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CURRENT AFFAIRS : BANKING & FINANCE
RBI Allows Indian Banks in GIFT-IFSC to Trade on Bullion Exchange and Obtain Special Category Client Status
- Indian banks operating in the Gujarat International Finance Tec-City International Financial Services Centre (GIFT-IFSC) have been granted permission by the Reserve Bank of India (RBI) for bullion exchange trading and special category customer status.
- The permission, granted on 9th February 2024, enables branches of Indian banks in GIFT-IFSC to function as Trading Members (TM) or Trading and Clearing Members (TCM) of the International Bullion Exchange IFSC Ltd.
Key Highlights :
- Special Category Client Status : Additionally, Indian banks are authorized by RBI to import gold or silver and operate as Special Category Clients (SCCs) on the International Bullion Exchange.
- Applicability : This permission applies to all scheduled commercial banks, excluding Regional Rural Banks (RRBs).
- Operational Guidelines : According to the circular, RBI stated that trading members or trading and clearing members will execute trades only on behalf of clients without proprietary trading.
- SCCs will execute only buy trades on behalf of clients.
- The SCC will appoint one of the IFSC Banking Units (IBUs) to act as the clearing member on its behalf.
- Regulatory Compliance : For TM or TCM activities, the parent bank will be required to seek a No Objection Certificate (NOC) from RBI for obtaining TM/TCM status on the International Bullion Exchange IFSC before opening its branch/subsidiary/JV in the GIFT IFSC.
- An eligible bank shall, with prior approval of its Board, make an application to the Department of Regulation, Reserve Bank of India with details of its proposed business plan as a TM or TCM for facilitating client trade along with particulars of the risk management architecture.
About GIFT IFSC :
- GIFT International Financial Services Centre (GIFT IFSC) is a financial centre and special economic zone in Gujarat International Finance Tech-City (GIFT City).
- GIFT IFSC was established in April 2015 as a financial centre.
- GIFT IFSC is regulated by the International Financial Services Center Authority, the exclusive independent regulator for the sector.
CCAvenue Expands Payment Offerings, Partners with IDFC First Bank to Provide EMI Solutions
- Infibeam Avenues Limited, a listed fintech company, announced a strategic alliance between its flagship payment brand, CCAvenue, and IDFC First Bank.
- Aim : To provide extensive credit card EMI solutions, further enhancing the payment experience for millions of Bank’s customers nationwide.
- With this collaboration, CCAvenue will offer easy payment services, complementing the existing BNPL (Buy Now, Pay Later) facilities already offered to merchants.
About IDFC FIRST Bank :
- Founded : October 2015
- Headquarters : Mumbai, Maharashtra, India
- CEO: V. Vaidyanathan
- IDFC FIRST Bank is an Indian private sector bank formed by the merger of the banking arm of Infrastructure Development Finance Company and Capital First, an Indian non-bank financial institution.
- It is the first universal bank to offer monthly interest credit on savings accounts, lifetime free credit cards with dynamic and low annual percentage rates.
EPFO Sets 8.25% Interest Rate for Employees’ Provident Fund for 2023-24
- The Employees Provident Fund Organization (EPFO) has raised the interest rate on EPF deposits to 8.25% for the financial year 2023-24, marking the highest level in three years.
- The decision to increase the interest rate was made during a meeting of the EPFO’s apex decision-making body, the Central Board of Trustees (CBT), held on 10th February, 2024.
Key Highlights :
- Recent Interest Rate Trends : In March 2023, EPFO marginally increased the interest rate on EPF to 8.15% for the financial year 2022-23, up from 8.10% in 2021-22.
- However, 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, which was the lowest since 1977-78.
- Positive Impact on Subscribers : The 8.25% interest rate for 2023-24 is considered a positive development for over six crore subscribers of EPFO, potentially increasing their returns on EPF investments.
- Distribution of Income to Members’ Accounts : During the meeting, the Board recommended a distribution of income amounting to Rs 1,07,000 crores to EPF members’ accounts, based on a total principal amount of about Rs 13 lakh crores.
- This distribution is an increase from Rs 91,151.66 crores and Rs 11.02 lakh crores in the financial year 2022-23, respectively.
Recent News :
- In Sep 2023, The government permitted the Employees Provident Fund Organisation (EPFO) to invest proceeds arising out of the sale or redemption of investments in equities and related investments.
About EPFO :
- Established : 4 March 1952
- Headquarters : New Delhi, Delhi, India
- Central Provident Fund Commissioner (CPFC) & CEO : Neelam Shami Rao
- The EPFO is one of the two main social security organisations under the Government of India’s Ministry of Labour and Employment and is responsible for regulation and management of provident funds in India, the other being Employees’ State Insurance.
- EPFO is a statutory body that was established under the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952.
- 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.
RBI Accelerates Central Bank Digital Currency (CBDC) Development with Enhanced Features
- The Reserve Bank of India (RBI) is intensifying its efforts to launch its Central Bank Digital Currency (CBDC) and is introducing new features to enhance its functionality.
- As part of the CBDC pilot program, the RBI is introducing programmability and offline functionality to the digital currency, aiming to improve its usability and versatility.
Key Highlights :
- The CBDC Retail (CBDC-R) pilot currently facilitates Person to Person (P2P) and Person to Merchant (P2M) transactions using Digital Rupee wallets provided by selected banks.
- Now, the RBI plans to expand its use cases by introducing programmability, which will allow government agencies to ensure payments are made for specific benefits, while letting companies allocate funds for expenses such as business travel.
- The RBI is introducing features such as validity periods and geographical usage restrictions that can be programmed into the CBDC, enhancing its functionality and security.
About CBDC :
- CBDC, also known as Digital Rupee or e₹, represents a digital form of physical currency issued by the RBI.
- The RBI creates tokens and distributes them to selected banks, referred to as Token Service Providers (TSPs), which further distribute the tokens to interested parties and customers.
- Digital Rupee tokens will function similarly to physical cash, enabling users to conduct transactions seamlessly without the need for paper currency.
RBI to Strengthen Oversight of Aadhaar Enabled Payment System, Framework to be Released Soon
- The Reserve Bank of India (RBI) Governor Shaktikanta Das emphasized the central bank is vigilant to enhance the security of Aadhaar Enabled Payment System (AePS) transactions.
- The RBI proposes to streamline the onboarding process for AePS touchpoint operators, including mandatory due diligence, to be followed by banks.
Key Highlights :
- Aadhaar Enabled Payment System (AePS), operated by NPCI, enables customers to perform digital payment transactions in assisted mode.
- In 2023, more than 37 crore users undertook AePS transactions, which points to the important role played by AePS in financial inclusion.
- To enhance the security of AePS transactions, it is proposed to streamline the onboarding process, including mandatory due diligence, for AePS touchpoint operators, to be followed by banks. Additional fraud risk management requirements will also be considered. Instructions in this regard shall be issued shortly.
- Aadhaar-enabled payment system (AePS) transactions can be conducted with just an Aadhaar number, fingerprint/IRIS (for authentication), and the name of the bank where the account is opened.
- The National Payments Corporation of India (NPCI) on November 02, 2023, issued a circular regarding the AePS transaction limits.
- It recommended that they permit their clients to make AePS Cash Withdrawals and BHIM Aadhaar Pay transactions, with a monthly cumulative cap of 50,000.
Karnataka Bank Unveils ‘Bharat Ka Karnataka Bank’ Campaign to Commemorate Centennial Anniversary
- Karnataka Bank has launched its centenary campaign, ‘Bharat Ka Karnataka Bank’, to mark its 100 years of service in banking.
- The campaign is jointly executed by Havas Media India and Havas Worldwide India and underscores Karnataka Bank’s ability to adapt to the changing times while staying true to its core values.
Aim of the Campagian :
- To strengthen Karnataka Bank’s brand awareness, fostering a deeper connection with customers while also inviting new patrons to be a part of its storied legacy.
Recent News :
- In April 2023, Karnataka Bank launched a special campaign ‘KBL Centenary Mahotsav‘ for home loan till July 17 to mark its centenary year.
About Karnataka Bank :
- Founded : 18 February 1924
- Headquarters : Mangaluru, Karnataka.
- Managing Director (MD) and Chief Executive Officer (CEO) : Srikrishnan H
- Tagline : Your Family Bank Across India
- Karnataka Bank is a Scheduled Commercial Bank.
CURRENT AFFAIRS: NATIONAL NEWS
Shri Pashupati Kumar Paras launches ‘SUFALAM’, a ground-breaking launch for food processing entrepreneurs.
- Union Minister of Food Processing Shri Pashupati Kumar Paras emphasised the pivotal role of startups in the food processing sector.
- Inaugurating “SUFALAM: Start-Up Forum for Aspiring Leaders and Mentors Startup Conclave 2024” he highlighted the significance of events like SUFALAM, emphasizing their potential to enhance networking, facilitate knowledge sharing, and enable startups to leverage various government schemes.
- Minister of State for Food Processing Ms Shobha Karandlaje, in her special address, shed light on key aspects related to the supply chain and food processing sector.
- She emphasized its potential in realizing the Hon’ble Prime Minister’s vision of doubling farmers’ income and positioning India prominently on the global stage in terms of increased exports, innovation, and meeting global food demands.
Shri Nitin Gadkari inaugurated and laid foundation stones for 30 National Highway projects worth Rs 4,755 crore in Haridwar, Uttarakhand.
- Union Minister for Road Transport and Highways Shri Nitin Gadkari inaugurated and laid foundation stones of 30 National Highway projects worth Rs 4,755 crore in Haridwar, Uttarakhand in the presence of Chief Minister Shri Pushkar Singh Dhami, MP Shri Ramesh Pokhriyal Nishank, former Chief Minister and MP Shri Tirath Singh Rawat, Rajya Sabha MP Smt. Dr. Kalpana Saini, MP Shri Naresh Bansal, Uttarakhand ministers and MP-MLAs, officials and other dignitaries.
- The projects inaugurated include the widening of a 2-lane paved shoulder from Lameri to Karnaprayag in Rudraprayag and Chamoli and Dudhdhari elevated flyover in Haridwar.
- These projects will not only ease transportation but will also provide better connectivity from Rishikesh to the India-China
- The flyover will provide relief from traffic jams in religious city Haridwar and it will be easier to reach other religious places.
- Uttarakhand will achieve a faster pace of development with the construction of 28 projects whose foundation stones were laid.
- The journey of devotees on Chardham routes will be facilitated.
- Connectivity of Uttarakhand with other states will increase accelerating economic and social development .
Shri Nitin Gadkari has sanctioned Rs. 1742.11 crore for the construction of a 4-lane section on NH-6 in the Aizawl and Kolasib districts of Mizoram.
- Union Minister of Road Transport & Highways, Shri Nitin Gadkari sanctioned Rs. 1742.11 crore for the construction of the 4-lane N. Kawnpui (N.Mualvum) – Sairang section on NH-6, situated along the Silchar –Valrengte – Sairang road in the Aizawl and Kolasib districts in Mizoram
- Shri Gadkari said this 24.41 km project will be executed under the Engineering, Procurement, and Construction (EPC) mode as part of National Highway (Original) – North East (NH(O)-NE).
- Shri Gadkari said the envisioned road infrastructure aims to facilitate uninterrupted traffic flow circumventing interference from local traffic in developed areas.
- This initiative seeks to alleviate congestion in the urban zones, thereby augmenting road safety within these built-up areas.
- The Union Minister said the strategic project also endeavours to sidestep heavily populated areas, diminish congestion, and heighten road safety within the city of Aizawl.
- Additionally, it aspires to curtail the length of the existing National Highway by 25 kilometers, from Vairengte to Sairang.
CURRENT AFFAIRS : STATE NEWS
Uttar Pradesh to Achieve Milestone as First Indian State with 21 Airports, Reflecting Rapid Aviation Growth
- Uttar Pradesh is on the verge of becoming the first state in India to boast 21 airports, highlighting the rapid development of the aviation sector within the state.
- Over the past 9 years, Uttar Pradesh has witnessed significant expansion in its aviation infrastructure.
Key Highlights :
- From having only 6 airports in 2014, Uttar Pradesh’s airport count has now reached 10, with the recent inauguration of the Ayodhya airport.
- By next month, Uttar Pradesh is scheduled to add 5 more airports, situated in Azamgarh, Aligarh, Moradabad, Shravasti, and
- Additionally, Uttar Pradesh is gearing up for an international airport in Jewar, expected to be operational by the end of 2024.
- The Uttar Pradesh government allocated Rs 1,150 crore for the upcoming Noida International Airport under Budget 2024-25.
- Under phase one of the project, a total of 230 acres will be developed, which will include 75 acres (33%) of commercial and 155 acres (67 percent) of industrial area.
- Noida International Airport is scheduled to open for commercial operations by the end of 2024, making UP the only state in India to have 5 international airports ( other four are Maharishi Valmiki International Airport, Ayodhya, Kushinagar International Airport, Kushinagar, Chaudhary Charan Singh International Airport, Lucknow and Lal Bahadur Shastri International Airport, Varanasi).
About UP :
- Governor : Anandiben Patel
- Chief Minister : Yogi Adityanath
- Capital : Lucknow
- National Park : Dudhwa National Park
- Wildlife Sanctuary : Bakhira Wildlife Sanctuary, Chandraprabha Wildlife Sanctuary, National Chambal Wildlife Sanctuary
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
IRS Officer Narendra Kumar Yadav Named Brand Ambassador for Fit India Movement
- Indian Revenue Service (IRS) officer Narendra Kumar Yadav, Additional Director of Goods and Service Tax (GST), has been appointed as the new brand ambassador of The Fit India movement, a flagship initiative by the Government of India.
- He is one of the youngest Indian Revenue Service (IRS) officers.
- He became the first civil servant to be chosen as the brand ambassador of the Fit India Movement.
About FIT India Movement :
- FIT India Movement was launched on 29th August 2019 by Prime Minister Narendra Modi.
- The main aim of the mission is to bring about behavioural changes and move towards a more physically active lifestyle.
- Its main aim is to spread awareness about fitness through focused campaigns.
CURRENT AFFAIRS: SPORTS NEWS
Sumit Nagal, an Indian tennis player, climbs 23 positions to make it into the top 100 of the ATP singles rankings.
- In Tennis, India’s Sumit Nagal jumped 23 ranks to enter the top 100 in the ATP singles rankings for the first time in his career.
- The title win at the Chennai Open challenger event pushed Nagal to the 98th spot in the latest singles rankings.
- He defeated Luca Nardi of Italy by 6-1, 6-4 in the final to win his fifth Challenger-level singles title.
- Nagal is the first Indian to make the top 100 since P Gunneswaran made the cut in 2019.
- Last month in the Australian Open, Nagal defeated then world no.27 Alexander Bublik of Kazakhstan, becoming the first Indian to beat a seeded player at a Grand Slam in 35 years.
Khelo India athletes emerged as outperformers in the Li Ning Sri Lanka International Badminton Challenge 2024
- In the Li Ning Sri Lanka International Badminton Challenge 2024, Khelo India athletes have emerged as outperformers.
- Isha Rani Baruah won a Gold medal in the women’s singles category, Rakshitha Sree S won a Silver medal in the women’s singles category, and Rithvik Sanjeevi S also won a Silver medal in the men’s singles category.
- The Sri Lanka Badminton Association conducted the Li Ning International Badminton Challenge 2024 at Galle between the 5th to 11th of this month.
- Over 200 players from 14 countries took part in the challenge, which will be followed by the Li Ning Sri Lanka International Badminton Series 2024.
Nagaland to co-host wrestling as a part of Khelo India University Games
- Nagaland will be co-hosting wrestling as part of the Khelo India University Games scheduled to be held from 22nd to 26th February in Kohima.
- Assam is the main host of the fourth edition of the Khelo India University Games.
- Other North Eastern states are also co-hosting various disciplines.
- About 240 athletes from universities across the country will participate in the wrestling.
- About 74 officials from the Sports Authority of India, All India University, and the National Sports Federation will officiate and provide technical support.
- The Khelo India University Games is a national-level multi-disciplinary sports event aimed at promoting sports and fitness among university students in India.
The 2024 Badminton Asia Team Championships are set to begin in Shah Alam, Malaysia
- The Badminton Asia Team Championships 2024 began in Shah Alam, Malaysia.
- This biennial event will conclude on the 18th of this month.
- India’s first match is scheduled against Hong Kong in the men’s team event.
- The winners of this championship will be considered as the Asian qualifier for Thomas and Uber Cups – the badminton world men’s and women’s team championships, scheduled to take place in Chengdu, People’s Republic of China from the 28th of April to the 5th of May this year.
India was awarded the 9th GovTech Prize for its AI-enabled government services at the World Government Summit 2024.
- India has secured the prestigious 9th GovTech Prize for its pioneering endeavours in Artificial Intelligence (AI)-powered government services, at the World Government Summit 2024.
- The annual award is instituted by the government of the UAE and is presented to government entities, central or local, worldwide, to recognize creative and innovative solutions.
- India won under the category of ‘AI-Powered Government Services’.
- The accolade recognises the remarkable efforts of the Ministry for Road Transport & Highways, Government of India, for its transformative project known as iRASTE.
- It is a collaborative initiative involving the government, industry, and academia, is revolutionizing road safety through the integration of AI technology.
- This innovative project marks a significant departure from conventional approaches by harnessing the predictive power of AI to preemptively address road safety challenges.
Key Highlights
- iRASTE aims to reimagine road safety by leveraging AI as a force multiplier in road safety engineering. By harnessing predictive insights generated by AI algorithms, iRASTE endeavours to prevent accidents before they occur, thus mitigating the risk of fatalities and injuries on Indian roads.
- The project’s objectives are ambitious yet attainable, with a targeted 50% reduction in road accidents anticipated in urban areas.
- Additionally, iRASTE aims to significantly diminish black spots within the city’s road network, further enhancing safety and efficiency in transportation systems.
- The award was distributed by Sheikh Hamdan bin Mohammed Al Maktoum, crown prince of Dubai and received by Tadu Mamu, Consul at the Consulate General of India, on India’s behalf.
CURRENT AFFAIRS : OBITUARIES
Marathon World Record Holder Kelvin Kiptum Killed in Road Accident
- Kelvin Kiptum, the current marathon world record holder, and his coach Gervais Hakizimana died in a road accident.
About Kelvin Kiptum :
- Kelvin Kiptum was born on December 2, 1999, in Chepsamo, Chepkorio, Kenya.
- Kiptum broke the marathon world record by slashing 34 seconds off Eliud Kipchoge’s previous record from Berlin in 2022, becoming the first man to run the marathon in under two hours and one minute.
- He ran three of the seven fastest marathons in history and won all three marathons he participated in, including two top-tier World Marathon Majors (WMM) held between December 2022 and October 2023.
- He achieved the fastest-ever marathon debut at the 2022 Valencia Marathon, becoming only the third man in history to break two hours and two minutes.
- Following his debut, he set the second-fastest marathon time in history at the 2023 London Marathon and then broke the world record by 34 seconds at the 2023 Chicago Marathon.
- At the time of his death, Kelvin Kiptum was ranked first in the world in the men’s marathon rankings.
Former Chilean President Sebastián Piñera Dies in Helicopter Accident
- Sebastián Piñera, the two-time former President of Chile who faced social upheaval followed by a pandemic in his second term, died in a helicopter accident at the age of 74.
About Sebastián Piñera :
- Sebastián Piñera was born on 1st December 1949 in Santiago, Chile.
- He became Chile’s first conservative president to be democratically elected since 1958.
- He was a Chilean businessman and politician who served as president of Chile from 2010 to 2014 and again from 2018 to 2022.
- At the time of his death, he had an estimated net worth of US$2.7 billion, according to Forbes, making him the third richest person in Chile and the 1177th richest person in the world
- He also governed during the coronavirus pandemic and placed Chile among the top 5 countries for vaccination rates for the illness.
About Chile :
- President : Gabriel Boric
- Capital : Santiago
- Currency : Chilean peso
Daily CA One- Liner: February 14
- The Union Minister of Food Processing Shri Pashupati Kumar Paras emphasised the pivotal role of startups in the food processing sector
- The Union Minister for Road Transport and Highways Shri Nitin Gadkari inaugurated and laid the foundation stones of 30 National Highway projects worth Rs 4,755 crore in Haridwar, Uttarakhand.
- The Union Minister of Road Transport & Highways, Shri Nitin Gadkari sanctioned Rs. 1742.11 crore for the construction of the 4-lane N. Kawnpui (N.Mualvum) – Sairang section on NH-6, situated along the Silchar –Valrengte – Sairang road in the Aizawl and Kolasib districts in Mizoram.
- In Tennis, India’s Sumit Nagal jumped 23 ranks to enter the top 100 in the ATP singles rankings for the first time in his career.
- In the Li Ning Sri Lanka International Badminton Challenge 2024, Khelo India athletes have emerged as outperformers.
- Nagaland will be co-hosting wrestling as part of the Khelo India University Games scheduled to be held from 22nd to 26th February in Kohima.
- The Badminton Asia Team Championships 2024 began in Shah Alam, Malaysia.
- India has secured the prestigious 9th GovTech Prize for its pioneering endeavours in Artificial Intelligence (AI)-powered government services, at the World Government Summit 2024
- Indian banks operating in the Gujarat International Finance Tec-City International Financial Services Centre (GIFT-IFSC) have been granted permission by the Reserve Bank of India (RBI) for bullion exchange trading and special category customer status.
- Infibeam Avenues Limited, a listed fintech company, announced a strategic alliance between its flagship payment brand, CCAvenue, and IDFC First Bank.
- The Employees Provident Fund Organization (EPFO) has raised the interest rate on EPF deposits to 8.25% for the financial year 2023-24, marking the highest level in three years.
- The Reserve Bank of India (RBI) is intensifying its efforts to launch its Central Bank Digital Currency (CBDC) and is introducing new features to enhance its functionality.
- The Reserve Bank of India (RBI) Governor Shaktikanta Das emphasised the central bank is vigilant to enhance the security of Aadhaar Enabled Payment System (AePS) transactions.
- Karnataka Bank has launched its centenary campaign, ‘Bharat Ka Karnataka Bank’, to mark its 100 years of service in banking.
- Uttar Pradesh is on the verge of becoming the first state in India to boast 21 airports, highlighting the rapid development of the aviation sector within the state.
- Indian Revenue Service (IRS) officer Narendra Kumar Yadav, Additional Director of Goods and Service Tax (GST), has been appointed as the new brand ambassador of The Fit India movement, a flagship initiative by the Government of India.
- Kelvin Kiptum, the current marathon world record holder, and his coach Gervais Hakizimana died in a road accident.
- Sebastián Piñera, the two-time former President of Chile who faced social upheaval followed by a pandemic in his second term, died in a helicopter accident at the age of 74.
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