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CURRENT AFFAIRS : BANKING & FINANCE
Electoral Bond Sales: Mumbai Reigns with Over ₹4000 Crore, While Delhi Takes the Lead in Encashment
- Mumbai emerged as the city with the largest share of electoral bond sales since the inception of the donation scheme in 2018.
- However, most of the bonds were encashed in Delhi during the period.
Key Highlights :
- According to data compiled by Election Watchdog, Association for Democratic Reforms (ADR), Mumbai contributed about 24% of the now-scrapped bonds worth ₹16,518 crore sold across cities in India until January 2024, with 5,426 bonds worth ₹4,009.4 crore.
- Following Mumbai, Hyderabad ( ₹3,554 cr), Kolkata ( ₹3,333 cr), New Delhi ( ₹2,324 cr), and Chennai ( ₹1,524 cr) were the top cities in terms of bond sales.
- These five cities together accounted for over ₹14,744 crore, close to 90 percent worth of 28,030 bonds sold across 18 cities.
- On February 15, 2024, the Supreme Court struck down the Electoral Bonds Scheme (EBS).
- The court directed the State Bank of India (SBI), the sole issuer of bonds, to provide details such as names of bond buyers, dates of purchase, and amounts donated to the Election Commission (EC) by March 6, 2024.
- The EC is required to publish this information on its website by March 13, 2024.
What is an electoral Bond?
- Introduction to Electoral Bonds:Electoral bonds represent financial instruments utilised for contributing funds to political parties in India.
- Eligibility and Purchasing Criteria:Electoral Bonds are accessible for purchase by individuals who are citizens of India or entities incorporated or established within the country. Individuals, whether acting singly or in collaboration with others, have the opportunity to acquire these bonds.
- Eligibility of Political Parties:Only political parties meeting specific criteria outlined in Section 29A of the Representation of the People Act, 1951, and having secured at least one percent of the votes in the preceding General Election to the House of the People or the State Legislative Assembly, are deemed eligible to receive Electoral Bonds.
- Encashment Process:The encashment of Electoral Bonds is exclusively facilitated by eligible political parties through designated bank accounts with the Authorized Bank.
- Issuer and Encashment Authority:The issuance and encashment of Electoral Bonds are entrusted to the State Bank of India (SBI), which operates through its 29 authorized branches across the country.
- Validity Period:Each Electoral Bond remains valid for a period of fifteen calendar days from the date of issuance. Any deposit of Electoral Bonds after the expiry of this validity period renders the respective bond ineligible for payment to the recipient political party.
- Immediate Crediting:Upon deposit, any Electoral Bond received by an eligible political party into its designated account is promptly credited on the same day.
- Denominations Available:Electoral bonds are issued and purchased in various denominations, including 1,000, 10,000, 1,00,000, 10,00,000, and `1,00,00,000, from specified branches of the State Bank of India (SBI).
Insurance Regulatory and Development Authority of India Publishes Exposure Draft for Bima Sugam Insurance E-Marketplace
- The Insurance Regulatory and Development Authority (IRDAI) has introduced an exposure draft proposal for an insurance electronic marketplace named Bima Sugam.
- This platform aims to serve as a central hub for all insurance-related activities, catering to customers, insurers, intermediaries, and insurance agents alike.
About Bima Sugam :
- Central Hub for Insurance Activities : Bima Sugam will be a one-stop solution for all insurance stakeholders including customers, insurers, intermediaries or insurance intermediaries and insurance agents to promote transparency, efficiency, collaboration across the entire insurance value chain and technological innovation in the insurance sector.
- Bima Sugam’s Role in the Bima Trinity : Positioned as one part of the Bima trinity, Bima Sugam aims to empower and safeguard the interests of policyholders while boosting insurance penetration and improving availability, accessibility, and affordability.
- Vision for “Insurance for all by 2047”: Bima Sugam contributes to the vision of achieving “Insurance for all by 2047” in India.
- Bima Trinity is made up of three components:
- Bima Sugam: A digital portal that integrates distributors and insurers into a single platform
- Bima Vistaar: An all-in-one insurance product that offers comprehensive insurance coverage at affordable prices
- Bima Vahak: A women-led field distribution force
Guidelines for Establishment and Governance :
- Not-For-Profit Structure: Bima Sugam will operate as a not-for-profit company under Section 8 of the Companies Act, 2013, ensuring its primary focus remains on serving the interests of policyholders rather than maximising profits.
- Multi-Stakeholder Ownership: The shareholding of Bima Sugam will be widely held among life, general, and health insurers, with no single entity holding a controlling stake.
- This ensures a balanced and collaborative approach towards decision-making and operations.
- Regulatory Oversight: Irdai will play a crucial role in overseeing Bima Sugam’s governance and operations.
- The authority will nominate two members to the company’s board and provide prior approval for the appointment of the Chairperson & CEO, ensuring regulatory compliance and alignment with broader industry objectives.
- Risk Management: Bima Sugam will establish a dedicated risk management committee to identify and mitigate various risks associated with its operations, ensuring the security and stability of the marketplace.
- Consent-Based Architecture: The platform will operate on a consent-based architecture, ensuring that users have control over their data and interactions within the marketplace, thereby enhancing trust and privacy.
- Free Services For Consumers: Perhaps most importantly, consumers will not be charged for availing services through Bima Sugam, making insurance products and services more accessible to individuals across diverse socio-economic backgrounds.
About IRDAI :
- Established : 1999
- Headquarters : Hyderabad, Telangana
- Chairperson : Debasish Panda
- The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF), Government of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance industries in India.
Paymart Collaborates with 5 Indian Banks to Introduce Innovative Virtual Cash Withdrawal Service, Eliminating Need for Cards and Hardware
- Paymart, a fintech startup, has collaborated with 5 prominent Indian banks, namely IDBI Bank, Indian Bank, Jammu & Kashmir Bank, and Karur Vysya Bank, to introduce a novel virtual, cardless, and hardware-less cash withdrawal service.
Key Highlights :
- Expansion Plans: The company is in advanced negotiations with four additional banks for further expansion and collaboration.
- Timeline for Rollout: Pilot programs are scheduled to commence with partner banks in February/March, followed by a phased nationwide launch planned for April/May 2024.
- Successful Pilot Program: Paymart conducted a successful pilot program with IDBI Bank, spanning over six months, to test the efficiency and viability of its virtual ATM service.
- Partnership with CSC e-Governance Services: Paymart has partnered with CSC e-Governance Services India Ltd to extend the accessibility of its virtual ATM service.
- Current Availability: Presently, the virtual ATM service is accessible in select locations across Chandigarh, Delhi, Hyderabad, Chennai, and Mumbai, as mentioned by Amit Narang, the Founder & CEO of Paymart India Pvt Ltd.
- Transaction Limits : A user can withdraw a minimum amount of Rs 100 and a maximum amount of Rs 2,000 per transaction, using this facility.
- The maximum limit has been set at Rs 10,000 per month for withdrawing through virtual ATMs.
- Founder & CEO of Paymart India Private Limited : Amit Narang
BOBCARD and NPCI Introduce India’s Second Corporate Credit Card on the RuPay Network
- BOBCARD (formerly known as BOB Financial Solutions), a wholly-owned subsidiary of Bank of Baroda, and National Payments Corporation of India (NPCI) has announced the launch of Corporate Credit Card on RuPay Network.
- With this, BOBCARD has become the second credit card issuer in the ecosystem to have a Corporate Credit Card on RuPay.
Key Highlights :
- A corporate credit card on the RuPay network is a financial instrument designed specifically for corporate clients, offering benefits and features tailored to meet the needs of businesses.
- RuPay is a domestic card payment network in India, and corporate credit cards on this network provide advantages for companies and their employees.
- The newly launched BOBCARD’s Corporate Credit Card on RuPay allows linkage with Unified Payments Interface (UPI) through any UPI-enabled app.
- With this credit card, users will get complimentary lounge access and fuel surcharge waiver. The corporate credit card also has complimentary personal accidental death insurance cover for its cardholders.
Note :
- In December 2023, IndusInd Bank launched ‘IndusInd Bank eSvarna’, India’s first Corporate Credit Card on RuPay network to facilitate transactions at merchant outlets and allows users the flexibility to make UPI payments by linking the card with UPI-enabled apps.
HDFC Bank Leads Profit Race, Outpaces State Bank of India in Current Fiscal Year
- HDFC Bank emerged as the most profitable company in the ongoing financial year, surpassing State Bank of India (SBI) and Indian Oil Corporation (IOC) with a net profit of Rs 44,300 crore during the initial nine months of the fiscal year.
- SBI reported a robust profit of Rs 40,378 crore, securing the second position in the profit rankings, while Indian Oil Corporation (IOC) was third with a net profit of Rs 34,781 crore during the same period.
- TCS and ONGC were among the top five companies in terms of net profit.
- HDFC Bank’s ascent to the top can be attributed to its strategic merger with mortgage lender HDFC, effective from July 1, 2023.
- In the preceding fiscal year (FY23), SBI held the title of the most profitable company with a net profit of Rs 50,232 crore, with Reliance Industries and HDFC Bank securing the second and third positions, respectively.
- In the third quarter of the current fiscal year, HDFC Bank retained its top position with a net profit of Rs 16,373 crore, followed by Tata Consultancy Services (TCS) in the second place with a net profit of Rs 10,753 crore, and ICICI Bank in the third place with a bottom line of Rs 10,272 crore.
CURRENT AFFAIRS: NATIONAL NEWS
Prime Minister will essentially open the fourth round of the Khelo India University Games.
- Prime Minister Shri Narendra Modi will virtually inaugurate the 4th edition of Khelo India University Games – 2023, Ashtalakshmi at Sarusajai Sports Complex in Guwahati, Assam.
- Akashvani correspondent reports that Union Minister for Information & Broadcasting, Youth Affairs and Sports Shri Anurag Singh Thakur reached Guwahati to attend the official inaugural ceremony of the Khelo India University Games – 2023, Ashtalakshmi.
Key Highlights
- The inaugural ceremony will start at 6 pm and Assam Chief Minister Dr. Himanta Biswa Sarma will also attend the event.
- Assam’s music sensation Angarag Mahanta, popularly known as Pabon is all set to grace the opening ceremony.
- The grand opening will also feature a thematic showcase highlighting the values of unity, diversity, and the spirit of sportsmanship.
- A total of 16 sporting disciplines are being held in Guwahati of the total 20 sporting disciplines and the rests 4 disciplines at other North Eastern states.
- The event is being organised at 18 venues in 7 cities during 11days duration where around 4500 athletes are participating in 20 sporting disciplines.
- Over 215 universities are participating in this mega university event.
- The Khelo India University Games – 2023, Ashtalakshmi will conclude on 29th February, 2024.
Initiatives totaling Rs. 254 crore will be launched at Pandu Port in Guwahati by Shri Sarbananda Sonowal.
- In a significant push towards revitalizing the Inland Water Transport (IWT) sector and bolstering connectivity in the North Eastern Region, Union Minister of Ports, Shipping, and Waterways, Shri Sarbananda Sonowal will inaugurate pivotal projects of more than Rs. 254 crore at Pandu Port, Guwahati.
- Shri Sonowal will inaugurate Passenger-cum-Cargo Terminal at Bogibeel worth Rs. 46.60 crore, Inland Water Transport Terminal at Sonamura worth Rs. 6.91 crore, upgraded Terminal at Karimganj and Badarpur worth Rs. 6.40 crore.
- During the event he will also announce six Jetties at various locations on R iver Brahmaputra worth Rs. 8.45 crore, 19 passenger vessels for National Waterway-2 and National Waterway-16 worth Rs. 25 crore, and Extension of Jetty, Integrated Office and Bank Protection worth Rs. 30 crore.
- These infrastructural developments are poised to significantly augment connectivity within the Northeast, facilitating smoother movement of both passengers and cargo.
CURRENT AFFAIRS : STATE NEWS
Arunachal Pradesh Attains 100% Saturation in ‘Har Ghar Jal’ Scheme, Emerges as 1st State in Northeast India under Jal Jeevan Mission
- Arunachal Pradesh has achieved 100% saturation in ‘Har Ghar Jal’ scheme under the Centre’s Jal Jeevan Mission (JJM).
- Arunachal Pradesh has become the first in the northeast and 10th in the country to achieve a cent per cent saturation under the central government sponsored scheme.
- The Central government allocated Rs 396,541.22 lakh, and the State government contributed Rs 45,551.18 lakh to ensure clean and safe piped water to every household in Arunachal Pradesh.
About JJM :
- Prime Minister Shri Narendra Modi had announced the ‘Jal Jeevan Mission – Har Ghar Jal’ on 15th August, 2019.
- The mission aims at improving the ‘quality of life’ and enhanced ‘ease of living’ in rural areas by making a provision of assured tap water supply to every rural household in the country by 2024.
- Jal Jeevan Mission is being implemented in partnership with States.
About Arunachal Pradesh :
- Governor : Kaiwalya Trivikram Parnaik
- Chief Minister : Pema Khandu
- Capital : Itanagar
- National Park : Mouling National Park, Namdapha National Park
- Wildlife Sanctuaries : Dibang Wildlife Sanctuary, Sessa Orchid Wildlife Sanctuary
Haryana Chief Minister Khattar Initiates ‘Van Mitra’ Scheme to Promote Engagement in Tree Planting
- Haryana Chief Minister Shri Manohar Lal Khattar launched the ‘Van Mitra’ scheme and its portal to encourage community participation in tree planting activities in non-forest areas.
- Objective : To directly involve the local public in increasing forest areas across the state, ensuring an increase in the survival rate of afforestation, and promoting tree planting in non-forest areas.
Eligibility Criteria :
- Individuals from families with an annual income below Rs 1.80 lakh are eligible to register as ‘Van Mitras’.
- Each Van Mitra can plant a maximum of 1,000 saplings and will receive incentives based on the maintenance of the planted trees.
- Any individual aged between 18 and 60 years can enroll as a Van Mitra.
Implementation :
- Initially, 7,500 Van Mitras will be selected through the dedicated portal in the first phase of the scheme.
- Van Mitras have the freedom to select non-forest areas within their villages, towns, or cities for tree plantation.
Incentive Structure :
- In the first year, van mitras will receive Rs 20 for each dug pit upon uploading geo-tagging and photograph of the pit on the mobile app.
- After geo-tagging, van mitras will receive Rs 30 for each planted tree.
- They will receive Rs 10 per living plant for the maintenance and security of trees planted.
- Meanwhile, in the second year, van mitras will receive Rs 8 per living plant each month.
- In the third year, they will receive Rs 5 per living plant each month, and in the fourth year, this amount will be Rs 3 per living plant.
About Haryana :
- Governor : Bandaru Dattatreya
- Chief Minister : Manohar Lal Khattar
- Capital : Chandigarh
- National Park : Kalesar National Park, Sultanpur National Park
- Wildlife Sanctuary : Chhilchhila Wildlife Sanctuary, Bir Shikargah Wildlife Sanctuary, Nahar Wildlife Sanctuary
CURRENT AFFAIRS: AWARDS AND HONOURS
At the IIT Madras CSR Summit, REC is given the “Innovative Technology Development Award” for their 2 MW rooftop solar plant.
- REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power and a leading NBFC, has been honoured with the ‘Innovative Technology Development Award’ at the ‘Building India 2047: Technology for Better Tomorrow’, an IIT Madras Corporate Social Responsibility Summit.
- The award has been conferred in recognition of REC’s CSR initiative of installation of 2 MW rooftop solar plant at IIT Madras.
- The solar plant generates around 3.15 million units of clean energy every year, thus helping IIT Madras reduce its carbon footprint.
- Executive Director (CSR), Smt. Taruna Gupta and Chief Program Manager, REC, Regional Office Chennai, Smt. Thara Ramesh, received the award on behalf of REC.
- The ceremony was graced by Minister for IT and Digital Services of Tamil Nadu, Dr. Palanivel Thiaga Rajan and Director, IIT Madras, Prof. V. Kamakoti who applauded REC’s commitment to sustainable development goals.
- REC Limited has been recognized for its CSR activities with several prestigious awards, including the Global CSR Leadership Awards in 2023 and the PSE Excellence Award for CSR in 2023.
CURRENT AFFAIRS: MOUS AND AGREEMENT
IEPFA and DBS Bank sign an agreement to raise awareness about scams and investments.
- A Memorandum of Understanding (MoU) was signed between the Investor Education and Protection Fund Authority (IEPFA) under the aegis of the Ministry of Corporate Affairs (MCA), and DBS Bank, a prominent financial institution with a strong presence in Asia and Southeast Asia in New Delhi
- According to the MoU, DBS Bank aims to support IEPFA’s investor awareness activities by disseminating safety messages via its various digital platforms.
- Leveraging DBS Bank’s extensive network of branches and ATMs in 19 Indian states, as well as its digital infrastructure, will significantly increase the reach of IEPFA’s investor awareness and protection messages to the end users.
- During the ceremony, Anita Shah Akella, Joint Secretary, MCA, and CEO of the IEPFA, underscored the objectives behind the signing of the MoU and emphasised the proactive approach adopted by the IEPFA to engage with users through various channels, aiming to enhance responsiveness regarding the authority’s mandate through its awareness initiatives.
- Akella highlighted a discernible surge in claim filings as a testament to these efforts and noted the IEPFA’s commitment to efficiently address the increased volume of claims, surpassing previous records by settling more number of claims for rightful claimants.
Union Minister Shri Parshottam Rupala witnesses the Department of Fisheries and Open Network for Digital Commerce sign a MOU in New Delhi.
- The Department of Fisheries signed a Memorandum of Understanding (MoU) with Open Network for Digital Commerce (ONDC) in the presence of Union Minister of Fisheries, Animal Husbandry and Dairying Shri Parshottam Rupala, Minister of State Dr. L Murugan, Secretary (Fisheries) Dr Abhilaksh Likhi, Joint Secretary (Inland Fisheries), Shri Sagar Mehra, MD, ONDC Shri. T. Koshy and other esteemed dignitaries at New Delhi.
- Shri Parshottam Rupala also released a booklet “From Catch to Co mmerce, Increasing Market Access through Digital Transformation”.
- The objective of the collaboration of Department of Fisheries with ONDC is to provide a digital platform and empower all stakeholders including traditional fishermen, fish farmers producer organization, entrepreneurs from fisheries sector to buy and sell their products through e-market place.
- ONDC is a unique platform of e-marketing that will play a significant role in fisheries sector by connecting fishermen, fish farmers, FFPOs, self-help groups and other fishermen cooperatives in a structured manner.
IREDA and Punjab National Bank Collaborate to Provide Joint Financing for Renewable Energy Initiatives
- Indian Renewable Energy Development Agency Ltd. (IREDA) and Punjab National Bank (PNB) have signed a Memorandum of Understanding (MoU) aimed at advancing renewable energy initiatives across the nation.
- The agreement, signed at IREDA’s registered office in New Delhi February 19, 2024, paves the way for joint efforts in co-lending and loan syndication for a diverse spectrum of renewable energy projects.
- The MoU comprises various provisions aimed at enhancing support for renewable energy projects.
- These include joint lending, loan syndication and underwriting, management of Trust and Retention Account (TRA) for IREDA borrowers, and working towards competitive terms of sanction, including pricing on IREDA borrowings.
- Through the collaboration, IREDA and PNB can also invest in bonds issued by either organization.
- The MoU was signed by General Manager of IREDA Dr. R. C. Sharma, and Chief General Manager of PNB Shri Rajeeva, in the presence of Chairman & Managing Director of IREDA Shri Pradip Kumar Das, MD & CEO of PNB Shri Atul Kumar Goel, Director (Finance) of IREDA Dr. Bijay Kumar Mohanty, and other senior officials from both organizations.
CURRENT AFFAIRS : SCIENCE & TECHNOLOGY
Samsung Reclaims Leading Position in Smartphone Market for 1st Time Since 2017
- India’s smartphone shipments remained flat in 2023 at 152 million units and Samsung took the top spot, for the first time since 2017, with an 18% share, though lesser than what it had in 2022 at 19.4%.
Key Highlights :
- Apple became the largest smartphone brand by revenue in India in 2023 for the first time ever, surpassing Korea’s Samsung in a market valued at around $40 billion.
- The iPhone maker’s revenue share stood at 23% last year, despite capturing just around 6.5% market share by volume – its highest ever – as compared to Samsung which had 18% volume share and 21% revenue share, followed by Vivo with 13% revenue share.
- Samsung led the market in volume terms with 18% market share, followed by Vivo with 17%. Xiaomi dropped to third place, but captured the top spot in Q4 2023, on account of affordable 5G handsets and offline expansion. Realme and Oppo completed the top 5 with 12% and 10% share respectively.
About Apple :
- Founded : April 1, 1976
- Headquarters : Los Altos, California, United States
- Chief Executive Officer : Tim Cook.
NASA’s Cassini Probe Uncovers Extensive Subsurface Ocean on Saturn’s Moon Mimas
- As per the data from National Aeronautics and Space Administration’s (NASA’s) Cassini spacecraft unveils a significant discovery – a vast ocean exists beneath the icy surface of Saturn’s moon Mimas.
About Cassini-Huygens Mission :
- Cassini-Huygens was a joint NASA/European Space Agency (ESA)/Italian Space Agency (ASI) space mission to Saturn.
- The Cassini-Huygens mission commenced its journey on October 15, 1997.
- The mission consisted of NASA’s Cassini orbiter, which was the first space probe to orbit Saturn, and the ESA’s Huygens probe, which landed on Titan, Saturn’s largest moon.
- Mimas is a small moon, only about 400 kilometres in diameter, and its heavily cratered surface gave no hint of the hidden ocean beneath.
About NASA :
- Established : July 29, 1958
- Headquarters : Washington, D.C, United States of America
- Administrator : Bill Nelson
CURRENT AFFAIRS : OBITUARIES
Renowned Actor Kavita Chaudhary, Famous for Portraying ‘Lalitaji’ and in the Serial ‘Udaan,’ Passed Away
- Actor Kavita Chaudhary, the canny, kind Lalitaji from 1980s ad for Surf detergent and star of the popular Doordarshan serial “Udaan”, passed away at the age og 67.
About Kavita Chaudhary :
- Kavita Chaudhary was an Indian television actress, director, producer, and writer.
- She was a graduate of the National School of Drama.
- Chaudhary acted, wrote, and directed the popular Doordarshan serial “Udaan,” which aired from 1989 to 1991.
- The show revolved around women empowerment, focusing on the journey of an IPS officer named Kalyani Singh.
- “Udaan” was inspired by the life of Chaudhary’s elder sister, Kanchan Chaudhary Bhattacharya, who was also a police officer.
- Following the success of “Udaan,” Chaudhary produced two more shows for Doordarshan: “Your Honour” and “IPS Diaries.”
CURRENT AFFAIRS: IMPORTANT DAYS
Arunachal Pradesh Foundation Day: 20th February
- Arunachal Pradesh Foundation Day 2024 is observed on the 20th of February 2024.
Arunachal Pradesh Foundation Day History
- The state is located at the foot of the Himalayas, which gives it its famous, exquisite name.
- It is bordered by an Indian state and three other countries. Before gaining statehood in the late 1980s, Arunachal Pradesh had been a territory in the Union of India from 1972, comprising other states.
- The seven states in the territory were famously known as the ‘Seven Sisters.’ Going back to history, the northeastern region of India, where Arunachal Pradesh is located, had seen marked attention from the colonial British.
- As far back as the late 19th century, the British government began laying its administrative rulings in the region. Between 1912 and 1913, they successfully created what came to be known as North-Eastern Frontier Tracts, consisting of three regions.
- To mark the territorial distinction, they further drew a demarcation line between the region and Tibet in 1914 — an act that angered China, which saw Tibet under its rule, and in the long run, contributed to the Sino-Indian wars in 1962.
World Day of Social Justice 2024: 20th February
- The United Nations (UN) World Day of Social Justice is annually observed on February 20 to encourage people to look at how social justice affects poverty eradication.
World Day of Social Justice History
- World Day of Social Justice is not a public holiday but rather a global observance that has been in effect since 2009.
- More than one hundred international political leaders held a World Summit for Social Development in Copenhagen, Denmark in 1995, to fight against poverty and full employment and aspired that they would also strive to have stable, and safe societies.
- They reached an agreement to announce a declaration that is also called the Copenhagen Declaration and Programme of Action for Social Development.
- The Copenhagen Declaration and Programme of Action for Social Development were reviewed by the UN member states a decade later in New York in 2005.
- Finally, 20th February was declared the annual World Day of Social Justice by the United Nations on November 26, 2007.
- The International Labour Organization (ILO) is the first specialized agency of the United Nations formed on October 29, 1919.
- ILO is also credited with proposing the observance of February 20th as World Day of Social Justice adopting the ILO Declaration on Social Justice for a Fair Globalisation at the International Labour Conference on June 10, 2008.
- The guiding principles behind this declaration are the Philadelphia Declaration of 1944 and the Declaration on Fundamental Principles and Rights at Work of 1998.
- The contemporary vision of the ILO’s mandate in the era of globalization and the free-market economy is guided by the Declaration of 2008.
Daily CA One- Liner: February 20
- Prime Minister Shri Narendra Modi will virtually inaugurate the 4th edition of Khelo India University Games – 2023, Ashtalakshmi at Sarusajai Sports Complex in Guwahati, Assam
- In a significant push towards revitalizing the Inland Water Transport (IWT) sector and bolstering connectivity in the North Eastern Region, Union Minister of Ports, Shipping, and Waterways, Shri Sarbananda Sonowal will inaugurate pivotal projects of more than Rs. 254 crore at Pandu Port, Guwahati.
- REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power and a leading NBFC, has been honoured with the ‘Innovative Technology Development Award’ at the ‘Building India 2047: Technology for Better Tomorrow’, an IIT Madras Corporate Social Responsibility Summit
- A Memorandum of Understanding (MoU) was signed between the Investor Education and Protection Fund Authority (IEPFA) under the aegis of the Ministry of Corporate Affairs (MCA), and DBS Bank, a prominent financial institution with a strong presence in Asia and Southeast Asia in New Delhi.
- The Department of Fisheries signed a Memorandum of Understanding (MoU) with Open Network for Digital Commerce (ONDC) in the presence of Union Minister of Fisheries, Animal Husbandry and Dairying Shri Parshottam Rupala, Minister of State Dr. L Murugan, Secretary (Fisheries) Dr Abhilaksh Likhi, Joint Secretary (Inland Fisheries), Shri Sagar Mehra, MD, ONDC Shri. T. Koshy and other esteemed dignitaries at New Delhi.
- Indian Renewable Energy Development Agency Ltd. (IREDA) and Punjab National Bank (PNB) have signed a Memorandum of Understanding (MoU) aimed at advancing renewable energy initiatives across the nation
- Arunachal Pradesh Foundation Day 2024 is observed on the 20th of February 2024.
- The United Nations (UN) World Day of Social Justice is annually observed on February 20 to encourage people to look at how social justice affects poverty eradication.
- Mumbai emerged as the city with the largest share of electoral bond sales since the inception of the donation scheme in 2018.
- The Insurance Regulatory and Development Authority (IRDAI) has introduced an exposure draft proposal for an insurance electronic marketplace named Bima Sugam.
- Paymart, a fintech startup, has collaborated with 5 prominent Indian banks, namely IDBI Bank, Indian Bank, Jammu & Kashmir Bank, and Karur Vysya Bank, to introduce a novel virtual, cardless, and hardware-less cash withdrawal service.
- BOBCARD (formerly known as BOB Financial Solutions), a wholly-owned subsidiary of Bank of Baroda, and National Payments Corporation of India (NPCI) has announced the launch of Corporate Credit Card on RuPay Network.
- HDFC Bank emerged as the most profitable company in the ongoing financial year, surpassing State Bank of India (SBI) and Indian Oil Corporation (IOC) with a net profit of Rs 44,300 crore during the initial nine months of the fiscal year.
- Arunachal Pradesh has achieved 100% saturation in ‘Har Ghar Jal’ scheme under the Centre’s Jal Jeevan Mission (JJM).
- Haryana Chief Minister Shri Manohar Lal Khattar launched the ‘Van Mitra’ scheme and its portal to encourage community participation in tree planting activities in non-forest areas.
- India’s smartphone shipments remained flat in 2023 at 152 million units and Samsung took the top spot, for the first time since 2017, with an 18% share, though lesser than what it had in 2022 at 19.4%.
- As per the data from National Aeronautics and Space Administration’s (NASA’s) Cassini spacecraft unveils a significant discovery – a vast ocean exists beneath the icy surface of Saturn’s moon Mimas.
- Actor Kavita Chaudhary, the canny, kind Lalitaji from 1980s ad for Surf detergent and star of the popular Doordarshan serial “Udaan”, passed away at the age og 67.
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