Daily Current Affairs February 04 & 05 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

SBI to Down-sell 50% of ₹11,000 Crore Loan to Adani’s Ganga Expressway Project

• More than a year after disbursing loans to Adani Group’s Ganga Expressway project, State Bank of India (SBI) is in the process of downselling half of the nearly ₹11,000-crore loan exposure to the longest tolled road-project in the country.

Key Highlights :

• Talks with Financial Institutions : The lender is in talks with financial institutions, such as the National Bank for Financing Infrastructure and Development (NaBFID), Punjab National Bank (PNB) and some power finance companies, to down sell half of its exposure.
• NaBFID’s Interest : NaBFID is interested in acquiring a portion of SBI’s loan as it aligns with its infrastructure-focused lending strategy. Na
• BFID aims to sanction up to ₹1 lakh crore by March 2024 and has already disbursed ₹21,000 crore of loans.
• Long-term Loan : The Ganga expressway in Uttar Pradesh, which will connect Meerut with Prayagraj, is going to be India’s longest expressway implemented on a toll basis.
• Adani’s Contract : In 2021, Adani had won contracts from the Uttar Pradesh government to build three stretches of the 594-km Ganga Expressway while the fourth section was awarded to IRB Infrastructure.
• Of its 594-km length, the Adani group is building 464 km from Budaun to Prayagraj, which comprises 80% of the expressway project.

What is meant by Downselling?

• Down-selling is a strategy that aims to conclude a purchase by offering an alternative product to a customer at a lower price.
• The motto of those who use down-selling is: it is better to sell something at a cheaper price than to lose a customer completely.

About SBI :

• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Dinesh Kumar Khara
• CFO : Kameshwar Rao Kodavanti

Asian Development Bank Raises Rs 1,250 Crore in Largest-Ever Local Currency Green Bond Issue                             

• The Asian Development Bank (ADB) has raised Rs 1,250 crore (approximately USD 150 million) through its largest local currency green bond issuance to date.

Key Highlights :

• Bond Structure:The issue is structured as a 4-year currency linked bond, with a one-time repayment at maturity and carrying a fixed interest rate of 6.72% per year.
• Denomination and Settlement: While the bond is denominated in Indian rupees, it is settled in United States dollars.
• Investors’ returns are tied to the performance of the Indian currency.
• Masala Bonds: The bond follows the popular masala bond structure in the Indian financial community.
• Listing and Arrangement: The bond is listed on the Luxembourg Stock Exchange and was arranged by Standard Chartered Bank.
• It was subscribed by a group of investors from the United Kingdom (UK) and United States (US).
• ADB’s Borrowing History: ADB has been an active participant in the Indian rupee bond market, with its debut in 2004.
• Since 2014, it has conducted multiple masala bond issuances, cumulatively raising over USD 1 billion equivalent.
• Return to Indian Rupee Bond Market: This green bond issuance marks ADB’s comeback to the Indian rupee bond market after a 3-year hiatus.
• ADB previously issued its first local currency green bond in Indian rupees back in 2017.

Recent News :

• In Dec 2023, The Government of India and the Asian Development Bank (ADB) signed an agreement for availing of a $200 million loan from the Asian Development Bank (ADB), to improve the quality, efficiency, and reliability of power supply in the state of Uttarakhand.

About ADB : 

• Established : 1966
• Headquarters : Manila, Philippines
• President : Masatsugu Asakawa
• Membership : 68 members, including 49 regional members (countries in Asia and the Pacific) and 19 non-regional members (countries outside the region)

ESAF Small Finance Bank Collaborates with Edelweiss Tokio for Bancassurance Services            

• ESAF Small Finance Bank announced a significant bancassurance partnership with Edelweiss Tokio Life Insurance to enhance financial solutions for customers.

Key Highlights :

• Alignment of Organizational Values : The collaboration underscores the commitment of both organizations to prioritize customer needs and foster growth and innovation in the financial sector.
• Diversification Strategy: The partnership reflects ESAF Small Finance Bank’s strategic move to diversify its offerings and extend financial security to a broader section of the unbanked and underbanked population.
• Accessibility of Insurance Products: The aim of the partnership is to increase the accessibility of innovative life insurance products, leveraging ESAF Small Finance Bank’s strong presence in rural markets across India.
• Contribution to Distribution Strategy: This alliance is a crucial component of Edelweiss Tokio Life’s comprehensive multi-channel distribution strategy, aiming to set new standards in customer-focused insurance services.

What is Bancassurance?

• Bancassurance refers to the agreement between a bank and an insurance company through which the bank sells the insurance product of the concerned insurance company to its customers.
• This is an arrangement through which both the bank and the tied insurance company can gain significant profits.

Recent News :

• In Aug 2023, Kotak Mahindra Life Insurance Company (Kotak Life) stated that its corporate agency ties–up with ESAF Small Finance Bank (ESAF Bank) to offer life insurance to customers.

About ESAF Small Finance Bank :

• Established : 10 March 2017
• Headquarters : Thrissur, Kerala
• MD & CEO : Kadambelil Paul Thomas

About Edelweiss Tokio Life Insurance :

• MD & CEO : Sumit Rai
• Edelweiss Tokio Life Insurance is a joint venture between Edelweiss Group of India, and Tokio Marine Holdings of Japan

Indian Overseas Bank Achieves Rs 1 Lakh Crore Market Cap, Becomes Fifth PSU Bank to Do So

• Indian Overseas Bank (IOB), a state-owned bank, achieved a market capitalization exceeding Rs 1 lakh crore for the first time.
• This milestone comes after a remarkable 100% surge in the stock price over the last six months.

Key Highlights :

• Fifth PSU Bank to Cross Rs 1 Lakh Crore: IOB joins the ranks of State Bank of India (SBI), Bank of Baroda, Punjab National Bank (PNB), and Union Bank of India as the fifth public sector lender to surpass the Rs 1 lakh crore market capitalization mark.
• Financial Performance: In the third quarter of FY24, IOB reported a substantial 30% increase in net profit, reaching Rs 723 crore for the December quarter of 2023-24.
• Year-on-Year Comparison: This net profit represents a significant improvement compared to the corresponding quarter of the previous fiscal year, where the bank recorded a net profit of Rs 555 crore.

Recent News :

• In Jan 2024, The Indian Overseas Bank (IOB) introduced a scheme called ‘Savings Account Portability Online to simplify the process of transferring savings accounts for customers who frequently move locations due to various reasons such as career shifts or educational pursuits.

About IOB :

• Established : 10 February 1937
• Headquarters : Chennai, Tamil Nadu, India
• MD & CEO : Ajay Kumar Srivastava

CURRENT AFFAIRS: NATIONAL NEWS

PM Modi lays foundation stone for projects worth Rs 68,000 crore in Odisha

• The Prime Minister, Shri Narendra Modi inaugurated, dedicated to the nation and laid the foundation stone for projects worth more than Rs 68,000 crore in Sambalpur, Odisha
• It aimed at boosting the energy sector involving natural gas, coal and power generation apart from important projects of road, railway and higher education sector.
• Shri Modi also took a walkthrough of the IIM Sambalpur model and a photo exhibition showcased on the occasion.

Background

• In line with the Prime Minister’s vision to strengthen the energy security of the country, the inauguration, dedication to the nation and foundation stone laying of multiple projects aimed at boosting the energy sector were done in the public program in Sambalpur, Odisha.
• The Prime Minister inaugurated ‘Dhamra – Angul Pipeline Section’ (412 Km) of ‘Jagdishpur-Haldia & Bokaro-Dhamra Pipeline Project (JHBDPL)’.
• Built at a cost of more than Rs 2450 crore under the ‘Pradhan Mantri Urja Ganga’, the project will connect Odisha with the National Gas Grid.
• The Prime Minister also laid the foundation stone of ‘Nagpur Jharsuguda Natural Gas Pipeline Section’ (692 Km)’ of Mumbai-Nagpur-Jharsuguda Pipeline.
• The project, which will be developed at a cost of more than Rs 2660 crore, will improve the natural gas availability to states like Odisha, Maharashtra and Chhattisgarh.

Shri Narendra Modi Unveils Projects Worth Rs 11,000 Cr In Assam

• The Prime Minister, Shri Narendra Modi inaugurated and laid the foundation stone for projects worth Rs 11,000 crores in Guwahati, Assam.
• The key focus areas in Guwahati include projects to boost sports & medical infrastructure and connectivity.

Background

• Providing world-class amenities to people visiting pilgrimage sites has been a key focus area of the Prime Minister.
• In yet another step in this endeavour, one of the key projects for which the foundation stone was laid by the Prime Minister includes Maa Kamakhya Divya Pariyojana (Maa Kamakhya Access Corridor), which has been sanctioned under the Prime Minister’s Development Initiative for North Eastern Region (PM-DevINE) scheme.
• It will provide world-class amenities to pilgrims visiting the Kamakhya temple.
• The Prime Minister laid the foundation stone of multiple road upgradation projects worth over Rs. 3400 crore, under which 43 roads including 38 bridges will be upgraded as part of the South Asia Subregional Economic Cooperation (SASEC) Corridor Connectivity.
• The Prime Minister inaugurated two 4-laning projects, namely Dolabari to Jamuguri and Biswanath Chariali to Gohpur.
• These projects will help improve the connectivity to Itanagar and boost the overall economic development of the region.

India’s UPI Formally Launched In France At Paris’ Iconic Eiffel Tower

• India formally launched the Unified Payments Interface (UPI) at the iconic Eiffel Tower in Pari
• Making the announcement, the Indian Embassy in France termed it as part of Prime Minister Narendra Modi’s vision of taking UPI, global.
• The UPI was formally launched at the Republic Day reception held in France.
• The UPI is India’s mobile-based payment system developed by the National Payments Corporation of India (NPIL) in 2016.
• It allows people to make round-the-clock payments through a virtual payment address created by the customer.
• UPI is a system that powers multiple bank accounts into a single mobile application of any participating bank, merging several banking features, seamless fund routing and merchant payments into one hood.
• During his visit to France in July 2023, Prime Minister Modi announced the agreement between India and France to use the UPI payment mechanism.
• Prime Minister Modi informed that Indian tourists in France will now be able to make payments in rupees.

Indian Institute of Mass Communication declared as a deemed to be University

• The Indian Institute of Mass Communication, a leading institution for Journalism and Mass Communication, has been declared by the Ministry of Education, on the advice of UGC, as a deemed to be university under a distinct category.
• The declaration extends to IIMC New Delhi and its five regional campuses located in Jammu (Jammu & Kashmir), Amravati (Maharashtra), Aizawl (Mizoram), Kottayam (Kerala), and Dhenkanal (Odisha).
• With this new status, IIMC is now authorized to offer degrees, including doctoral degrees.
• The institute established under the Ministry of Information and Broadcasting, Government of India, on 17 August 1965, is one of the premier institutions of its kind in the country, providing quality training in journalism and undertaking meaningful research in the field of media and mass communication.
• The IIMC is also the training academy for Indian Information Service (IIS) officers.

CMFRI to develop lab-grown fish meat for the first time in India

• An Indian Council of Agricultural Research (ICAR) institute has signed a first-of-its-kind agreement in India with a start-up to develop lab-grown fish meat.
• The Kochi-based Central Marine Fisheries Research Institute (CMFRI) has entered into a collaborative research agreement with Neat Meatt Biotech, a start-up working on cultivated meat.
• This Memorandum of Understanding (MoU) marks the first initiative of its kind in India.
• Lab-grown fish, a type of cultivated or cultured meat, is seafood produced in a laboratory setting without the need to raise and slaughter animals.
• Under the MoU, CMFRI will focus on genetic, biochemical, and analytical aspects of the project.
• Its cell culture lab will research early cell line development for high-value marine fish species, including pomfret, kingfish, and seerfish.
• Several countries are advancing lab-grown fish technology.
• Israel is a frontrunner, followed by Singapore, the United States, and China.

CURRENT AFFAIRS : STATE NEWS

Uttarakhand Police Introduce Self-Balancing E-Scooters for Enhanced Smart Patrols                   

• Abhinav Kumar, Director General of Police, Uttarakhand, launched four cutting-edge self-balancing electric scooters for patrol in Haridwar.

Key Highlights :

• Safety Measures: The initiative aims to enhance the safety of tourists and local citizens in Haridwar, with police utilizing self-balancing scooters for patrols.
• Donation by Utkarsh Small Finance Bank: The eco-friendly electric scooters were donated by Utkarsh Small Finance Bank for efficient and sustainable policing.
• Navigation in Narrow Streets: The scooters are equipped to navigate through narrow streets, enabling police personnel to monitor walking paths, Ganga ghats, and crowded areas effectively.
• Crowd Management: The self-balancing scooters are expected to aid in crowd management, particularly in areas with limited space.
• Environmental Friendliness: Highlighting the eco-friendly aspect, the electric scooters contribute to environmental conservation.
• Training for Personnel: Eight personnel in Haridwar received training to operate these self-balancing electric scooters.
• Recognition for Trained Personnel: The Director General of Police acknowledged the trained personnel by presenting citations to the eight individuals who received training in operating the self-balancing electric scooters.

About Uttarakhand:

• Capital: Dehradun
• Chief Minister: Pushkar Singh Dhami
• Governor: Gurmit Singh
• National Parks: Govind National Park, Nanda Devi National Park, Gangotri National Park, Rajaji National Park, Jim Corbett National Park

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Justice P S Dinesh Kumar Sworn in as Chief Justice of Karnataka High Court

• Justice P.S. Dinesh Kumar was appointed Chief Justice (CJ) of the Karnataka High Court (HC).
• He holds the position as an acting Chief Justice following the elevation of Justice P.B. Varale to the Supreme Court.
• Justice Kumar’s tenure is short-lived as he is set to retire on February 24, 2024
• The notification issued in this regard stated that, in the exercise of the power conferred by clause (1) of Article 217 of the Constitution of India.
• The Supreme Court Collegium had recommended his name to the government on January 19.

Judicial Appointments :

• The Ministry also notified the elevation of a judicial officer, Arun Kumar Rai, as a judge of the Jharkhand High Court.
• Separately, the Law Ministry also notified that 7 additional judges in 3 High Courts -Calcutta, Punjab and Haryana and Jharkhand were confirmed as permanent judges.

Confirmation of Additional Judges :

• An additional judge is usually confirmed as a permanent judge after two years.
• However, one additional judge of the Calcutta High Court has been given more years’ extension in the same rank.

Recent News :

• In Jan 2024, In exercise of the powers conferred by clause (2) of Article 124 of the Constitution of India, the President is pleased to appoint Shri Justice Prasarma Bhalachandra Varale, Chief Justice of the Karnataka High Court, to be a Judge of the Supreme Court of India.

Pawan Kumar Takes Charge as Chief Adviser (Cost) at Ministry of Finance’s Department of Expenditure

• Shri Pawan Kumar, ICoAS (Indian Cost Accounts Service), has assumed the role of Chief Adviser (Cost) following approval from the Appointments Committee of the Cabinet (ACC).
• He has been appointed to the position of Chief Adviser (Cost) at Level-17, which is an apex level position within the Department of Expenditure, Ministry of Finance.

About Shri Pawan Kumar :

• Shri Pawan Kumar is a 1992-batch officer of the Indian Cost Accounts Service, belonging to the Department of Expenditure, Ministry of Finance.
• He is a qualified Cost Accountant, bringing a strong educational background to his new role.
• He has a rich and diverse work experience, having served in various capacities across different Ministries/Departments and autonomous bodies such as the Tariff Commission, Delhi Development Authority, Director General of Trade Remedies, Department of Economic Affairs, and Department of Public Enterprises.
• He played a significant role in the development of a web-based Online Dashboard for performance evaluation of Central Public Sector Enterprises (CPSEs) within the Department of Public Enterprises, Ministry of Finance.
• This initiative received recognition with a ‘Gold Award’ in the ‘e-Governance’ category in 2022 from a leading think tank.
• Prior to this new role, he was holding the charge of Additional Chief Adviser (Cost).

About Ministry of Finance :

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

CURRENT AFFAIRS: MOUS AND AGREEMENT

Philippines and Vietnam agree to expand cooperation in the South China Sea

• The Philippines and Vietnam signed agreements to prevent incidents in the South China Sea and broaden cooperation between their coast guards in a growing alliance that will likely be frowned upon by China, which claims virtually the entire waters.
• The agreement focuses on enhancing information­ sharing and training exchanges between the Vietnamese and Philippine militaries forged.
• Both sides agreed to boost trade and investment and signed a key deal on rice.
• The two countries signed a deal for Vietnam to supply the Philippines with 1.5 million to 2 million metric tons (1.6 to 2.2 million U.S. tons) of rice each year at affordable prices.
• South China Sea is bordered by China, Taiwan, the Philippines, Malaysia, Indonesia, Brunei, and Vietnam.

About Philippines

• Capital: Manila
• Official languages: Filipino, English
• Currency: Philippine peso

About Vietnam

• Capital: Hanoi
• Currency: Vietnamese dong
• Prime minister: Pham Minh Chinh
• President: Vo Van Thuong

CURRENT AFFAIRS: SPORTS NEWS

The Ministry of Sports has suspended the Paralympic Committee of India due to the delay in conducting elections.

• The Sports Ministry has suspended the Paralympic Committee of India (PCI) with immediate effect for failing to conduct elections on time and non-compliance with guidelines.
• In its suspension order, the Sports Ministry yesterday pointed out that the term of Executive Committee of PCI ended on the 31st of January.
• Whereas the last elections of PCI were held in September 2019, due to an order passed by the Delhi High Court staying the notification of election dated 03.09.2019, and the returning officer was also restrained from declaring the result of the elections.
• As such, the results of the election were not declared.
• The Ministry also informed that the election to form a new Committee should have been conducted before the “expiry of the term of the previous Executive Committee.”
• The Ministry further said that the upcoming elections to form a new Committee will be held on the 28th of February in Bengaluru.

CURRENT AFFAIRS: IMPORTANT DAYS

World Cancer Day 2024: 4th February

• World Cancer Day is celebrated on 4th of February every year.
• It is celebrated annually as a global uniting initiative led by the Union for International Cancer Control (UICC).
• World Cancer Day originated in 2000 at the first World Summit Against Cancer, which was held in Paris.
• The Day was founded by the Union for International Cancer Control (UICC) to support the goals of the World Cancer Declaration, written in 2008.
• The primary goal of World Cancer Day is to significantly reduce illness and death caused by cancer.
• Every year on 4 February World Cancer Day is observed globally and is celebrated by WHO to aware people of the disease Cancer and how to cure it.
• At this meeting, leaders of government agencies and cancer organizations from around the world signed the Charter of Paris Against Cancer, a document containing 10 articles that outlined a cooperative global commitment to improving the quality of life of cancer patients and to the continued investment in and advancement of cancer research, prevention, and treatment.

International Development Week 2024: 4th to 10th February

• International Development Week is celebrated every year in the first full week of February (4th to 10^th February).
• The aim of International Development Week (IDW) is to draw attention to international development and shine a spotlight on the important contributions that Canadians are making through partnerships around the world.
• International Development Week is a national event promoted by the Canadian International Development Agency (CIDA).
• The Agency is concentrating more and more of its bilateral (country to country) aid in a group of 20 countries of focus.
• International Development Week was initiated in 1990 by the Canadian International Development Agency (CIDA).
• CIDA was established in 1968 to administer the bulk of Canada’s official development assistance (ODA) program.
• CIDA works in concert with its development partners, fragile states and countries in crisis, countries of focus, and the Canadian population and institutions.
• IDW explored several dimensions of development with participation from high commissions and consulates, non-government organizations, York research centers, colleges, Faculties, and student groups.
• The first event of IDW was held in 1998.

National Day Of Sri Lanka 2024: 4th February

• The National Day Of Sri Lanka is celebrated on 4th February every year.
• Sri Lanka’s Independence Day is celebrated on the 4th of February to commemorate its internal political independence from British rule on that day in 1948.
• Every year, February 4 is celebrated as National Day in Sri Lanka.
• Also called Independence Day, the day commemorates the country’s political independence from the yokes of British rule on February 4, 1948.
• Since time immemorial, Sri Lanka, because of its location and geography, has been an attractive place for traders.
• In the 16th century, Portugal, while trying to colonize different parts of Asia, attempted to invade the island country.
• About a century later, the Dutch made an attempt to colonize the nation, and it led to a clash between the Portuguese and the Dutch.
• But ultimately in 1796, it was the British who successfully invaded the island and named it Ceylon.
• They became the first colonial power by 1815 to control the whole island.
• On February 4, 1948, British Ceylon gained independence and became Ceylon.
• It existed as a dominion within the British Empire, and its first Prime Minister was Don Stephen Senanayake.
• In 1972, the name of the country was changed to Sri Lanka and it became a republic within the Commonwealth.

Daily CA One- Liner: February 4 & 5

• Indian Prime Minister, Shri Narendra Modi inaugurated, dedicated to the nation and laid the foundation stone for projects worth more than Rs 68,000 crore in Sambalpur, Odisha.
• Prime Minister, Shri Narendra Modi inaugurated and laid the foundation stone for projects worth Rs 11,000 crores in Guwahati, Assam.
• India formally launched the Unified Payments Interface (UPI) at the iconic Eiffel Tower in
• The Indian Institute of Mass Communication, a leading institution for Journalism and Mass Communication, has been declared by the Ministry of Education, on the advice of UGC, as a deemed to be university under distinct category
• An Indian Council of Agricultural Research (ICAR) institute has signed a first-of-its-kind agreement in India with a start-up to develop lab-grown fish meat.
• The Philippines and Vietnam signed agreements to prevent incidents in the South China Sea and broaden cooperation between their coast guards in a growing alliance that will likely be frowned upon by China, which claims virtually the entire waters
• The Sports Ministry has suspended the Paralympic Committee of India (PCI) with immediate effect for failing to conduct elections on time and non-compliance with guidelines
• World Cancer Day is celebrated on the 4th of February every year.
• International Development Week is celebrated every year in the first full week of February
• The National Day Of Sri Lanka is celebrated on 4th February every year
• More than a year after disbursing loans to Adani Group’s Ganga Expressway project, State Bank of India (SBI) is in the process of downselling half of the nearly ₹11,000-crore loan exposure to the longest tolled road-project in the country.
• The Asian Development Bank (ADB) has raised Rs 1,250 crore (approximately USD 150 million) through its largest local currency green bond issuance to date.
• ESAF Small Finance Bank announced a significant bancassurance partnership with Edelweiss Tokio Life Insurance to enhance financial solutions for customers.
• Indian Overseas Bank (IOB), a state-owned bank, achieved a market capitalization exceeding Rs 1 lakh crore for the first time.
• Abhinav Kumar, Director General of Police, Uttarakhand, launched four cutting-edge self-balancing electric scooters for patrol in Haridwar.
• Justice P.S. Dinesh Kumar was appointed Chief Justice (CJ) of the Karnataka High Court (HC).
• Shri Pawan Kumar, ICoAS (Indian Cost Accounts Service), has assumed the role of Chief Adviser (Cost) following approval from the Appointments Committee of the Cabinet (ACC).