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CURRENT AFFAIRS : BANKING & FINANCE
RBI Directs Visa and Mastercard to Cease Business Payments via Commercial Cards
- The Reserve Bank of India (RBI) has instructed major international payment players Visa and Mastercard to halt card-based commercial transactions conducted by both small and large businesses.
- Reason for Action: The directive from RBI arises from concerns related to compliance with Know Your Customer (KYC) regulations.
Key Highlights :
- Context of Regulatory Measures: This action comes in the wake of recent regulatory measures taken by RBI against Paytm Payments Bank.
- Concerns over KYC Norms: The RBI is motivated by worries about Visa and Mastercard’s non-compliance with KYC norms, leading to the temporary halt of transactions at unauthorized business outlets.
- Communication with Visa and Mastercard: Visa has acknowledged receiving communication from RBI on February 8, 2024 which included broader industry inquiries about the role of Business Payment Solution Providers (BPSPs) in commercial payments.
- Mastercard’s response to the directive is pending.
- Role of BPSPs: Business Payment Solution Providers (BPSPs) are regulated and licensed by the RBI under the PA-PG (Payment Aggregators – Payment Gateways) guidelines.
- Impact on Fintech Companies: Some fintech companies have also received directives from RBI to pause business payments made by commercial cards until further notice.
- There are concerns that this suspension may affect various payments, including rental and tuition fee payments.
- Current Payment Methods for Businesses : Currently, fintech companies like Cred, Paytm and Nobroker allow rent and tuition fee payments through commercial, credit and debit cards.
- It should be noted that companies mostly make their business payments through net banking/NEFT or RTGS for large transfers which are now 24×7.
- Fintech players like Enkash and Paymate allow process payments made through commercial cards for business needs like paying vendors and suppliers.
About RBI :
- Established : 1 April 1935
- Headquarters : Mumbai, Maharashtra, India
- Governor : Shaktikanta Das
About Mastercard :
- Founded : 1966
- Headquarters : New York, U.S
- CEO : Michael Miebach
Indian Overseas Bank Marks 88th Foundation Day with Opening of 88 New Branches and Introduction of New Rupay and CASA Variants
- The Indian Overseas Bank (IOB) has launched new products on the occasion of the Bank’s 88th Foundation Day, celebrated on February 10, 2024 in Chennai, Tamil Nadu (TN).
Key Highlights :
- Credit Card Variants: IOB launched three new credit card variants: RuPay Classic, RuPay Platinum, and RuPay Select, offering various reward points and benefits.
- The premium variant, RuPay Select, includes personal accident coverage of up to ₹10 lakhs.
- Savings and Current Account Variants: The bank introduced Freedom Savings and Current Account variants, offering customers freedom from charges and the obligation to maintain a minimum balance in exchange for a modest annual fee.
- These accounts also provide personal accident insurance coverage of ₹10 lakhs.
- Digital Document Execution (DDE): IOB announced the introduction of Digital Document Execution (DDE) to facilitate seamless online locker agreements. This facility enables the online execution of agreements through the Digital Document Execution platform by the National E-Governance Services Ltd (NeSL).
- Green Deposit Scheme: IOB has introduced the Green Deposit Scheme under Retail Term Deposits (less than ₹2 crore) to promote Green Finance EcoSystem India. The tenor of the deposit shall be 999 days with an interest rate of 6.85 per cent, 5 bps higher than the regular term deposit. w.e.f February 10, 2024.
- Senior citizens (aged 60 years and above) will get an additional interest rate of 0.50 per cent and super senior citizens (aged 80 years and above) will get an additional interest rate of 0.75 per cent above the card rates.
About IOB :
- Founded : 10 February 1937
- Headquarters : Chennai, Tamil Nadu, India
- MD & CEO : Ajay Kumar Srivastava
- Tagline : Good people to grow with
SIDBI Introduces ‘Prabhaav’ – An Impact Study of the Fund of Funds for Startups
- The Small Industries Development Bank of India (SIDBI) has unveiled the report of the impact assessment of the Fund of Funds for Startups (FFS), a key component of the startups namely Prabhaav.
- Shri S. Ramann, Chairman & Managing Director, SIDBI along with Shri S P Singh, Chief General Manager (CGM) Venture Finance, presented the report to Dr Vivek Joshi, Secretary, Dept. of Financial Services, Ministry of Finance, GoI, Shri Rajesh Kumar Singh, IAS, Secretary, DPIIT and Shri Sanjiv, IRS, Joint Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry.
- The third-party assessment of the scheme was undertaken by CRISIL, India’s premier analytics company and pioneer of AIF benchmarking in the country.
Key Highlights of the Report :
- As of November 30, 129 Alternative Investment Funds (AIFs) have been sanctioned out of FFS across different segments.
- The scheme has already catalyzed investments to the tune of ~4x of the amount drawn with ₹17,534 crore invested in 938 unique startups.
- While FFS largely focuses on early-stage funding in young companies, as many as 18 of its startups have already become unicorns.
- The scheme has also channelised investments in startups in emerging sectors such as deep tech, agri/agri solutions, health tech, financial services, and sustainability.
- Implemented with emphasis on diversity & inclusiveness, after the launch of FFS, 129 startups beyond Tier 1 cities have received investments aggregating ₹1,590 crore.
- Another heartening outcome was the increasing support to women led startups as well as women led fund managers.
About FFS :
- FFS is a flagship programme of DPIIT (Department for Promotion of Industry and Internal Trade) and a key component of the Startup India Action Plan launched in 2016.
- It is managed by the Small Industries Development Bank of India (SIDBI).
- It has facilitated investments in startups, particularly in emerging sectors, and has promoted diversity and inclusiveness, supporting startups beyond Tier 1 cities and women-led startups.
About Small Industries Development Bank of India :
- Established : 2 April 1990
- Headquarters : Lucknow, Uttar Pradesh, India
- Chairman & MD : Sivasubramanian Ramann
- The SIDBI is the apex regulatory body for overall licensing and regulation of micro, small and medium enterprise finance companies in India.
- It is under the jurisdiction of the Ministry of Finance , Government of India (GoI).
- The SIDBI was established under the Act of the Parliament in 1988.
Finance Standing Committee Advocates ‘Open Architecture’ for Insurance Agents
- The Standing Committee on Finance, chaired by BJP MP Jayant Sinha, has proposed the adoption of an ‘open architecture’ concept for insurance agents to enhance the outreach of insurance products and strengthen distribution infrastructure in the country.
Key Highlights :
- Open Architecture Definition: Open architecture allows insurance agents to offer services from multiple insurance companies, aiming to expand the availability of insurance products and bolster distribution nationwide.
- Current Limitations: Presently, the Insurance Act 1938 limits agents to working with only one life, one non-life, and one health insurance company. The proposed changes aim to overcome these restrictions, leading to increased insurance penetration, financial inclusion, and reduced distribution costs.
- Recommendations Overview : Permitting composite licensing for companies to sell both life and non-life insurance products.
- Urging for a rationalization of the 18% GST rate on insurance, particularly for health and term insurance.
- Creation of a central portal named UDGAM for complaints and redressal, providing depositors access to information on their unclaimed deposits.
- IRDAI’s Previous Action: In 2022, the insurance regulator IRDAI expanded open architecture for bancassurance by allowing a bank to distribute products from 9 insurers in each of the life, general, and health insurance segments, compared to the previous limit of 3 insurers.
CURRENT AFFAIRS: NATIONAL NEWS
The PM-SVANidhi increased street vendors’ yearly income by Rs 23,000:
- According to a study, the first tranche of 10,000 provided under the PM-SVANidhi has increased the annual income of Rs. 23,460 street vendors.
- This study was carried out by the Centre for Analytical Finance of the Indian School of Business (ISB).
- PM SVANidhi was launched in 2020 to help street vendors resume their livelihoods impacted by the Covid-19 lockdown.
- PM-SVANidhi portal shows that 60.65 lakh first-term loans, 16.95 lakh second-term loans and 2.43 lakh third-term loans have been disbursed.
- This study covered 5,141 vendors across 100 urban local bodies in 22 states.
- PM SVANidhi was launched in 2020 to help street vendors resume their livelihood impacted by the Covid-19 lockdown, by offering them affordable working capital loans.
- To begin with, a beneficiary can avail `10,000 and, upon its repayment, `20,000.
- After repaying the second loan, a beneficiary is entitled to apply for a third loan of `50,000.
- On timely/ early repayment of the loan, an interest subsidy @ 7% per annum will be credited to the bank accounts of beneficiaries through Direct Benefit Transfer every quarter.
- Implementation agency: Small Industries Development Bank of India (SIDBI).
- It is a Central Sector Scheme i.e., fully funded by the Ministry of Housing and Urban Affairs.
Recent News
- The female share in the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme at 43 per cent indicates the empowerment of entrepreneurial capabilities of urban females, according to a report by State Bank of India’s economic research department (ERD).
NITI Aayog launches GROW initiative to transform India’s wastelands through agroforestry
- Greening and Restoration of Wasteland with Agroforestry (GROW) report and portal was launched by Prof Ramesh Chand, Member, NITI Aayog at NITI Aayog.
- This multi-institutional effort led by NITI Aayog utilized remote sensing and GIS to assess agroforestry suitability across all districts in India.
- Using thematic datasets, an Agroforestry Suitability Index (ASI) was developed for national-level prioritization.
- The report provides state-wise and district-wise analysis, supporting government departments and industries for greening and restoration projects.
- The “Greening and Restoration of Wasteland with Agroforestry (GROW)-Suitability Mapping” portal Bhuvan https://bhuvan-app1.nrsc.gov.in/asi_portal/ allows universal access to state and district-level data.
- The portal will be helpful in different programmes as the Government of India is working to promote agroforestry and sensitizing role of extension.
- Currently, agroforestry covers 8.65% of India’s total geographical area, totalling about 28.42 million hectares.
- Current report underscores the potential benefits of converting underutilized areas, especially wastelands, for agroforestry.
- The GROW initiative aligns with national commitments, aiming to restore 26 million hectares of degraded land by 2030 and create an additional carbon sink of 2.5 to 3 billion tonnes of carbon dioxide equivalent.
- India, the seventh-largest country globally, faces issues like increased build-up areas, degraded land, and imbalanced resources.
- Approximately 16.96% of the Total Geographical Area (TGA) is wasteland, requiring transformation for productive use.
- Geospatial technologies and GIS are employed to map and prioritize these wastelands for agroforestry interventions.
Unemployment rate drops to 6.5% in Oct-Dec 2023: NSO
- India recorded a decline in the unemployment rate in urban areas, dropping from 7.2% to 6.5% between October–December 2022 and October–December 2023 for individuals aged 15 years and above, the latest Periodic Labour Force Survey (PLFS) by the National Sample Survey Office (NSSO) shows.
- Considering the importance of the availability of labour force data at more frequent time intervals, the National Sample Survey Office (NSSO) launched the Periodic Labour Force Survey (PLFS) in April 2017.
- The objective of PLFS is primarily twofold to estimate the key employment and unemployment indicators (viz. Worker Population Ratio, Labour Force Participation Rate, Unemployment Rate) in the short time interval of three months for the urban areas only in the ‘Current Weekly Status’ (CWS).
- Twenty Quarterly Bulletins of PLFS corresponding to the quarter ending December 2018 to the quarter ending September 2023 have already been released.
Key Highlights
- The present Quarterly Bulletin is the twenty-first in the series for the quarter October –December 2023.
- Labour Force Participation Rate (LFPR) in urban areas increased from 48.2% in October – December 2022 to 49.9% in October – December 2023 for persons of age 15 years in above.
- While for male LFPR increased from 73.3% to 74.1% during this period, for female, LFPR increased from 22.3% to 25.0% during this period.
- Worker Population Ratio (WPR) in urban areas increased from 44.7% in October – December 2022 to 46.6% in October – December 2023 for persons of age 15 years in above. For male, it increased from 68.6% to 69.8% during this period and for female, it increased from 20.2% to 22.9% during this period.
- Unemployment Rate (UR) in urban areas decreased from 7.2% in October – December 2022 to 6.5% in October – December 2023 for persons of age 15 years in above.
- For male, UR decreased from 6.5% in October – December 2022 to 5.8% in October – December 2023,while for female UR decreased from 9.6% in October – December 2022 to 8.6% in October – December 2023.
Ministry of Information and Broadcasting is organising two-day regional Community Radio Sammelan at Anna University in Chennai
- The Ministry of Information and Broadcasting is organising a regional Community Radio Sammelan (South) at Anna University Chennai celebrating 20 years of Community Radio in India.
- All the 117 Community Radio Stations of southern States/UT’s will be participating the event.
- The journey, of Community Radio in India, started in the year 2002, when the Government of India approved a Policy for the grant of licenses for setting up of Community Radio Stations.
- As a result, the first Community Radio Station was inaugurated by Bharat Ratna Shri. L.K Advani on 1st February 2004.
- In the last 9 years the sector has grown substantially and the number of Community Radio Stations has increased from 140 in 2014 to 481 in 2023.
- Community Radio is an important third tier in Radio Broadcasting, distinct from Public Service Radio broadcasting and Commercial Radio.
Key Highlights
- Community Radio Stations (CRSs) are low-power Radio Stations, which are meant to be set-up and operated by local communities.
- To ensure financial sustainability of Community Radio Stations and to ensure growth of the Community Radio Sector, the Government has carried out further amendments in the Policy Guidelines. Salient features of the Revised Policy Guidelines are as under
- An eligible organisation/ institution that operates in multiple districts shall be allowed to set up a maximum of six (6) CRS in different districts of operation, provided it fulfils certain conditions laid by the Ministry.
- The initial time period for the Grant of Permission Agreement (GOPA) increased to ten (10) years.
- Advertising time for CRSs is increased from 7 minutes per hour to 12 minutes per hour.
- Rate of Advertisement has been increased from Rs. 52 per 10 sec to Rs. 74 per10 sec for Community Radio Stations.
- Validity of Letter of Intent issued to an Organisation has been fixed to one year.
CURRENT AFFAIRS : STATE NEWS
Assam Designates ‘Kaji Nemu’ Lemon as Official ‘State Fruit’ to Promote Local Agriculture
- The Assam government declared ‘Kaji Nemu’ (Citrus Lemon) as the state fruit.
- “The ‘Kaji Nemu’ has been approved as the state fruit of Assam during the Cabinet meeting underscoring the fruit’s cultural, traditional, and nutritional significance to the state and its people.
About Kaji Nemu :
- Culinary and Medicinal Properties: It has a strong and sour flavor, making it a preferred ingredient in a variety of dishes.
- Additionally, it is known for its digestive and anti-inflammatory properties.
- Kaji Nemu is a highly prized fruit for its culinary and medicinal properties.
- It has a distinctively strong and sour flavour, which adds a zesty flavour to a variety of dishes.
- It is also known for its digestive and anti-inflammatory properties.
- Traditional Assamese Cuisine: ‘Kaji Nemu’ holds a significant place in traditional Assamese cuisine, being used in various dishes to enhance flavor and impart its unique taste.
- Physical Characteristics : This lemon type is oval and has thin, smooth skin that is usually light green.
- Geographical Indication (GI) Label : Kaji Nemu has a Geographical Indication (GI) label and is well-known for its distinct scent and medicinal properties.
What is Geographical Indication?
- Geographical indication (GI) is a sign used on products that have a specific geographical origin and possess qualities or a reputation that is due to that origin, as explained by the World Intellectual Property Organization (WIPO).
About Assam :
- Governor : Gulab Chand Kataria
- Chief Minister : Himanta Biswa Sarma
- Capital: Guwahati
- National Park: Kaziranga National Park, Manas National Park, Nameri National Park
- Wildlife Sanctuary: Garampani Wildlife Sanctuary, Laokhowa Wildlife Sanctuary, Bornadi Wildlife Sanctuary
CURRENT AFFAIRS: BUSINESS NEWS
National Coal Index Shows Decline of 4.75% in December, 2023
- The National Coal Index (Provisional) has shown a significant decline of 4.75 % in December 2023 at 155.44 points compared to December 2022, where it was at 163.19 points.
- This notable decrease indicates sufficient availability of coal in the market to meet the growing demands.
- The National Coal Index (NCI) is a price index that combines coal prices from all sales channels, Notified Prices, Auction Prices, and Import Prices.
- It considers prices of coking and non-coking coal of various grades transacted in the regulated (power and fertilizer) and non-regulated sectors.
- Established with the base year as FY 2017-18, NCI serves as a reliable indicator of market dynamics, providing valuable insights into price fluctuations.
India’s goods exports increased 3.12% in January 2024 to USD 36.92 billion from USD 35.80 billion in January 2023.
- India’s overall exports (Merchandise and Services combined) in January 2024* are estimated to be USD 69.72 Billion, exhibiting a positive growth of 9.28 per cent over January 2023.
- Overall imports in January 2024* is estimated to be USD 70.46 Billion, exhibiting a positive growth of 4.15 per cent over January 2023.
- India’s overall exports (Merchandise and Services combined) in April-January 2023-24* are estimated to be USD 638.37 Billion, exhibiting a negative growth of (-) 0.19 per cent over April-January 2022-23.
- Overall imports in April-January 2023-24* are estimated to be USD 708.79 Billion, exhibiting a negative growth of (-) 5.69 per cent over April-January 2022-23.
MERCHANDISE TRADE
- Merchandise exports in January 2024 were USD 36.92 Billion, as compared to USD 35.80 Billion in January 2023.
- Merchandise imports in January 2024 were USD 54.41 Billion, as compared to USD 52.83 Billion in January 2023.
SERVICES TRADE
- The estimated value of services export for January 2024* is USD 32.80 Billion, as compared to USD 28.00 Billion in January 2023.
- The estimated value of services import for January 2024* is USD 16.05 Billion as compared to USD 14.83 Billion in January 2023.
CURRENT AFFAIRS: AWARDS AND HONOURS
Names of ‘Indira’ and ‘Nargis’ Dropped From National Film Awards
- The ‘Indira Gandhi Award for Best Debut Film of a Director’ and the ‘Nargis Dutt Award for Best Feature Film on National Integration’, which are part of the National Film Awards, have been renamed on the recommendation of the Committee for Rationalisation of Film Awards.
- the committee recommended that the ‘Indira Gandhi Award for Best Debut Film of a Director’ be renamed as ‘Best Debut Film of a Director’, and the award money be increased to Rs 3 lakh.
- It also recommended that the ‘Nargis Dutt Award for Best Feature Film on National Integration’ be renamed as ‘Best Feature Film Promoting National, Social and Environmental Values’.
- This award carries a Rajat Kamal to the director and the producer with Rs 1.5 lakh each.
- The committee recommended that it be clubbed with ‘Best Film on Social Issues and Best Film on Environment Conservation/Preservation’.
- The award amount has been increased to Rs 2 lakh each to the director and producer.
- The Dadasaheb Phalke Award has increased from Rs 10 lakh to Rs 15 lakh.
- The rationalisation committee was headed by Neerja Sekhar, additional secretary in the Information and Broadcasting ministry.
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
Ranjeet Kumar Agarwal Elected as President and Charanjot Singh Nanda as Vice President of Institute of Chartered Accountants of India
- The chartered accountants’ apex body Council of the Institute of Chartered Accountants of India (ICAI) announced that Ranjeet Kumar Agarwal and Charanjot Singh Nanda have been elected as President and Vice President of the institute, respectively.
- Both have been elected by the institute’s central council for the 2024-25 term.
- Ranjeet Kumar Agarwal is the 72nd President of ICAI.
- He previously served as Vice President during the 2023-24 term.
- Charanjot Singh Nanda, the Vice President, has held various leadership positions within ICAI, including chairmanship of committees such as the Internal Audit Standards Board and the Financial Markets & Investors Protection.
About ICAI :
- Established : 1 July 1949
- Headquarters : New Delhi, Delhi
- The Institute of Chartered Accountants of India (ICAI) is a statutory body set up by an Act of Parliament under the Chartered Accountants Act, 1949 for the regulation and development of the profession of Chartered Accountancy in India.
- The Institute, functions under the administrative supervision of the Ministry of Corporate Affairs, Government of India.
- With over 8.5 lakh students and around 4 lakh members, ICAI is the largest professional accountancy body in the world, with a strong tradition of service to the nation.
- The affairs of the ICAI are managed by a Council in accordance with the provisions of the Chartered Accountants Act, 1949 and the Chartered Accountants Regulations, 1988.
- The Council consists of 40 members of whom 32 are elected by the Chartered Accountants and remaining 8 are nominated by the Central Government generally representing the Comptroller and Auditor General of India, Ministry of Corporate Affairs, Ministry of Finance, Securities and Exchange Board of India and other stakeholders.
CURRENT AFFAIRS : DEFENCE NEWS
Ministry of Defence Achieves Remarkable Milestone Surpassing ₹1 Lakh Crore in Orders on Government e-Marketplace Portal
- The Ministry of Defence (MoD) has made an astounding accomplishment by surpassing the ₹1 Lakh Crore mark in terms of total order value transacted through the Government e-Marketplace (GeM) portal, also known as Gross Merchandise Value (GMV).
- Transactions worth approximately ₹45,800 Crore have been awarded by the MoD in the current financial year alone.
Key Highlights :
- First Central Government Entity: The Ministry of Defence is the first central government entity to achieve this staggering figure, showcasing its strong commitment to optimizing public spending in the Defence sector.
- Social Inclusion: In alignment with GeM’s core value of maximising social inclusion, 50.7% of the total orders, amounting to ₹60,593 Crore, have been awarded to Micro and Small Enterprises (MSEs) by MoD buyers, contributing to India’s economic self-reliance.
- Early Adoption and Trust: MoD has been an early adopter of GeM since its inception. The immense trust placed in the portal by nearly 19,800 MoD buyers across the country, including remote areas like North-Eastern States, Leh-Ladakh, and various Island Territories, has enabled this remarkable achievement.
- Engagement of Defence PSUs: Engagement of Defence Public Sector Undertakings (PSUs) on the GeM platform has not only facilitated procurement but also sales, marking a significant shift in the procurement landscape.
- Cost-effectiveness and Efficiency: Initiatives like demand aggregation modules on GeM continue to deliver cost-effectiveness and efficiency in government transactions.
- By pooling requirements for similar products across different organizations, GeM maximizes the benefits of large-volume procurement.
About Ministry of Defence :
- Defence Minister : Rajnath Singh
- Minister of State : Ministry of Defence
- Defence Secretary : Giridhar Aramane
CURRENT AFFAIRS : SCIENCE & TECHNOLOGY
C-DOT and Indian Institute of Technology Roorkee Collaborate to Develop 140GHz Fully Integrated Transmitter & Receiver Module for 6G and Future Networks
- C-DOT (Centre for Development of Telematics), the leading Telecom R&D Centre of the Department of Telecommunications (DoT), Government of India, has partnered with the Indian Institute of Technology, Roorkee (IIT-R) to embark on a groundbreaking initiative.
- The collaboration aims to develop a cutting-edge 140GHz Fully Integrated Transmitter & Receiver Module, poised to redefine the landscape of 6th Generation (6G) and beyond.
- The agreement, signed under the Telecom Technology Development Fund (TTDF) scheme of the Department of Telecommunications, Government of India, signifies a commitment to advancing telecommunication products and solutions for affordable broadband and mobile services in rural and remote areas.
Key Highlights :
- The innovation lies in the generation, transmission, and antenna integration of Terahertz (THz) waves onto a single chip, resulting in reduced system size, weight, and power consumption.
- This breakthrough makes it well-suited for integration into portable devices such as smartphones, laptops, wearables, and more.
- The developed chip is expected to support data rates of up to several gigabits per second, facilitating high-speed data transfer within a chip or between chips.
About C-DOT :
- Established : 25 August 1984
- Headquarters : Delhi, India
Google Introduces Lumiere Artificial Intelligence for Generating 5-Second Videos
- Google has introduced its latest artificial intelligence (AI) model, Lumiere, a multimodal video generation tool capable of producing realistic 5-second-long videos.
About Lumiere :
- Lumiere is a text-to-video diffusion model designed for synthesising videos that portray realistic, diverse and coherent motion.
- The model facilitates content creation tasks and video editing applications such as image-to-video, video in painting, and stylized video generation.
- Lumiere model uses a Space-Time u-Net (STUNet) architecture to generate videos.
- Using this architectural design, the model processes all frames in a video at once instead of generating keyframes and then filling the missing frames using temporal super-resolution (TSR) models, which is a common approach for existing video generators.
- Lumiere generates the entire temporal duration of the video at once by deploying both spatial and temporal down- and up-sampling.
- It essentially means the model first generates a full frame rate video in low resolution and later upscales the generated video using a spatial super-resolution (SSR) model to produce the final result.
Recent News :
- In Feb 2024, Google renamed its chatbot Bard to Gemini, presenting it as an advanced Artificial Intelligence (AI) tool accessible to users worldwide.
About Google :
- Founded : September 4, 1998
- Headquarters : California, United States
- CEO : Sundar Pichai
The Healthy Indian Project Becomes Part of WHO’s Vaccine Safety Net
- The Healthy Indian Project (THIP) has been included as a member of the World Health Organization’s (WHO) Vaccine Safety Net (VSN).
- Purpose of VSN: The Vaccine Safety Net (VSN) was established by WHO to serve as a global network of websites providing trustworthy and verified vaccine safety information.
Key Highlights :
- Network Size: Currently, the VSN comprises 110 websites from 45 countries, offering vaccine safety information in 43 languages.
- Role of GACVS: The Global Advisory Committee on Vaccine Safety (GACVS), established by WHO in 1999, plays a key role in the project.
- It responds promptly, efficiently, and with scientific rigor to vaccine safety issues of global significance.
- Criteria for Good Information Practices: GACVS has developed three categories of criteria for good information practices, including credibility, content, and accessibility/design, which websites providing vaccine safety information should adhere to.
- Focus of THIP: The Healthy Indian Project (THIP) is a health information platform in India that offers credible and verified health information.
- It specifically focuses on providing verified vaccine safety information to the diverse population of the country.
CURRENT AFFAIRS: MOUS AND AGREEMENT
CIAL ties up with BPCL to set up green hydrogen plant at airport
- In a strategic move to strengthen its green energy initiatives, Cochin International Airport Ltd (CIAL) has tied up with BPCL to set up a green hydrogen plant in the airport premises.
- The collaborative effort, combining technological prowess and infrastructure, will result in the world’s first green hydrogen plant and fuelling station located within an airport setting.
- Green hydrogen, produced from water using renewable energy sources, is recognised as a future fuel and aligns with zero-carbon energy strategies. Krishnakumar, CMD, BPCL.
Key Highlights
- CIAL, which is renowned for its effective deployment of green energy through the installation of big solar plants and hydel station, has a cumulative installed capacity of 50 MW producing two hundred thousand units of power a day.
- Ever since the installation of its first plant with a capacity of 12 MW, it has been augmenting its capabilities and now inked an MoU for a strategic collaboration with BPCL for setting up a 1,000 KW pilot project at the airport premises.
- Under the agreement, BPCL will oversee the establishment of the integrated green hydrogen plant and fuelling station providing technology and managing the operations.
- CIAL will contribute suitable land, water and green energy resources.
- The initial output of the plant will be utilised for powering vehicles within the airport.
TRIFED & ITC Sign MoU for Empowering Tribal Farmers in B2B Meet
- Union Minister for Tribal Affairs; Agriculture and Farmer Welfare, Shri Arjun Munda, presided over as the Chief Guest at the Business-to-Business (B2B) Meet organized by the Ministry of Tribal Affairs as part of the ongoing Aadi Mahotsav, in New Delhi.
- During the event, a significant milestone was achieved with the signing of an MoU between the Tribal Co-operative Marketing Development Federation of India (TRIFED) and corporate powerhouse ITC, establishing a collaborative framework under the Pradhan Mantri Janjatiya Vikas Mission (PMJVM) scheme.
- This initiative aims to leverage the strengths of both entities to empower tribal farmers and suppliers, particularly in states where turmeric cultivation is prevalent, promising to uplift rural economies and improve livelihoods.
CURRENT AFFAIRS: RANKING AND INDEX
RIL tops the list of most valuable Indian companies
- With a market cap of Rs 15.6 trillion, Reliance Industries (RIL) topped the chart of the most valuable Indian companies in 2023, for the third year in a row, closely followed by Tata Consultancy Services (TCS).
- IT firm TCS came in second with a market cap of Rs12.4 trillion, while HDFC Bank was third in the pecking order with a market cap of Rs11.3 trillion.
- The combined value of the top 10 companies remained unchanged from the year-ago period at `73.3 trillion, which is equal to 28% of India’s GDP, according to a report by Burgundy Private, Axis Bank’s private banking business, and Hurun India.
- The list, a compilation of the 500 most valuable private companies in India, saw ICICI Bank in fourth position with a market cap of `6.47 trillion, followed by Infosys (`5.71 trillion) in fifth.
- It is based on data from October 2022 to October 2023.
- The companies on the list have collectively created a value of `231 trillion and employ about 1.3% of the country’s workforce, while 52 companies in the list are less than a decade old.
- Others in the top 10 are Bharti Airtel, ITC, Larsen & Toubro, HCL Tech and Kotak Mahindra Bank.
- Suzlon Energy, which registered a y-o-y value growth of 436%, dominates the list of fastest growing companies in the list, followed by Jindal Stainless and JSW Infrastructure.
- HDFC, which was in the seventh place in the previous year’s list, does not figure on the rankings this year owing to its merger with HDFC Bank. L&T, HCL Tech and Kotak Mahindra Bank replaced HDFC, Adani Total Gas and Adani Enterprises in the top 10.
- Serum Institute of India was adjudged as the most valuable unlisted company, followed by NSE and Megha Engineering and Infrastructure. Jio Financial Services, which demerged from RIL, was 28th.
Daily CA One- Liner: February 15
- According to a study, the first tranche of 10,000 provided under the PM-SVANidhi has increased the annual income of Rs. 23,460 street vendors.
- Greening and Restoration of Wasteland with Agroforestry (GROW) report and portal was launched by Prof Ramesh Chand, Member, NITI Aayog at NITI Aayog
- India recorded a decline in the unemployment rate in urban areas, dropping from 7.2% to 6.5% between October–December 2022 and October–December 2023 for individuals aged 15 years and above, the latest Periodic Labour Force Survey (PLFS) by the National Sample Survey Office
- The Ministry of Information and Broadcasting is organising a regional Community Radio Sammelan (South) at Anna University Chennai celebrating 20 years of Community Radio in India.
- The National Coal Index (Provisional) has shown a significant decline of 4.75 % in December 2023 at 155.44 points compared to December 2022, where it was at 163.19 points
- India’s overall exports (Merchandise and Services combined) in January 2024* is estimated to be USD 69.72 Billion, exhibiting a positive growth of 9.28 per cent over January 2023
- The ‘Indira Gandhi Award for Best Debut Film of a Director’ and the ‘Nargis Dutt Award for Best Feature Film on National Integration’, which are part of the National Film Awards, have been renamed on the recommendation of the Committee for Rationalisation of Film Awards
- In a strategic move to strengthen its green energy initiatives, Cochin International Airport Ltd (CIAL) has tied up with BPCL to set up a green hydrogen plant in the airport premises
- Union Minister for Tribal Affairs; Agriculture and Farmer Welfare, Shri Arjun Munda, presided over as the Chief Guest at the Business-to-Business (B2B) Meet organised by the Ministry of Tribal Affairs as part of the ongoing Aadi Mahotsav, in New Delhi
- With a market cap of Rs 15.6 trillion, Reliance Industries (RIL) topped the chart of the most valuable Indian companies in 2023, for the third year in a row, closely followed by Tata Consultancy Services (TCS).
- The Reserve Bank of India (RBI) has instructed major international payment players Visa and Mastercard to halt card-based commercial transactions conducted by both small and large businesses.
- The Indian Overseas Bank (IOB) has launched new products on the occasion of the Bank’s 88th Foundation Day, celebrated on February 10, 2024, in Chennai, Tamil Nadu (TN).
- The Small Industries Development Bank of India (SIDBI) has unveiled the report of the impact assessment of the Fund of Funds for Startups (FFS), a key component of the startups namely Prabhaav.
- The Standing Committee on Finance, chaired by BJP MP Jayant Sinha, has proposed the adoption of an ‘open architecture’ concept for insurance agents to enhance the outreach of insurance products and strengthen distribution infrastructure in the country.
- The Assam government declared ‘Kaji Nemu’ (Citrus Lemon) as the state fruit.
- The chartered accountants’ apex body Council of the Institute of Chartered Accountants of India (ICAI) announced that Ranjeet Kumar Agarwal and Charanjot Singh Nanda have been elected as President and Vice President of the institute, respectively.
- The Ministry of Defence (MoD) has made an astounding accomplishment by surpassing the ₹1 Lakh Crore mark in terms of total order value transacted through the Government e-Marketplace (GeM) portal, also known as Gross Merchandise Value (GMV).
- C-DOT (Centre for Development of Telematics), the leading Telecom R&D Centre of the Department of Telecommunications (DoT), Government of India, has partnered with the Indian Institute of Technology, Roorkee (IIT-R) to embark on a groundbreaking initiative.
- Google has introduced its latest artificial intelligence (AI) model, Lumiere, a multimodal video generation tool capable of producing realistic 5-second-long videos.
- The Healthy Indian Project (THIP) has been included as a member of the World Health Organization’s (WHO) Vaccine Safety Net (VSN).
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