Daily Current Affairs August 11 2023 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Banks wrote off ₹14.56 lakh crores non-performing assets between FY15 and FY23

• As per the RBI provisional data, ₹14-lakh crore worth Non-Performing Assets (NPAs) were written off by Scheduled commercial banks (SCBs) between FY15 and FY23 (9 years).
• Out of these, nearly half (₹7,40,968 crore/ ₹7.40 lakh crore) were related to large industries and services.
• The SCBs have recovered an aggregate amount of Rs 2,04,668 crore in written-off loans, including corporate loans, since April 2014 and up to March, 2023.

Key Highlights :

• The net recovery in written-off loans during the financial year (net write-off) in public sector banks (PSBs) was Rs 1.18 lakh crore in FY18, which declined to Rs 0.91 lakh crore in FY22 and to Rs 0.84 lakh crore (RBI provisional data) in FY23.
• Net write-off loans by private sector banks was 73,803 crore (RBI provisional data) in FY 2022-23.
• Net write-off as percentage of opening gross loans and advances in private sector banks was 1.25% and 1.57% in FY 2017-18 and FY 2022-23 respectively, and it was 2% and 1.12% for PSBs during the same period.
• During the year ended March 2023, banks wrote off non-performing assets (NPAs), or bad loans, worth over Rs 2.09 lakh crore, as per the Reserve Bank of India.
• A loan is classified as an NPA when the repayment of the principal amount or the interest remains outstanding for a period of 90 days.
• As of date, the list of SCBs includes 12 public sector banks (PSBs), 22 private banks, 12 small finance banks, 4 payment banks (which act as agents in loan business), 43 regional rural banks, and 45 foreign banks.
• Gross NPAs of PSBs declined to ₹4.28-lakh crore as of March 31, 2023, from ₹8.96 lakh crore as of March 31, 2018.

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

Banks wrote off over ₹10.5-lakh crores during FY19 and FY23: Finance Ministry

• The Finance Ministry informed Rajya Sabha that scheduled commercial banks (SCBs) wrote off over ₹10.5-lakh crores in the 5 years ending March 31, 2023.
• The Ministry added that the top 10 wilful defaulters owe over ₹43,000 crore to the banks.
• SCBs have written off an aggregate amount of ₹10,57,326 crore during the last 5 financial years.

Key Highlights :

• As per RBI guidelines and policy approved by the bank’s Boards, NPAs (Non-Performing Assets), including those in respect of which full provisioning has been made on completion of 4 years, are removed from the balance sheets of the banks concerned by the way of write-offs.
• Banks evaluate the impact of write-offs as part of their regular exercise to clean up their balance sheet, avail tax benefits and optimise capital, in accordance with RBI guidelines, and policy approved by their Boards.
• Such write-off does not result in waiver of liabilities of borrowers to repay.

IRDAI asks 15 Insurance Companies to adopt Indian Accounting Standards from April 2024

• Insurance Regulatory and Development Authority of India (IRDAI) has asked the top 15 insurance companies to adopt the new Indian Accounting Standard (IND-AS) accounting framework from 01 April 2024 (FY25).
• This is the first such partial roll-out of accounting standards for the insurance industry in many decades, and the move is aimed at bringing Indian accounting practices closer to global standards.
• State-run insurance companies, including LIC have been excluded from the adoption of the new accounting rules for now.

Key Highlights :

• IRDAI has identified 15 companies that have foreign equity partners and strategic collaborations for the purpose.
• Some of these companies are ICICI Prudential Life, ICICI Lombard General, TATA AIG General, Niva Bupa Health, HDFC Life, and HDFC Ergo General.
• Over 140 countries have adopted International Financial Reporting Standard (IFRS) 17, effective January 2023.
• IND-AS 117 is designed in coordination with IFRS-17.
• The new accounting standard will replace Ind AS 104, Insurance Contracts.

About IRDAI :

• Established : 1999
• Headquarters : Hyderabad, Telangana
• Chairman : Debasish Panda
• The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF) ,Government of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance industries in India.

CURRENT AFFAIRS: NATIONAL NEWS

Personal data of every citizen is to be protected in the digital domain by the Digital Personal Data Protection Bill

• The Union Electronics and IT Minister Ashwini Vaishnaw has said the personal data of every citizen will be protected in the digital domain by the Digital Personal Data Protection Bill.
• The Bill was passed by the Parliament.
• Mr Vaishnaw said, the digital world will now become safer, and more trustworthy and it will have a significant impact on the lives of common citizens.
• 140 crore countrymen are part of the digital journey, which was started by Prime Minister Narendra Modi in 2015.

Centre releases additional guidelines for Health and Wellness Celebrities, Influencers and Virtual Influencers

• The Department of Consumer Affairs, under the Ministry of Consumer Affairs, Food and Public Distribution, has released Additional Guidelines for celebrities, influencers and virtual influencers in the field of health and wellness.
• These guidelines are an important extension to the Guidelines for Prevention of Misleading Advertisements and Endorsements for Misleading Advertisements, 2022 released on 9th June 2022, and instead of the “Endorsement Know-hows!” guide booklet released on 20th January 2023.
• The Additional Influencer Guidelines for Health and Wellness Celebrities, Influencers and Virtual Influencers have been developed after detailed discussions with all stakeholders including the Ministry of Health, Ministry of Ayush, Food Safety and Standards Authority of India (FSSAI) and Advertising Standards Council of India (ASCI).
• The additional guidelines aim to deal with misleading advertisements, unsubstantiated claims and ensure transparency in health and wellness endorsements.
• Under the guidelines, certified medical practitioners and health & fitness experts holding certifications from recognized institutions when sharing information, promoting products or services or making any health-related claims, must disclose that they are certified health/fitness experts and medical practitioners.

Dr Mansukh Mandaviya inaugurates the second phase of the annual Nationwide Mass Drug Administration (MDA) initiative for Lymphatic Filariasis

• India is committed to eliminating Lymphatic Filariasis by 2027, three years ahead of the global target through mission mode, multi-partner, multi-sector targeted drive.
• This was stated by Union Minister for Health & Family Welfare Dr Mansukh Mandaviya as he inaugurated the second phase of the Annual Nationwide Mass Drug Administration (MDA) initiative, in the presence of Dr Bharti Pravin Pawar, Minister of State, Ministry of Health and Family Welfare, Prof. S.P. Singh Bhagel, Minister of State, Ministry of Health and Family Welfare.
• The Union Minister further stressed that “Through Jan Bhagidaari and ‘Whole of Government’ and ‘Whole of Society’ approach, we shall be able to eliminate this disease from the country”.
• The second phase, commencing on August 10, 2023, will cover 81 districts in 9 endemic States (Assam, Bihar, Chhattisgarh, Jharkhand, Karnataka, Maharashtra, Odisha, Telangana and Uttar Pradesh).
• Deputy Chief Minister, Chhattisgarh, Shri. T.S. Singh Deo, Deputy Chief Minister Uttar Pradesh, Shri Brijesh Pathak, Shri Niranjan Pujari, Health Minister, Odisha, Shri Keshab Mahanta, Health Minister, Assam and Shri Banna Gupta, Health Minister, Jharkhand joined the inauguration event in a virtual mode.

CURRENT AFFAIRS: INTERNATIONAL NEWS

Pakistan President approves a premature dissolution of National Assembly at outgoing Prime Minister Shehbaz Sharif’s advice

• Pakistan President Arif Alvi has approved the premature dissolution of the National Assembly.
• Pakistan President’s announcement came after Prime Minister Shehbaz Sharif sent him a summary for the dissolution of the National Assembly.
• Shehbaz Sharif’s move formally started the process for the appointment of a caretaker setup.
• The elected government in Pakistan has completed its five-year constitutional term.
• Now the general elections will have to be held within 90 days.
• The Election Commission of Pakistan will announce the date of the polls.

US President Joe Biden bans American investments in key technology industries that could enhance China’s military capabilities

• US President Joe Biden has signed an executive order banning American investments in key technology industries that could be used to enhance China’s military capabilities.
• President Biden declared the move a national emergency to deal with the threat of advancement by countries of concern in sensitive technologies and products critical to the military, intelligence, surveillance, or cyber-enabled capabilities of such countries.
• The order will ban venture capital and private equity firms from investing money into Chinese efforts to make semiconductors and other microelectronics, quantum computers and certain artificial intelligence applications.
• Administration officials said that the decision was taken to protect national security.

Bangladesh Floods have brought much of the Chittogram division to a standstill

• Due to incessant rain and the onrush of water from hilly areas of India and Myanmar, almost the entire Chattogram Division of Bangladesh is grappling with floods. Bangladesh’s government deployed the army to deal with the havoc wreaked by flood in the country’s largest division, which is home to 3 crore people.
• According to government authorities, at least 10 people have died in landslides, drowning, and snake bites in the division in the last 24 hours.
• Thousands are left without access to safe drinking water, power, and mobile networks and around 35000 people are sheltering in educational institutions and government facilities, said officials on duty.

Poland starts sending troops to the border to curb the entry of illegal migrants

• Amid rising threats from Belarus and Wagner fighters, Poland has started sending troops to the border to reinforce its control and curb the entry of illegal migrants.
• Poland is sending two thousand soldiers to its border with Belarus to stem illegal crossings and maintain stability.
• According to reports, Poland has seen an increased inflow of Middle Eastern and African migrants trying to enter the country illegally through Poland.
• Warsaw has been accusing Belarus of sending illegal migrants to Poland to foment instability.

Ecuadorian presidential candidate Fernando Villavicencio kill during a rally in the capital Quito

• Ecuadorian presidential candidate Fernando Villavicencio was killed during a rally in the capital Quito.
• Current President Guillermo Lasso has confirmed the incident.
• According to reports, Mr Villavicencio was getting into a car when a gunman stepped forward and shot him in the head.
• The incident comes amid violence in the South American nation, with drug trafficking and violent killings on the rise.
• The first round of the presidential election is scheduled to take place on 20 August.
• A recent rise in violent crime in Ecuador has been a central issue in the presidential campaign.
• President Guillermo Lasso had declared states of emergency and night curfews in three provinces following several killings linked to organised crime.

CURRENT AFFAIRS: BUSINESS NEWS

Total Power Generated in the Country grows by more than 8% year-on-year in 2021-22 and by 9% in 2022-23

• The Union Minister for Power and New & Renewable Energy has provided the details of State/UT-wise power generation in the country from Renewable and Non-Renewable sources, during the years 2020-21, 2021-22, 2022-23 and the current year 2023-24 (up to June 2023).
• This information has been given by the Union Minister for Power and New & Renewable Energy Shri R. K. Singh.
• The Minister also informed that as a result of various measures taken by the government to promote renewable energy in the country, power generation in the country from Renewable Energy Sources has increased during the last three years, as given below.

Electricity Generated by Coal-based Power Plants Grows by 10% between 2021-22 and 2022-23

• The Union Minister for Power and New & Renewable Energy has informed that the electricity generated by coa l-based power plants in the country during the last two years 2021-22 and 2022-23 is as given below.

• There is no decline in coal-based electricity generation in the year 2022-23 over the year 2021-22.
• There is no report of the shutdown of any coal-based power plant due to a shortage of coal during 2021-22 and 2022-23.

CURRENT AFFAIRS: SCIENCE AND TECHNOLOGY

The government has approved the establishment of a new spaceport in Kulasekarapattinam, Tamil Nadu for carrying out the launches of the Small Satellite Launch Vehicles (SSLV) developed by ISRO

• Union Minister of State (Independent Charge) Science & Technology; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh today said, the Indian Space Policy – 20 23 has been approved and released in the public domain.
• The Policy opens up the sector for enhanced participation of Non-Government Entities (NGEs) across the entire value chain of the space economy while delineating the roles of various stakeholders viz. IN-SPACe, ISRO, NSIL and DOS.
• Government has set up the Indian National Space Promotion and Authorization Centre (IN-SPACe) as a single-window agency for the promotion and authorization of space activities. The budget allocations for IN-SPACe:
• 2021-22 Rs. 10 Cr
• 2022-23 Rs. 33 Cr
• 2023-24 Rs. 95 Cr
• Dr Jitendra Singh also informed that the Laser Interferometer Gravitational-Wave Observatory – India (LIGO-India) project has been approved by the Government of India at an estimated cost of Rs. 2600 Crore, with the Department of Atomic Energy as the Lead Agency.
• On the issue of Chandrayaan-3, Dr Jitendra Singh said, the spacecraft was successfully launched

CURRENT AFFAIRS: DEFENCE NEWS

INS Visakhapatnam & INS Trikand arrive in Dubai for a bilateral exercise

• Two Indian Navy ships, INS Visakhapatnam and INS Trikand, arrived at Port Rashid in Dubai for a bilateral exercise with the UAE Navy.
• The exercise, which will be held from August 8 to 11, aims to share best practices and increase synergies between the two navies.
• Under Rear Admiral Vineet McCarty’s command, the ships will engage in professional interactions with the UAE Naval Force, focusing on maritime operations.
• ‘Zayed Talwar,’ a bilateral exercise, is scheduled to enhance interoperability and synergy between the two navies, contributing to regional security.
• Led by Captains Ashok Rao and Pramod G Thomas, INS Visakhapatnam and INS Trikand showcase advanced maritime capabilities.
• This visit underscores growing diplomatic collaboration between the Indian and UAE navies.

CURRENT AFFAIRS: SPORTS NEWS

India beat Pakistan 4-0 in the final group stage match to enter the semi-finals of the Asian Champions Trophy in Chennai

• In Hockey, India defeated Pakistan 4-0 in the final game of the group stage to enter the semi-finals of the Asian Champions Trophy in Chennai.
• Indian Skipper Harmanpreet Singh struck twice, while Jugraj Singha and Mandeep Singh scored one each as India finished the group stage as the only unbeaten team in the tournament.
• India now leads the standings with 13 points after four wins and one draw while Pakistan are eliminated from the tournament.
• Earlier, Malaysia beat Korea 1-0 and secured their semifinal berth.
• India will face Japan in the semifinals, while Malaysia will face Korea

World Athletics Championships 2023: javelin thrower Neeraj Chopra to lead Indian contingent

• In the upcoming World Athletics Championships 2023, javelin thrower Neeraj Chopra will lead the Indian contingent.
• The Championships are beginning in Budapest on August 19th.
• In a statement, the Ministry of Youth Affairs and Sports announced that it will fund 28 Indian athletes for the mega event.
• Matches will be played till the 27th of this month.
• Out of 28 competing athletes, 15 would be competing at the World Championships for the very first time.
• Former Under 20 silver medalist, Shaili Singh, is the youngest member of the contingent.

Daily CA One-Liner: August 11

• As per the RBI provisional data, ₹14-lakh crore worth Non-Performing Assets (NPAs) were written off by Scheduled commercial banks (SCBs) between FY15 and FY23 (9 years).
• The Finance Ministry informed Rajya Sabha that scheduled commercial banks (SCBs) wrote off over ₹10.5-lakh crore in the 5 years ending March 31, 2023.
• Insurance Regulatory and Development Authority of India (IRDAI) has asked the top 15 insurance companies to adopt the new Indian Accounting Standard (IND-AS) accounting framework from 01 April 2024 (FY25).
• The Union Electronics and IT Minister Ashwini Vaishnaw has said the personal data of every citizen will be protected in the digital domain by the Digital Personal Data Protection Bill.
• The Department of Consumer Affairs, under the Ministry of Consumer Affairs, Food and Public Distribution, has released Additional Guidelines for celebrities, influencers and virtual influencers in the field of health and wellness.
• India is committed to eliminating Lymphatic Filariasis by 2027, three years ahead of the global target through mission mode, multi-partner, multi-sector targeted drive.
• Pakistan President Arif Alvi has approved the premature dissolution of the National Assembly.
• US President Joe Biden has signed an executive order banning American investments in key technology industries that could be used to enhance China’s military capabilities.
• Due to incessant rain and the onrush of water from hilly areas of India and Myanmar, almost the entire Chattogram Division of Bangladesh is grappling with floods. Bangladesh’s government deployed the army to deal with the havoc wreaked by flood in the country’s largest division, which is home to 3 crore people.
• Amid rising threats from Belarus and Wagner fighters, Poland has started sending troops to the border to reinforce its control and curb the entry of illegal migrants.
• Ecuadorian presidential candidate Fernando Villavicencio was killed during a rally in the capital Quito.
• The Union Minister for Power and New & Renewable Energy has provided the details of State/UT-wise power generation in the country from Renewable and Non-Renewable sources, during the years 2020-21, 2021-22, 2022-23 and the current year 2023-24.
• The Union Minister for Power and New & Renewable Energy has informed that the electricity generated by coal-based power plants in the country.
• Union Minister of State (Independent Charge) Science & Technology; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh today said, the Indian Space Policy – 20 23 has been approved and released in the public domain.
• Two Indian Navy ships, INS Visakhapatnam and INS Trikand, arrived at Port Rashid in Dubai for a bilateral exercise with the UAE Navy.
• In Hockey, India defeated Pakistan 4-0 in the final game of the group stage to enter the semi-finals of the Asian Champions Trophy in Chennai.
• In the upcoming World Athletics Championships 2023, javelin thrower Neeraj Chopra will lead the Indian contingent.

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