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CURRENT AFFAIRS: BANKING NEWS
India Extends Unified Payments Interface Services to Sri Lanka and Mauritius
- India introduced its Unified Payments Interface (UPI) services in Sri Lanka and Mauritius during a virtual event.
- The virtual ceremony was attended by Prime Minister Narendra Modi, Mauritian Prime Minister Pravind Jugnauth, and Sri Lanka’s President Ranil Wickremesinghe.
- Purpose of the Launch : The launch enables the availability of UPI settlement services for Indian nationals travelling to Sri Lanka and Mauritius, as well as for Mauritian nationals travelling to India.
Key Highlights :
- Expansion of RuPay Card Services in Mauritius : The extension of RuPay card services in Mauritius allows Mauritian banks to issue cards based on the RuPay mechanism, facilitating the use of RuPay Cards for settlements in both India and Mauritius.
- Alignment with India’s Commitment : This initiative aligns with India’s commitment to sharing its fintech innovations and Digital Public Infrastructure experiences with partner countries.
- Expansion of UPI Services Worldwide : With the introduction of UPI payments in Sri Lanka and Mauritius, UPI payments are now accepted in several countries, including France, United Arab Emirates (UAE), Singapore, Bhutan, and Nepal.
What is UPI?
- Unified Payments Interface, commonly referred as UPI, is an Indian instant payment system developed by the National Payments Corporation of India (NPCI) in 2016.
- The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions.
Note :
- France is the first European country to accept UPI payments.
Recent News :
- In Feb 2024, , France allowed Indian tourists visiting the iconic Eiffel Tower in Paris to buy tickets via UPI mechanism.
About NPCI :
- Established : 2008
- Headquarters : Mumbai, Maharashtra
- MD & CEO : Dilip Asbe
Reserve Bank of India Sets Sovereign Gold Bond’s Next Tranche Issue Price at Rs 6,263 per Gram
- The Reserve Bank of India (RBI) announced that the issue price of the next tranche of Sovereign Gold Bond has been fixed at Rs 6,263 per gram.
Key Highlights :
- The Government of India in consultation with the Reserve Bank of India has decided to allow a discount of ₹50 per gram from the issue price to those investors who apply online and the payment is made through digital mode.
- For such investors the issue price of Gold Bond will be ₹6,213 per gram of gold.
What is a Sovereign Gold Bond?
- SGBs are government securities denominated in grams of gold.
- The SGB Scheme was first launched by the Government of India (GOI) on October 30, 2015.
- They are substitutes for holding physical gold.
- Investors have to pay the issue price, and the bonds will be redeemed upon maturity.
- The bond is issued by the Reserve Bank on behalf of the Government of India (GOI).
- The bonds are issued in denominations of one gram of gold and in multiples thereof.
- The minimum investment in the bond shall be one gram, with a maximum subscription limit of 4 kg for individuals, 4 kg for HUFs, and 20 kg for trusts and similar entities notified by the government from time to time per fiscal year.
- In the case of joint holding, the investment limit of 4 KG will be applied to the first applicant only.
- The tenor of the bond will be for a period of 8 years, with an exit option in the 5th, 6th, and 7th years, to be exercised on the interest payment dates.
- Bonds are sold through offices or branches of Nationalised Banks, Scheduled Private Banks, Scheduled Foreign Banks, designated Post Offices, Stock Holding Corporation of India (SHCIL), and the authorised stock exchanges either directly or through their agents.
- These securities are eligible to be used as collateral for loans from banks, financial Institutions, and Non-Banking Financial Companies (NBFCs).
Punjab & Sind Bank Partners with Warehousing Development Regulatory Authority to Provide Low-Interest Loans for Farmers
- In a move to support farmers and traders with low-interest rate loans, the Warehousing Development Regulatory Authority (WDRA) and Punjab & Sind Bank (PSB) have signed a Memorandum of Understanding (MoU).
- Primary objective of the MoU : To raise awareness about funding against electronic Negotiable Warehouse Receipts (e-NWRs).
What is Electronic Negotiable Warehouse Receipt (eNWR)?
- eNWR is a digital warehousing receipt issued by registered warehouses regulated and governed by a statutory body -the Warehousing Development and Regulatory Authority (WDRA) of India.
- The eNWR can be used by farmers to finance and trade in settlements without physically exchanging goods.
- eNWR can be used as a three-in-one instrument (finance, trading, and settlement).
Key Highlights :
- Benefits of NWR System for Farmers : The NWR system enables farmers to store the produce safely and scientifically at warehouses near their farms.
- It also allows farmers to receive loans from banks using the issued NWRs against their deposited stock.
- Enhancement of Agricultural Pledge Finance : The MoU, therefore, will further enhance agricultural pledge finance in India through outreach activities.
- Loan Offerings by PSB : Under this partnership, PSB will offer loans against e-NWRs with no requirement for collateral and “attractive interest rates”.
- Farmers can avail loans of up to Rs 75 lakh, while borrowers from other categories can access loans of up to Rs 5 crore under the agriculture sector.
- Regulatory Support by WDRA : WDRA has also pledged full regulatory support to enhance trust among stakeholders, ensuring the smooth functioning of the initiative.
About WDRA :
- Established : 2010
- Headquarters : New Delhi, Delhi
- Chairman : T K Manoj Kumar
About Punjab & Sind Bank :
- Established : 1908
- Headquarters : New Delhi, Delhi
- MD & CEO : Swarup Kumar Saha
Government of India and Asian Development Bank Ink $200 Million Loan Deal to Address Flood and Erosion Threats Along Brahmaputra River
- The Government of India (GoI) and the Asian Development Bank (ADB) have finalised a $200 million loan agreement.
- Purpose of the loan agreement : To strengthen flood and riverbank erosion risk management on or beside the 650 km long region of the Brahmaputra River in Assam.
Key Highlights :
- Project Details : The loan agreement pertains to the Climate Resilient Brahmaputra Integrated Flood and Riverbank Erosion Risk Management Project in Assam.
- Project Basis and Progress : The project draws upon the achievements and experiences gained from the Assam Integrated Flood and Riverbank Erosion Risk Management Investment Programme, laying a foundation for further advancements in the region.
- Signatories : The signatories to the loan agreement for the Climate Resilient Brahmaputra Integrated Flood and Riverbank Erosion Risk Management Project in Assam were Ms. Juhi Mukherjee, Joint Secretary, Department of Economic Affairs in the Ministry of Finance, for the Government of India, and Mr. Hoe Yun Jeong, Deputy Country Director of ADB’s India Resident Mission, for ADB.
- Previous Programme : The Assam Integrated Flood and Riverbank Erosion Risk Management Investment Programme, funded by ADB and implemented from 2010 to 2020, serves as a precursor to the current initiative.
- Partner Agencies : The Brahmaputra Board, Assam State Disaster Management Authority, and Assam Inland Water Transport Development Society will collaborate as partner agencies for the project’s execution.
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 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)
CURRENT AFFAIRS: NATIONAL NEWS
A new portal has been launched by the Union Minister for the Animal Husbandry Infrastructure Development Fund.
- Union Minister of Fisheries, Animal Husbandry and Dairying Shri Parshottam Rupala launched a renewed portal of the Animal Husbandry Infrastructure Development Fund (AHIDF) and also released its Radio Jingle at a function in New Delhi.
- The AHIDF is a Credit Guarantee Scheme to support the livestock sector’s Micro, Small and Medium Enterprises without the need of collateral.
- The government has approved the continuation of AHIDF with an outlay of around 30 thousand crore rupees for another three years up to 2025-26.
- Several measures have been taken to boost the production in the animal husbandry sector and due to this India’s animal husbandry sector is performing well.
- The initiatives including vaccination drive against foot and mouth disease for cattle and buffaloes across the country.
CURRENT AFFAIRS: BUSINESS NEWS
India’s wholesale prices index numbers for January 2024:
- The annual rate of inflation based on all India Wholesale Price Index (WPI) number is 0.27% (Provisional) for January 2024(over January, 2023).
- The Positive rate of inflation in January 2024 is primarily due to an increase in prices of food articles, machinery & equipment, other manufacturing, minerals, other transport equipment etc.
- The month-over-month change in the WPI index for the month of January, 2024 stood at -0.33 % as compared to December, 2023.
WPI Food Index (Weight 24.38%):
The Food Index consisting of ‘Food Articles’ from Primary Articles group and ‘Food Product’ from the Manufactured Products group has decreased from 179.9 in December, 2023 to 178.0 in January, 2024. The rate of inflation based on the WPI Food Index decreased from 5.39% in December, 2023 to 3.79% in January, 2024.
Final Index for the month of November 2023 (Base Year: 2011-12=100):
For November 2023 the final Wholesale Price Index and inflation rate for ‘All Commodities’ (Base: 2011-12=100) stood at 153.1 and 0.39% respectively. The details of all India Wholesale Price Indices and Rates of Inflation for different commodity groups based on updated figures are at Annex I. The Annual rate of Inflation (Y-o-Y) based on WPI for different commodity groups in the last six months are at Annex II. WPI for different commodity groups in the last six months is at Annex III.
Response Rate:
The WPI for January, 2024 has been compiled at a weighted response rate of 83.0 percent, while the final figure for November, 2023 is based on the weighted response rate of 94.5 percent. The provisional figures of WPI will undergo revision as per the final revision policy of WPI.
CURRENT AFFAIRS: MOUS AND AGREEMENT
AFMS and IIT Roorkee are working together to promote research that can enhance combat medical support and patient care for serving personnel.
- A Memorandum of Understanding was signed between Armed Forces Medical Services and Indian Institute of Technology Roorkee.
- The MoU was signed by Director General (Org & Pers) Lt Gen SK Singh on behalf of Director General Armed Forces Medical Services and Director IIT Roorkee Prof Kamal Kishore Pant.
- The MoU aims towards promoting collaborative biomedical research, to aid in improving the combat medical support and patient care of serving personnel.
- Apart from research, faculty exchange programme, joint academic activities and promotion of start-ups in the domain of health care are also under the purview of this MoU.
- Under this MoU, Armed Forces Medical Services will be able to utilize the expertise of IIT Roorkee in various fields like, the development of novel medical devices, robotics, nanotechnology, artificial intelligence and machine learning.
- On this occasion, Lt Gen Daljit Singh, Director General Armed Forces Medical Services, emphasized that this collaboration with a premier institute like IIT Roorkee will take the Armed Forces Medical Services into the future of combat and peacetime medical care.
- Prof Kamal Kishore Pant highlighted that medical and defence-related research projects are a priority of the premier technology institute and IIT Roorkee is looking forward to fruitful outcomes from this collaboration.
A contract worth Rs. 1,752 crore has been signed by MoD for 463 Stabilized Remote Control Guns for the Indian Navy and Indian Coast Guard by Aatmanirbharta’s team.
- The Ministry of Defence has signed a contract with Advanced Weapon Equipment India Ltd. (AWEIL), Kanpur for the manufacturing & supply of a total of 463 indigenously manufactured 12.7 mm Stabilised Remote Control Guns (SRCG) for the Indian Navy & Indian Coast Guard at a total cost of Rs. 1752.13 crores, with Indigenous Content (IC) of more than 85%.
- The SRCG will enhance the capability of the Indian Navy and Indian Coast Guard to accurately engage small targets that post a threat to ships in an asymmetric environment, both by day and night.
- This acquisition will provide a further boost to the vision of “Aatmanirbharta in Defence”.
- This contract will also open up a large avenue in defence manufacturing for over 125 Indian Vendors and DPSUs for over a period of 5 years.
An agreement was signed between the Ministry of DoNER, North Eastern Council, and IIM Shillong to continue operating the Dr. APJ Abdul Kalam Centre for Policy Research and Analysis.
- An MoU was signed between the NEC Shillong, IIM Shillong and the MDoNER for continuing the operation of Dr. APJ Abdul Kalam Centre for Policy Research and Analysis deepening engagement with IIM Shillong at the NEC Secretariat, Shillong and MDoNER joining through weblink.
- The MoU was signed by Shri Angshuman Dey, Joint Secretary MDoNER , Shri Moses K Chalai, Secretary, NEC and Prof. D.P Goyal, Director, IIM Shillong in the presence of Shri Chanchal Kumar, Secretary, MDoNER and other senior officials of DoNER, NEC and IIM Shillong.
- APJ Abdul Kalam Centre for Policy Research and Analysis was created by a tripartite agreement between IIM Shillong and the Ministry of Development of Northeastern Region (MDoNER) and Northeastern Council signed on 15th October 2016.
- It aimed to emerge as a state-of-the-art centre to assist the states of North East India and the implementing agencies to plan and executive the projects properly, promote innovations and function as a repository of best practices in the region.
- Prof D P Goyal, Director, IIM Shillong expressed his happiness and reflected upon the rich legacy of the late President Dr. A P J Abdul Kalam and his vision of development.
- The Centre is expected to work in collaboration with the Northeastern Council, the States and eminent institutions of the Northeastern Region as well as national level institutions to harness the true growth potential of the Region.
CURRENT AFFAIRS : ACQUISITIONS & MERGERS
LIC Increases its Stake in SBI cards to 5.02%
- Life Insurance Corporation of India’s (LIC) shareholding in SBI Cards and Payments Services crossed 5% with the insurer, as an investment function, acquiring a little more than three lakh shares in the non-banking financial company at an average cost of ₹716 per share.
- The shareholding has increased from 4.99% to 5.02% (47,410,710 to 47,711,794 equity shares) following the open market purchase.
Recent News :
- In Jan 2024, The Reserve Bank of India (RBI) approved state-run insurer Life Insurance Corporation of India’s (LIC) application to acquire a 9.99% aggregate holding of paid-up share capital in HDFC Bank.
About LIC:
- Established: 1st September 1956
- Chairman : Siddhartha Mohanty
- Headquarters: Mumbai, India
About SBI Cards and Payments Services Limited :
- Established : 1998
- Headquarters : Gurugram, Haryana
- MD & CEO : Abhijit Chakravorty
- It is a Joint Venture between State Bank of India (SBI) and GE Capital.
- SBI Cards and Payment Services is a non-deposit accepting systemically important NBFC, registered with the Reserve Bank of India (RBI), and engaged in issuing credit cards to consumers in India.
CURRENT AFFAIRS : SCIENCE & TECHNOLOGY
Google Renames Its Artificial Intelligence Chatbot to Gemini in a Bid to Compete with ChatGPT
- Google has renamed its chatbot Bard to Gemini, presenting it as an advanced Artificial Intelligence (AI) tool accessible to users worldwide.
- The tech giant has made the Gemini Pro 1.0 model available for users in over 230 countries and territories, offering engagement in more than 40 languages.
- Gemini Advanced has been incorporated into the newly launched Google One AI Premium Plan, priced at $19.99 per month, with a two-month complimentary trial period.
- Google has introduced a dedicated mobile application for Gemini and Gemini Advanced to enhance the user experience on mobile devices.
About Google :
- Founded : September 4, 1998
- Headquarters : California, United States
- CEO : Sundar Pichai
CURRENT AFFAIRS : OBITUARIES
Renowned litterateur and Padma Shri awardee Usha Kiran Khan passed away
- Renowned litterateur and Padma Shri awardee Usha Kiran Khan passed away at the age of 78 in Patna, Bihar.
About Usha Kiran Khan :
- Usha Kiran Khan born at Laheriasarai in Darbhanga district of Bihar in October 1945.
- She was an Indian writer who worked in the Hindi and Maithili languages.
Awards & Honors :
- In 2011, Usha won a Sahitya Akademi Award for the Maithili novel Bhamati: Ek Avismaraniya Premkatha.
- The award is presented by Sahitya Akademi, India’s National Academy of Letters.
- In 2012, she was awarded a Kusumanjali Sahitya Samman by the Indian Council for Cultural Relations for her novel Sirjanhaar.
- This was the first year that the awards had been given and they included a purse of Rs.2,50,000
- Khan was awarded the Padma Shri in 2015 for her service in the field of literature and education.
Note :
- The Indian Constitution’s 8th Schedule saw the addition of the Maithili language through the 92nd Amendment Act of 2003, which was enforced in 2004.
CURRENT AFFAIRS: SPORTS NEWS
Malaysia’s Shah Alam will host the Badminton Asia Team Championships in 2024.
- 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 for 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.
In the Pro Kabaddi League, Patna Pirates secured a playoff spot by defeating Telugu Titans.
- In the Pro Kabaddi League, three-time champions Patna Pirates defeated Telugu Titans 38-36 at Netaji Indoor Stadium in Kolkata.
- The previous fight between the two also ended in favour of the former.
- With this win, Patna Pirates have secured a spot in the playoffs.
- Earlier, the Pirates won the toss and selected the court.
The 77th National Football Championship of Santosh Trophy, 2024, will have its final rounds held in Arunachal Pradesh.
- Arunachal Pradesh is set to host the final rounds of 77th edition of National Football Championship of Santosh Trophy, 2024.
- The championship is scheduled from February 21-March 9 at Golden Jubilee Outdoor Stadium, Yupia, Itanagar.
- Chief Minister Pema Khandu visited the stadium and inspected the preparation for the tournament.
- The Chief Minister informed about his visit and met the Arunachal football team and unveiled the official jersey of the team.
- Khandu, who is the President of the Arunachal Pradesh Football Association, held a meeting with the honorary members of the Association on the occasion. He also held deliberations with local administration, departments concerned and police for smooth conduct of the grand football fest.
- Arunachal Pradesh Legislative Assembly Speaker Pasang Dorjee Sona and others were also present on the occasion.
The president of the International Chess Federation (FIDE) and the minister of sports passed the torch for the 45th Chess Olympiad.
- Sports Minister Anurag Singh Thakur along with International Chess Federation FIDE president Arkady Dvorkovich handed off Torch Relay for the 45th Chess Olympiad at Major Dhyan Chand National Stadium in New Delhi.
- The 44th Chess Olympiad was hosted in Chennai, India and the 45th edition will be hosted by Hungary in Budapest.
- India hosted Chess Olympiad with a great passion and all States participated in the Torch Relay in the country.
- India not only hosted the 44th Chess Olympiad but hosted it with a style.
- With exceptional emerging talents and the mentorship of legends like Viswanathan Anand, India’s ascent in the world of chess shows no signs of slowing down.
Daily CA One- Liner: February 15
- India introduced its Unified Payments Interface (UPI) services in Sri Lanka and Mauritius during a virtual event.
- The Reserve Bank of India (RBI) announced that the issue price of the next tranche of Sovereign Gold Bond has been fixed at Rs 6,263 per gram.
- In a move to support farmers and traders with low-interest rate loans, the Warehousing Development Regulatory Authority (WDRA) and Punjab & Sind Bank (PSB) have signed a Memorandum of Understanding (MoU).
- The Government of India (GoI) and the Asian Development Bank (ADB) have finalised a $200 million loan agreement.
- Life Insurance Corporation of India’s (LIC) shareholding in SBI Cards and Payments Services crossed 5% with the insurer, as an investment function, acquiring a little more than three lakh shares in the non-banking financial company at an average cost of ₹716 per share.
- Google has renamed its chatbot Bard to Gemini, presenting it as an advanced Artificial Intelligence (AI) tool accessible to users worldwide.
- Renowned litterateur and Padma Shri awardee Usha Kiran Khan passed away at the age of 78 in Patna, Bihar.
- Union Minister of Fisheries, Animal Husbandry and Dairying Shri Parshottam Rupala launched a renewed portal of the Animal Husbandry Infrastructure Development Fund (AHIDF) and also released its Radio Jingle at a function in New Delhi.
- The annual rate of inflation based on all India Wholesale Price Index (WPI) number is 0.27% (Provisional) for January 2024
- A Memorandum of Understanding was signed between Armed Forces Medical Services and Indian Institute of Technology Roorkee.
- The Ministry of Defence has signed a contract with Advanced Weapon Equipment India Ltd. (AWEIL), Kanpur for manufacturing & supply of a total of 463 indigenously manufactured 12.7 mm Stabilised Remote Control Guns (SRCG) for the Indian Navy & Indian Coast Guard at a total cost of Rs. 1752.13 crores, with Indigenous Content (IC) of more than 85%.
- An MoU was signed between the NEC Shillong, IIM Shillong and the MDoNER for continuing the operation of Dr. APJ Abdul Kalam Centre for Policy Research and Analysis deepening engagement with IIM Shillong at the NEC Secretariat, Shillong and MDoNER joining through weblink.
- The Badminton Asia Team Championships 2024 began in Shah Alam, Malaysia.
- In the Pro Kabaddi League, three-time champions Patna Pirates defeated Telugu Titans 38-36 at Netaji Indoor Stadium in Kolkata
- Arunachal Pradesh is set to host the final rounds of 77th edition of National Football Championship of Santosh Trophy, 2024
- Sports Minister Anurag Singh Thakur along with International Chess Federation FIDE president Arkady Dvorkovich handed off Torch Relay for the 45th Chess Olympiad at Major Dhyan Chand National Stadium in New Delhi.