Daily Current Affairs February 13 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Raises Annual Remuneration Limit for Non-Executive Directors in Private Sector Banks by ₹10 Lakh to ₹30 Lakh                               

• In a bid to enable banks to sufficiently attract qualified competent individuals on their Boards, the Reserve Bank of India (RBI) has revised upwards the ceiling in respect of remuneration of Non-Executive Directors (NEDs), other than the Chair of the Board, to ₹30 lakhs per annum from ₹20 lakhs.

Key Highlights :

• The ceiling has been raised only in respect of remuneration of Non-Executive Directors (NEDs), other than the Chair of the Board.
• The revised ceiling applies to NEDs of private sector banks.
• It also applies to NEDs of Small Finance Banks (SFBs) and Payment Banks (PBs).
• Additionally, it is applicable to the wholly owned subsidiaries of Foreign Banks.
• RBI’s instructions about the revised ceiling have become effective with immediate effect.
• The central bank emphasised that banks are required to have suitable criteria for granting fixed remuneration to their NEDs, with the approval of their Board before any review of the extant remuneration.
• RBI announced that in their Annual Financial Statements, the banks shall make disclosure on remuneration paid to the directors on an annual basis at a minimum.
• The instructions have been issued in exercise of powers conferred by Section 35B of the Banking Regulation Act, 1949.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das

2 Additional Russian Banks Designated as Foreign Portfolio Investors

• Two additional Russian banks, Tinkoff Bank and CentroCredit Bank, have registered as foreign portfolio investors (FPIs), bringing the total number of FPI registrations from Russia to 10.

Key Highlights :

• Profile of Registered Banks : Tinkoff Bank: Second largest credit card provider in Russia and the world’s largest digital bank in terms of customer base.
• CentroCredit Bank: Universal bank is registered as a category II FPI.
• Licence Categories : Tinkoff Bank has acquired both category I and category II licences for FPI.
• CentroCredit Bank has registered as a category II FPI.
• Previous Registrations: In October 2023, Russia’s Sberbank registered as a category I FPI, and altogether three Russian banks have obtained FPI licences for investing in India.
• Other Russian Entities with FPI Licences: Alfa Capital Management, First Asset Management, Asset Management Corporation Dohod, Igor Noskov, and Vsevolod Rozanov are among the Russian entities that acquired FPI licences in 2023.
• Investment Trends: Traditionally, Russia primarily invested through the Foreign Direct Investment (FDI) route, ranking 28th globally with inflows totaling $1.276 billion from April 2000 to September 2023.
• Rupee Vostro Accounts: 20 Russian banks have established rupee vostro accounts with authorized dealer banks in India to facilitate rupee trade between the two countries.
• RBI’s Permission: The Reserve Bank of India (RBI) permitted international trade in rupees in July 2022, which likely contributed to the establishment of rupee vostro accounts and enhanced bilateral trade relations between India and Russia.

What is Foreign Portfolio Investment?

• Foreign Portfolio Investment (FPI) encompasses the involvement of foreign individuals, corporations, and institutions in India’s financial assets, including stocks, bonds, and mutual funds.
• These investments are mainly for short-term gains and portfolio diversification, unlike Foreign Direct Investment (FDI) which involves long-term ownership of assets

Difference Between FDI and FPI :

Paytm Establishes Advisory Committee Led by Former SEBI Chairman M Damodaran              

• The owner of fintech firm Paytm, One 97 Communications Limited, announced the formation of an advisory committee chaired by former Securities and Exchange Board of India (SEBI) chairman M Damodaran.
• The committee will work closely with the Board of Directors to further strengthen compliance and regulatory matters.
• The committee includes M. Chitale, former president of the Institute of Chartered Accountants of India (ICAI) and a former governing Council Member of the Banking Codes and Standards Board of India nominated by RBI.
• Ramachandran is also part of the Group Advisory Committee.
• He is the former Chairman and Managing Director of Andhra Bank.
• This initiative follows regulatory action taken by the Reserve Bank of India (RBI) against Paytm Payments Bank for repeated violations of norms, indicating a proactive approach towards addressing compliance issues.
• Since the announcement, Paytm stock has lost around 40% of its value in the last one month.
• Paytm Payments Bank Ltd (PPBL) is an associate of One97 Communications Ltd.
• One97 Communications holds 49% of the paid-up share capital (directly and through its subsidiary) of PPBL.
• Founder Vijay Shekhar Sharma has a 51% stake in the bank.

Recent News :

• On January, 2024 the Reserve Bank of India (RBI) ordered Paytm Payments Bank Ltd, a restricted bank that can take deposits but cannot lend, to not take any further deposits or conduct credit transactions or carry out top-ups on any customer’s accounts, prepaid instruments, wallets, and cards for paying road tolls after February 29.

About Paytm :

• Founded : August 2010
• Headquarters : Noida, Uttar Pradesh, India
• Founder & CEO : Vijay Shekhar Sharma

RBI keeps policy interest rates unchanged; FY 2024-25 inflation pegged at 4.5%, GDP growth at 7%                  

• On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) at its meeting (February 8, 2024) decided to:
• Keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50 per cent.
• Consequently, the standing deposit facility (SDF) rate remains unchanged at 6.25 percent and the marginal standing facility (MSF) rate and the Bank Rate at 6.75 per cent.
• Retail inflation is projected to average 5.4% for the current fiscal year and is expected to come down to 4.5% in the fiscal year 2024-25.
• Forex reserves are estimated to be at $622.5 billion, considered comfortable for meeting foreign obligations.
• The RBI plans to introduce offline functionality in CBDC-Retail to facilitate transactions in areas with poor or limited internet connectivity.

Key Highlights :

• Regulatory Framework and Key Fact Statement (KFS) : RBI to review the regulatory framework for electronic trading platforms (ETPs) to enable market makers access offshore ETPs offering permitted Indian Rupee products.
• Lenders are instructed to provide a Key Fact Statement (KFS) about the terms of the loan agreement, including all-inclusive interest costs, to borrowers for retail as well as MSME loans.
• Medium-Term Inflation Target : The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns to the target, while supporting growth.
• These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting growth.
• GDP Growth Projections : As per the first advance estimates (FAE) released by the National Statistical Office (NSO), real gross domestic product (GDP) is expected to grow by 7.3 per cent, year-on-year (y-o-y) in 2023-24, underpinned by strong investment activity.
• On the supply side, gross value added (GVA) expanded by 6.9 per cent in 2023-24, with manufacturing and services sectors as the key drivers.
• The real GDP growth for 2024-25 is projected at 7.0 per cent with Q1 at 7.2 per cent; Q2 at 6.8 percent; Q3 at 7.0 per cent; and Q4 at 6.9 per cent.
• Next MPC Meeting and Constitutional Provision : The next meeting of the MPC is scheduled for April 3 to 5, 2024.
• Under Section 45ZB of the amended RBI Act, 1934, the central government is empowered to constitute a six-member Monetary Policy Committee (MPC).
• MPC will determine the policy interest rate required to achieve the inflation target.
• The first such MPC was constituted in September 2016.

CURRENT AFFAIRS: NATIONAL NEWS

UPI services from India have been introduced in Sri Lanka and Mauritius:

• India’s Unified Payment Interface (UPI) services has been rolled out in Sri Lanka and Mauritius.
• Prime Minister Narendra Modi, President of Sri Lanka Ranil Wickremesinghe and Prime Minister of Mauritius Pravind Jugnauth witnessed the launch of UPI services in the island nations.
• The RuPay card services was also launched in Mauritius.
• Sri Lankan Prime Minister Ranil Wickremasinghe informed, for thousands of years, payments have taken place between India and Sri Lanka.
• Museums in Sri Lanka hold a number of coins, south Indian coins of over one thousand years old, which have been found in different parts of villages or the dry zone. Mr Wickremasinghe said, it is an indication that the South Indian trading corporations were very active, even in the villages
• Mauritius Prime Minister Pravind Jugnauth said India and Mauritius share strong cultural, commercial and people-to-people linkages that date back centuries ago. Yet another dimension has been added to this relationship.
• Mr Jugnauth announced that the Rupay card has been co-branded with national payment switch, the MoCAS will be designated as the domestic card in Mauritius.
• one of the highlights of the G-20 meeting under the Indian presidency was the commitment to improve access to digital services and digital public infrastructure and leverage digital transformation opportunities to boost sustainable and inclusive growth.

Ahmedabad’s development projects will be inaugurated and laid out by the Home Minister

• Union Home Minister Amit Shah will inaugurate and lay the foundation of various developmental projects of Ahmedabad Municipal Corporation worth over 1,500 crore in Ahmedabad.
• The developmental works include projects of water distribution, housing, urban health centers and urban infrastructure.
• Union Home Minister Amit Shah expressed confidence in India’s potential to lead the world by the year 2047.
• He shared his optimism while inaugurating and laying the foundation stone for various developmental projects in Ahmedabad, totalling over 1,900 crore.

Nirmala Sitharaman presents ‘White paper’ on Indian economy in Lok Sabha

• Finance Minister Nirmala Sitharaman tabled a White Paper in Parliament.
• The paper called the tenure of Manmohan Singh, the Prime Minister during UPA regime (2004-14), as a “lost decade”.
• It said the Manmohan Singh’s tenure failed to capitalise on the strong foundational economy.
• The paper reiterated that the Amrit Kaal (25 years period) and next destination is making India a developed nation by 2047.
• According to the white paper, the average annual inflation rate between 2004 and 2014 was around 8.2%.
• It said the average annual inflation rate was in double digits over the five years from FY10 to FY14.
• Over the 10 years, a cumulative ₹94,060 crore of budgeted expenditure was left unspent.
• This amounted to 6.4% of the cumulative budget, compared to the 1% left unspent by NDA government during the last decade.
• According to the white paper, average per capita GDP between FY05-FY14 was $3,889, but average per capita GDP between FY15-FY23 was $6,019.
• As per the white paper, capital expenditure as % of GDP was 1.7 for FY14. However, capex as % of GDP was 3.2 for FY24.
• The white paper says sum of FDI between FY05-14 was $305 billion. On the other hand, sum of FDI between FY15-FY23 was $596.5 billion.
• As reported by the white paper, multidimensional poverty as % of population was 29.2 and 11.3 at the end of FY14 and FY23, respectively.
• Number of start-ups has increased from 350 as of 2014 to 1,17, 257 at end of 2023, according to the white paper.

CURRENT AFFAIRS : STATE NEWS

Sikkim Achieves Milestone as First Northeastern State to Revert to Old Pension System for Government Employees    

• Sikkim Chief Minister Prem Singh Tamang has announced the restoration of the Old Pension System (OPS) for state government employees appointed on or after April 1, 2006.
• Sikkim becomes the first state in the Northeast region to implement the restoration of the Old Pension System, marking a significant milestone.
• The announcement was made during the State Level Temporary Employees’ Convention held at Public Ground Rangpo, ahead of the state assembly elections.

Key Highlights :

• Departmental Notification : A notification issued by the Department of Personnel highlights the criteria for the regularization of temporary employees, reflecting the government’s commitment to address employment concerns.
• Beneficiaries and Implementation : The revival of the Old Pension System, as per the Sikkim Services (Pension) Rules, 1990, will benefit employees appointed on or before March 31, 1990.
• Policy Amendments for Regularization : The government has introduced amendments to policies regarding the regularization of temporary employees, particularly those with benchmark disabilities and serving continuously for two years or more in a particular post.
• Revision of Notification on Regularization : The government also revised its notification concerning the regularization of temporary employees, extending consideration to those serving continuously for four years or more in various capacities such as Work-charged, Muster Roll, Adhoc, and Consolidated Pay.

About Sikkim :

• Governor : Lakshman Acharya
• Chief Minister : Prem Singh Tamang
• Capital : Gangtok
• National Park : Khangchendzonga National Park (KNP)
• Wildlife Sanctuaries : Barsey Rhododendron Sanctuary, Fambonglho Wildlife Sanctuary

Telangana State Wildlife Board Approves Tadoba-Kawal Conservation Reserve                  

• The Telangana State Board for Wildlife has approved the establishment of the Tadoba-Kawal conservation reserve.
• The Forest Department’s proposal to declare the corridor area between Tadoba-Andhari Tiger Reserve and Kawal Tiger Reserve as a conservation reserve has been approved by the Telangana State Board for Wildlife.
• Now, the proposal will be sent to the Ministry of Environment, Forests and Climate Change.

Key Highlights :

• Geographical Coverage: Upon central government approval, the conservation reserve will span across a 1,492-square-kilometre area within Kagaznagar and Asifabad divisions.
• Additional Proposal Discussions: During the Telangana State Board for Wildlife meeting, discussions also revolved around a proposal for establishing a bison sanctuary in Sathupally and Kinnerasani forests.
• Compensation Enhancement: The board approved a proposal to increase the compensation amount for the kin of individuals who fall victim to wild animal attacks from ₹5 lakh to ₹10 lakh, emphasizing the welfare measures for affected families.
• Description of Reserves: Tadoba National Park, situated in Chandrapur district of Maharashtra, is the largest tiger reserve in the region, known for its rich biodiversity.
• On the other hand, Kawal Tiger Reserve, located in Telangana, was established in 2012 after Kawal Wildlife Sanctuary was designated as a tiger reserve.

About Telangana:

• Capital: Hyderabad
• Governor: Tamilisai Soundararajan
• Chief minister: K. Chandrashekar Rao

CURRENT AFFAIRS: BUSINESS NEWS

EPFO fixes 3-year high 8.25% interest rate on employees’ provident fund for 2023-24:

• The interest rate on Employees Provident Fund (EPF) deposits has been increased to 8.25% for 2023-24 by the retirement fund body EPFO, which is the highest level in three years.
• On 10 February, the decision was taken during a meeting of the EPFO’s apex decision-making body, the Central Board of Trustees (CBT).
• EPFO in March 2023 marginally increased the interest rate on EPF to 8.15% for the financial year 2022-23 from 8.10% in 2021-22.
• Apart from this, in March 2022, EPFO reduced the interest rate on EPF for 2021-22 to a four-decade low of 8.1%, down from 8.5% in 2020-21.
• The 8.25% interest rate for 2023-24 is a positive development for over six crore subscribers of EPFO.
• During the meeting, the Board of the retirement fund body recommended a distribution of income amount of Rs 1,07,000 crores to EPF members’ accounts on a total principal amount of about Rs 13 lakh crores, which was Rs 91,151.66 crores and Rs 11.02 lakh crores in the financial year 2022-23, respectively.

About EPFO

• EPFO is a statutory body that was established under the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952.
• The organization works under the aegis of the Ministry of Labour and Employment.
• It is one of the world’s largest social security organizations.
• It helps the central board of trustees in the administration of the Provident Fund Scheme, Pension Scheme and Insurance scheme for the organized sector workers.

CURRENT AFFAIRS: MOUS AND AGREEMENT

A MoU has been signed by IREDA and IIT Bhubaneswar regarding Clean Energy Innovation.

• Indian Renewable Energy Development Agency Ltd. (IREDA) has taken a significant step towards fostering innovation and research in the renewable energy sector, by signing a Memorandum of Understanding (MoU) with the Indian Institute of Technology Bhubaneswar.
• The MoU, inked at the 100 Cube Start-up Conclave held at IIT Bhubaneswar, aims to support collaborative efforts in innovation and research initiatives, technology transfer, and nurturing the start-up ecosystem.
• The collaboration between IREDA and IIT Bhubaneswar is poised to facilitate joint research efforts, facilitate technology transfer, and provide comprehensive support for the start-up ecosystem.
• It will also encompass capacity-building initiatives such as training programs, seminars, and workshops to enhance the skills of IREDA officials.
• The MoU was signed by Chairman & Managing Director of IREDA Shri Pradip Kumar Das, and Independent Director of IIT Bhubaneswar Dr. Debi Prasad Dogra, in the presence of Union Minister for Education, Skill Development & EntrepreneurshipShri Dharmendra Pradhanand Director of IIT Bhubaneswar, Prof. Shreepad Karmalkar.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

National Payments Corporation of India Names Ajay Kumar Choudhary as Non-Executive Chairman of Board                                      

• The National Payments Corporation of India (NPCI) announced the appointment of Ajay Kumar Choudhary as non-executive chairman of the Board and independent director for 3 years starting February 8, 2024.
• Choudhary has replaced Biswamohan Mahapatra, who was appointed non-executive chairman in 2018.

About Ajay Kumar Choudhary :

• Ajay Kumar Choudhary is a distinguished central banker with an illustrious career spanning over three decades at the Reserve Bank of India (RBI).
• He concluded his dedicated service to the institution as its Executive Director in October 2023.
• Choudhary has experience in the domains of banking regulation, supervision and fintech in various capacities.
• NPCI is a major organization handling retail payment and settlement systems in India.

About NPCI :

• Founded : 2008
• Headquarters : Mumbai, Maharashtra.
• Managing Director (MD) and Chief Executive Officer (CEO) : Dilip Asbe
• NPCI is an umbrella organisation handling retail payments and settlement systems in India.
• It has retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), Aadhaar Enabled Payment System (AePS), National Electronic Toll Collection (NETC) and Bharat BillPay.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

NASA’s PACE Mission Launches from Cape Canaveral Aboard SpaceX Falcon 9 Rocket                      

• Plankton, Aerosol, Cloud, Ocean Ecosystem (PACE) is a NASA mission that took off from Cape Canaveral Space Force Station in Florida on a SpaceX Falcon 9 rocket.
• The satellite will spend at least three years studying the oceans from 420 miles (676 kilometres) up, as well as the atmosphere.
• SpaceX conducted the PACE satellite launch as part of a $948 million mission, with the Falcon rocket taking a southward trajectory over the Atlantic Ocean to achieve a rare polar orbit.

Key Highlights :

• Research Objectives : PACE’s primary goal is to enhance understanding of how oceanic processes and atmospheric particles contribute to global warming.
• It employs a hyperspectral ocean colour instrument to measure water bodies across a broad spectrum of light.
• Societal Benefits : Data collected during the PACE mission will have significant societal impacts, including improvements in ocean health assessment, monitoring of harmful algal blooms, ecological forecasting, and air quality analysis.
• Instrumentation : PACE is equipped with sophisticated instruments to monitor various aspects of the ecosystem, crucial for tracking harmful algal blooms and predicting fisheries’ health.
• It features two polarimeter instruments to study the interaction of sunlight with atmospheric particles.
• Collaborative Opportunities : The PACE mission’s significance is augmented when combined with other missions, such as the Surface Water and Ocean Topography mission, providing a comprehensive understanding of Earth’s oceans and atmosphere.

About NASA :

• Established : July 29, 1958
• Headquarters : Washington, D.C, United States of America

Administrator : Bill Nelson

CURRENT AFFAIRS: SPORTS NEWS

At the Strandja Memorial tournament in Bulgaria, boxers Amit Panghal and Sachin Siwach were awarded gold medals.

• In Boxing, World Championship medallist Amit Panghal and Sachin Siwach won a gold each, while Nikhat Zareen and three other Indians signed off with silver medals at the 75th Strandja Memorial tournament in Bulgaria.
• The 2019 World Championship silver medallist Panghal (51kg) pulled off a dominating 5-0 triumph over Kazakhstan’s Sanzhar Tashkenbay in the men’s flyweight final. Sachin (57kg), out-punched Uzbekistan’s Shakhzod Muzafarov by a 5-0 verdict.
• However, two-time world champion Zareen (50kg), Arundhati Choudhary (66kg), Barun Singh Shagolshem (48kg) and Rajat (67kg) settled for silver medals after going down in their respective bouts.
• Panghal had clinched the bronze medal in 2017 while winning back-to-back titles in 2018 and 2019.

About Bulgaria

• Capital: Sofia
• President: Rumen Radev
• Prime minister: Nikolay Denkov
• Currency: Bulgarian Lev

CURRENT AFFAIRS: IMPORTANT DAYS

World Radio Day 2024: 13th February

• World Radio Day is celebrated on 13 February, a date proclaimed by UNESCO to celebrate radio broadcasts, improve international cooperation among radio broadcasters and encourage decision-makers to create and provide access to information through radio, including community radios.
• World Radio Day was first proposed by Spain in September 2010.
• With backing from broadcasting associations worldwide, it was unanimously accepted by the UNESCO Member States in November 2011.
• Many people in history have contributed to perfecting radio waves and frequencies, but it was Italian inventor Guglielmo Marconi who proved the feasibility of communication over the radio. He sent and received a telegram over the first radio signal in history from Italy in 1895.
• The first radio station in America was established in Pittsburgh in 1919, and the FM radio debuted in 1939.
• Broadcasting over radio went digital in 1994 when radio streaming started via the internet. This was accompanied by the first internet-only 24-hour radio station.
• In 2011, at the 36th session of UNESCO’s General Conference, February 13 was proclaimed as World Radio Day.
• This date was chosen by UNESCO’s director-general as it was the anniversary date of the United Nations International Broadcasting Service, which was created on February 13, 1946.

Sarojini Naidu’s Birth Anniversary 2024: 13th February

• Sarojini Naidu’s birth anniversary, which falls on 13 February, is observed as National Women’s Day across the country.
• Sarojini Naidu’s birthday is celebrated as National Women’s Day in India. She actively worked for the empowerment of women. She spoke about women’s rights and fought for them. She urged women to take part in the freedom struggle.
• National Women’s Day is observed on 13 February to celebrate the social, cultural, political, and economic achievements of women.

Sarojini Naidu’s Birth Anniversary History

• Sarojini Naidu was born on 13 February 1879 in Hyderabad, India to Bengali parents Dr. Aghore Nath Chattopadhyay, who was the principal of Nizam’s College in Hyderabad, and Varada Sundari, a poetess in the Bengali language. She was a very intelligent child and was proficient in multiple languages including English, Bengali, Urdu, Telugu, and Persian. Today is the 145th birth anniversary of Sarojini Naidu, who was named the ‘Nightingale of India’ by Mahatma Gandhi for her beautiful poetry.
• Sarojini Naidu became the face of women’s empowerment in India.
• She played a key movement in India’s freedom struggle. A firm believer of Satyagraha and a close follower of Mahatma Gandhi, Sarojini Naidu was the first woman president of the Indian National Congress and also the first woman governor in India. In 1929, she was awarded the Kaisar-i-Hind Medal by the British for her contribution during the plague epidemic in the country.
• Sarojini Naidu was a child prodigy. She was barely twelve years old when she wrote a 1300-line poem ‘Lady of the Lake’ in six days.

Daily CA One- Liner: February 13

• India’s Unified Payment Interface (UPI) services have been rolled out in Sri Lanka and Mauritius.
• Union Home Minister Amit Shah will inaugurate and lay the foundation of various developmental projects of Ahmedabad Municipal Corporation worth over 1,500 crore in Ahmedabad.
• Finance Minister Nirmala Sitharaman tabled a White Paper in Parliament.
• The interest rate on Employees Provident Fund (EPF) deposits has been increased to 8.25% for 2023-24 by the retirement fund body EPFO, which is the highest level in three years
• Indian Renewable Energy Development Agency Ltd. (IREDA) has taken a significant step towards fostering innovation and research in the renewable energy sector, by signing a Memorandum of Understanding (MoU) with Indian Institute of Technology Bhubaneswar
• In Boxing, World Championship medallist Amit Panghal and Sachin Siwach won a gold each, while Nikhat Zareen and three other Indians signed off with silver medals at the 75th Strandja Memorial tournament in Bulgaria
• World Radio Day is celebrated on 13 February is a date proclaimed by UNESCO to celebrate radio broadcasts, improve international cooperation among radio broadcasters and encourage decision-makers to create and provide access to information through radio, including community radios.
• Sarojini Naidu’s birth anniversary, which falls on 13 February, is observed as National Women’s Day across the country
• In a bid to enable banks to attract qualified competent individuals to their Boards sufficiently, the Reserve Bank of India (RBI) has revised the ceiling upwards in respect of remuneration of Non-Executive Directors (NEDs), other than the Chair of the Board, to ₹30 lakhs per annum from ₹20 lakhs.
• Two additional Russian banks, Tinkoff Bank and CentroCredit Bank, have registered as foreign portfolio investors (FPIs), bringing the total number of FPI registrations from Russia to 10.
• The owner of fintech firm Paytm, One 97 Communications Limited, announced the formation of an advisory committee chaired by former Securities and Exchange Board of India (SEBI) chairman M Damodaran.
• On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) at its meeting (February 8, 2024) decided to:Keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50 per cent.
• Sikkim Chief Minister Prem Singh Tamang has announced the restoration of the Old Pension System (OPS) for state government employees appointed on or after April 1, 2006.
• The Telangana State Board for Wildlife has approved the establishment of the Tadoba-Kawal conservation reserve.
• The National Payments Corporation of India (NPCI) announced the appointment of Ajay Kumar Choudhary as non-executive chairman of the Board and independent director for a period of 3 years starting February 8, 2024.
• Plankton, Aerosol, Cloud, Ocean Ecosystem (PACE) is a NASA mission that took off from Cape Canaveral Space Force Station in Florida on a SpaceX Falcon 9 rocket.

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