufactured by Dornier GmbH from 1981 until 1998.

About MoD : 

• Defence Minister : Rajnath Singh
• Minister of State : Ajay Bhatt
• Defence Secretary : Giridhar Aramane

Anti-Submarine Rocket Developed by DRDO Successfully Test-fired from INS Chennai

• The Extended Range Anti Submarine Rocket (ER-ASR) designed by two Pune-based facilities of the Defence Research and Development Organisation (DRDO) was successfully test-fired for the 1st time from Navy’s INS Chennai.
• The ER-ASR was designed and developed by Pune-based Armament Research and Development Establishment (ARDE) and High Energy Materials Research Laboratory (HEMRL). 
• The rocket has been designed to replace the existing Russian-origin Rocket Guided Bombs (RGBs).
• It is designed to intercept submarines at specific depths.

Key Highlights : 

• During the maiden tests conducted from Navy’s guided missile destroyer INS Chennai, the performance of the rocket system was evaluated at the short range of 2.7 kilometres and in long range mode at 8.5 kilometres.
• The rocket system will be deployed in anti-submarine operations and will be fired from an indigenous rocket launcher mounted on board various Indian naval ships.
• ER-ASR can be fired in single or in salvo mode depending on the tactical mission requirements.
• It consists of 2 motor propulsion systems that can fire the rocket in short-range mode and long-range mode to achieve different range capabilities from 500 metres to 8900 metres.
• While the RGB has a range of 5 kilometres, the ER-ASR can achieve a range over 8 kilometres.

CURRENT AFFAIRS : OBITUARIES

Jharkhand Education Minister Jagarnath Mahto passed away

• Jharkhand Education Minister Jagarnath Mahto passed away at the age of 56 in Chennai, Tamil Nadu (TN).

About Jagarnath Mahto : 

• Jagarnath Mahto born on 1 January 1967, in Alargo, Bokaro, Jharkhand.
• He was an Indian politician and cabinet minister from Jharkhand.
• He represented the Dumri Vidhan Sabha constituency as a Jharkhand Mukti Morcha (JMM) Member of the Legislative Assembly (MLA)
• He was actively involved in a separate statehood movement, led by Shibu Soren.

CURRENT AFFAIRS: BOOKS AND AUTHOR

The Great Bank Robbery by V. Pattabhi Ram & Sabyasachee Dash

• A New Book Titled ‘The Great Bank Robbery’ is authored by V Pattabhi Ram and Sabyasachee Dash.
• Co-authored with Pattabhi Ram Published by Rupa Publications India
• In ‘The Great Bank Robbery’, the authors, both chartered accountants, explore how a bank works, the scandals that have rocked the banking world and focus on the role played by auditors, bankers, credit raters and directors.
• Set in 2036, the novel has been written in a conversational style.
• Authors have cited eleven major financial scams in post-independent India to highlight how vast amounts of public money have vanished from banks over the last few decades.

CURRENT AFFAIRS: IMPORTANT DAYS

World Homeopathy Day 2023- April 10

• World Homeopathy Day 2023 is celebrated on the 10th of April every year.
• The day is celebrated to spread knowledge of homeopathy medicine in public health.
• The World Homeopathy Day 2023 theme is “One Health, One Family”.
• Dr. Christian Samuel Hahnemann father and founder of homeopathy were born on 10th April in 1755.
• His birth anniversary was celebrated as World Homeopathy Day.
• World Homeopathy Day is celebrated to spread knowledge of homeopathy.
• It is one of the alternative medicine that works on healing responses of the patient’s body.
• Homeopathy believes that diseases can be cured by natural ingredients.

Daily CA One-Liner: April 9 & 10

• The Union Cabinet approved a project to build an advanced gravitational-wave detector in Maharashtra at an estimated cost of Rs 2,600 crore
• To achieve saturation under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY), the Finance Ministry launched a three-month campaign
• Finance Minister Nirmala Sitharaman presented Rs 1.18 lakh crore Budget for Jammu and Kashmir for the year 2023-24 with a thrust on providing housing in rural areas and water tap connections to 18.36 lakh households
• Reliance Industries Ltd and its telecom arm Jio Infocomm have raised a total of USD 5 billion in back-to-back foreign currency loans, the largest syndicated loan in India’s corporate history
• Volodymyr Zelensky has been awarded Poland’s highest Order of the White Eagle award
• Bharat Biotech has won the `Best Production /Process Development’ award as part of the Vaccine Industry Excellence (ViE) awards at the World Vaccine Congress 2023
• Tripura became the best-performing state among North Eastern States in implementing e-Procurement
• Mumbai, Maharashtra’s capital has featured in the list of top twenty cities with best public transport in the world
• Shah Rukh Khan the man that gave Bollywood its biggest hit “Pathaan’ since the industry seemed to have been suffering in box office collections in the post-covid era, has now ranked highest in TIME 100 Reader Poll
• The World Economic Forum (WEF) inducted Shiv Sena (UBT) leader Aaditya Thackeray and national vice president of BJP youth wing Madhukeshwar Desai to the list of world’s most promising public figures under the age of 40
• A New Book Titled ‘The Great Bank Robbery’ is authored by V Pattabhi Ram and Sabyasachee Dash
• World Homeopathy Day 2023 is celebrated on the 10th of April every year
• The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹6.77 crore on Mahindra & Mahindra Financial Services Limited for non-compliance with the “Non-Banking Financial Company-Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016”.
• The Reserve Bank of India’s (RBI’s) governor Mr Shaktikanta Das proposed to expand scope of United Payments Interface (UPI) by permitting operations of pre-sanctioned credit lines by banks through UPI.
• Fairfax-backed, leading Mumbai-based non-banking financial company (NBFC), IIFL Finance Limited (IIFL), has secured USD 100 million in long-term funding, jointly, from Export Development Canada (EDC) and Deutsche Bank.
• According to the Reserve Bank of India (RBI) data India’s Bank credit rose by 15% year-on-year (YoY) in 2022-23 (FY23), against 9.6% YoY in 2021-22 (FY22).
• Indian Bank, a public sector bank, launched a new retail term deposit named “IND SUPER 400 DAYS” with 05% higher interest rate to women investors & fixed maturity tenor of 400 days in the form of FD/MMD (Fixed Deposits/Money Multiplier Deposits)
• ‘Kashi’(Varanasi) has been declared the first tourism and cultural capital of the Shanghai Cooperation Organisation (SCO).
• India’s first listed power sector infrastructure investment trust,India Grid Trust has commissioned its first battery energy storage system (BESS) project coupled with its solar panels at the Dhule substation in Maharashtra.
• Tamil Nadu (TN) Chief Minister (CM) Shri M K Stalin launched Anaivarukkum IITM’ (IIT-M for All) the initiative of the Indian Institute of Technology (IIT), Chennai, to connect the institution with one lakh government school students in TN studying in rural locations to electronic science.
• The Kerala Shipping and Inland Navigation Corporation (KSINC) has introduced its first solar-powered tourist vessel named ‘Sooryamshu’ in Kochi backwaters, Kerala.
• The Union Cabinet gave its nod for inking an agreement with the German development bank, KfW, for securing a loan for the Green Energy Corridor (GEC) project being implemented by the Kerala State Electricity Board (KSEB).
• The second Meeting of the Global Partnership for Financial Inclusion (GPFI) under G20 (Group of Twenty) India Presidency concluded in Hyderabad, Telangana.
• The Yaoshang festival is celebrated every year on the full moon of Lamta month (February-March) of the Meitei lunar calendar.
• One of the leading two-wheeler makers, Honda Motorcycle & Scooter India (HMSI) appointed Tsutsumu Otani as the President, Chief Executive Officer (CEO) and Managing Director (MD).
• The Ministry of Corporate Affairs(MCA) has appointed Grant Thornton Bharat LLP, one of the largest fully integrated Assurance, Tax and Advisory firms in India, to assist in the formulation of an Annual Capacity Building Plan (ACBP)
• The Ministry of Corporate Affairs (MCA) has extended the term of Chandra Shekhar Rajan as non-executive chairman of IL&FS (Infrastructure Leasing & Financial Services Limited) up to September 30, 2023.
• India’s only tri-services Andaman & Nicobar Command conducted a joint military exercise ‘EX-KAVACH’.
• The Ministry of Defence (MoD), signed a contract for procurement of 6 Dornier-228 aircraft for the Indian Air Force (IAF) from Hindustan Aeronautics Limited (HAL) at a cost of Rs 667 crore.
• The Extended Range Anti Submarine Rocket (ER-ASR) designed by two Pune-based facilities of the Defence Research and Development Organisation (DRDO) was successfully test-fired for the 1st time from Navy’s INS Chennai.
• Jharkhand Education Minister Jagarnath Mahto passed away at the age of 56 in Chennai, Tamil Nadu (TN).

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