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CURRENT AFFAIRS: BANKING & FINANCE
PayPal Registers With India’s Financial Intelligence Unit
- US-based online payment gateway PayPal has officially registered its operations with the Financial Intelligence Unit of India, six years after a legal battle between both entities.
- PTI reported that the company has completed the formal procedure of being designated as a reporting entity under the Prevention of Money Laundering Act (PMLA) recently and has submitted the requisite documents to the Financial Intelligence Unit (FIU).
- PayPal has also appointed a principal officer to communicate with the FIU, as required by the anti-money laundering law. The appointment of a director, as per the same law, is in process.
Key Highlights:
- The FIU serves as a national agency responsible for receiving, processing, analysing and disseminating information concerning suspicious financial transactions within Indian economic channels to various enforcement agencies and foreign FIUs.
- In December 2020, the federal anti-money laundering agency levied a penalty of INR 96 Lakh against the global online payments giant, alleging non-compliance with the PMLA by failing to register as a reporting entity.
- Earlier, PayPal refused to register itself as a reporting entity under the provisions of the PMLA, arguing that it only operated in India as an Online Payment Gateway Service Provider (OPGSP) or a payment intermediary, and therefore, does not come under the definition of a payment system operator under the PMLA provisions.
- The Delhi High Court has set aside a penalty of INR 96 Lakh imposed on online payment major PayPal by the finance ministry’s Financial Intelligence Unit-India for allegedly violating India’s anti-money laundering law.
- However, the court stated that PayPal is a ‘payment system operator’ within the framework of the Prevention of Money Laundering Act (PMLA). Hence, it is obliged to follow the reporting entity obligations under the PMLA.
- As per the court order, PayPal will have to comply with Section 12 of the PMLA. As a ‘reporting entity’, it is mandatory to verify and maintain records of all transactions and identities of all its clients for ten years.
- The US-based company had also been accused of “concealing” doubtful financial transactions and abetting the “disintegration” of India’s financial system by the FIU.
- In further serious charges, PayPal was stated to be “defeating and frustrating” the tenets of public interest and the provisions of the high-profile Prevention of Money Laundering Act (PMLA), which targets economic crimes, terrorist financing and black money rackets.
- The FIU had asked PayPal in March 2018 to register as a reporting entity to record all its transactions in India, while also reporting suspicious transactions and cross-border wire transfers, which were then analysed by the FIU’s financial investigators and other agencies for further action.
- However, despite the order, PayPal declined to register as a reporting entity, saying that it was compliant with the Reserve Bank of India guidelines for an Online Payment Gateway Service Provider (OPGSP) or a payments intermediary which is not covered under the PMLA.
About PayPal:
- Headquarters: California, US
- Founders: Peter Thiel, Max Levchin, Ken Howery, Luke Nosek, Yu Pan
- Founded: December 1998
- President: Dan Schulman
- CEO: Alex Chriss
India Inc raised 15% more via corporate bond issuances in 9M FY24 vis-a-vis year ago period
- In what could be considered as a sign of investment demand gathering steam, India Inc raised ₹80,000 crore more via corporate bond issuances in the first nine months (9M) of FY24 vis-a-vis year ago period.
- Corporate bond issuances during 2023-24 (from April 1 up to November-end 2023) were 15 per cent higher year-on-year (yoy) at ₹6.1-lakh crore compared with ₹5.3-lakh crore a year ago, per RBI data.
- Easing long term yields and relative stability in the bond market amidst a healthy economic outlook has prompted issuers to raise funds for investments through debt issuances, per an article “State of the Economy” in RBI’s latest monthly bulletin.
- In fact, corporate bond investors are snapping up new issues worldwide, locking in elevated yields ahead of what they believe as imminent interest rate cuts.
- Investor preference is tilted in favour of investment grade issuances, with a predominant portion picked up by banks and financial companies, the researchers stated.
Sustained demand
- Venkatakrishnan Srinivasan, Founder & Managing Partner, Rockfort Fincap LLP, opined that corporate bond market yields came down sharply compared to bank loan rates on expectation of future rate cuts. This led to an increase in bond issuances on a sustainable basis.
- He noted that there has been sustained demand for corporate bonds from investors, including institutional investors such as mutual funds, insurance companies, and pension funds.
- RBI Governor Shaktikanta Das, in his February 8th bi-monthly monetary policy statement, observed that investment cycle is gaining steam, aided by sustained thrust on government capex (capital expenditure); increasing capacity utilisation; rising flow of resources to the commercial sector; and policy support from schemes such as production linked incentive (PLI).
Corporate Bond:
- A corporate bond is debt issued by a company in order for it to raise capital.
- An investor who buys a corporate bond is effectively lending money to the company in return for a series of interest payments, but these bonds may also actively trade on the secondary market.
- Corporate bonds are typically seen as somewhat riskier than U.S. government bonds, so they usually have higher interest rates to compensate for this additional risk.
- The highest quality (and safest, lower yielding) bonds are commonly referred to as “Triple-A” bonds, while the least creditworthy are termed “junk”.
SEBI slaps ₹3-lakh fine on Kotak Alternate Investment Fund
- Market regulator SEBI has levied a penalty of ₹3 lakhs on Kotak Alternate Investment Fund and its trustees for extending the tenure of its close-ended venture capital fund Kotak SEAF India beyond the prescribed tenure.
- The corpus of VCF was ₹698 crore and had invested ₹577 crore in 18 portfolio
- Per the first closing of the fund in March 2005, the tenure of the fund was for nine years and extendable by one year.
- It was supposed to end on March 30, 2015 with a one-year extension.
- However, the fund took three extensions of seven years and it finally closed on March 30, 2022 with a super majority of 75 per cent from investors.
- SEBI ruled that after the maturity of the fund, as per the Private Placement Memorandum, the trustees have no control over the fund.
Key Highlights:
- Kotak AIF stated it had to extend the tenure as the scheme was unable to divest some of its investments as they were under litigation.
- However, SEBI stated the litigation on investment cannot be a valid ground for extension of tenure as the venture capital regulation has no provision for it.
- SEBI stated unit holders had no say in deciding the term of the fund at the initial stage of launching of the Scheme and they only subscribed to the scheme as the terms of the scheme suited their investment objective.
About SEBI :
- Established: 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
- Headquarters: Mumbai, Maharashtra
- Chairman: Madhabi Puri Buch
- SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance, Government of India.
GDP growth to moderate to 6.0% in Q3 FY2024, led by agriculture and industry: ICRA
- India’s real GDP growth likely slowed to 6% in the third quarter of this fiscal year, from 7.6% in Q2, rating firm ICRA stated, citing the uneven monsoon, slowing government capex and flagging momentum in some indicators, including industrial activity.
- The National Statistical Office, which has estimated GDP growth for 2023-24 at
- 7.3%, will release its national income estimates for Q3 at the end of this month.
Key Highlights:
- ICRA also expects the economy’s Gross Value Added (GVA) to ease to 6%, from 7.4% in Q2, with the expansion in agriculture GVA pegged at a mere 0.5% and industrial GVA growth seen easing to 8.8%, from 13.2% in the preceding quarter.
- The deterioration in Q3 industrial growth is partly attributable to an adverse base effect and a deceleration in volume expansion, the rating firm stated.
- Additionally, a mild 0.2% contraction in total spending by the Centre and 25 State governments last quarter, after an 18.3% increase in Q2 is expected to have impacted GVA growth in the period.
- “Lower volume growth for the industrial sector, flagging momentum in certain indicators of investment activity, a slowdown in government expenditure and an uneven monsoon are expected to” have dampened the GDP growth in Q3, stated Aditi Nayar, chief economist and head of research and outreach at
- Services GVA growth was projected to have improved to 6.5% in the October-December quarter, from 5.8% in Q2, with the trade, hotels, transport, communication and services related to broadcasting segment estimated to post a near doubling of growth at 8%, from 4.3% in Q2.
About ICRA:
- The full form of ICRA is Investment Information and Credit Rating Agency.
- It was founded as an independent & competent investing information and credit score company by leading banks, financial institutions and financial institutions in
- The Investment Information and Credit Rating Agency (ICRA) has its headquarters in Gurugram,
CURRENT AFFAIRS: NATIONAL NEWS
Prime Minister inaugurates and lays the foundation stone of projects worth over 13,000 crore at Tarabh, Mesana.
- Prime Minister Narendra Modi inaugurated and laid the foundation stone of projects worth over 13 thousand crore at Tarabh in Mesana.
- These include the launch of Bharat Net Phase-II – Gujarat Fibre Grid Network Limited, which will provide high-speed internet to more than 8000 gram panchayats.
- Besides, multiple projects for rail line doubling, gauge conversion, new broad-gauge line in districts of Mahesana and Banaskantha; multiple road projects in Kheda, Gandhinagar, Ahmedabad, and Mahesana were also launched on the occasion.
- During the program, the Prime Minister laid the foundation stone of several important projects including multiple road projects in Gandhinagar, Ahmedabad, Banaskantha, and Mahesana; the Runway of Air Force Station, Deesa, Gujarat Biotechnology Research (GBRC)’s new building at GIFT city among others.
The WHO’s Global Initiative on Digital Health is launched by Union Minister Mansukh Mandaviya.
- Union Minister of Health and Family Welfare Dr Mansukh Mandaviya virtually addressed the public launch event of the World Health Organization’s Global Initiative on Digital Health (GIDH).
- The GIDH is a WHO-managed network which was unanimously adopted by all G20 countries, invited countries and international organizations.
- It was collectively launched as a key deliverable of India’s G20 Presidency during the Health Ministers’ Meeting in Gandhinagar last year.
Key Highlights
- India’s collaboration with the WHO on the GIDH is a testament of our shared commitment towards transforming the digital health ecosystem.
- New Delhi Leaders’ Declaration of the G20 Summit also welcomed the establishment of GIDH within the framework of the WHO.
- GIDH will allow the democratization of digital health technologies in national digital health transformation particularly in the Global South.
- The success of the GIDH also requires strong regional cooperation.
- The Union Health Minister also highlighted “India’s ground-breaking digital health transformations, particularly through the flagship Ayushman Bharat Digital Mission which promotes healthcare digitization and creates an interoperable digital ecosystem”.
Women’s Safety Scheme should be extended until 2025–2026, according to the Union Government
- The Union Government has approved the proposal of the Ministry of Home Affairs of the continuation of the implementation of the Umbrella Scheme on ‘Safety of Women’ at a total cost of around one thousand 180 crore rupees during the period from 2021-22 to 2025-26.
- The decision was taken at a Union Cabinet meeting chaired by Prime Minister Narendra Modi.
- Addressing the media after the meeting, Information and Broadcasting Minister Anurag Singh Thakur said 24-hour emergency helpline service 112 will be scaled up under it.
- He also informed that for scientific and timely investigation, six cyber forensic science laboratories are being set up at Pune, Chandigarh, Kolkata, Delhi, Kamrup, and
- The Union Minister said, women’s help desks and 827 antihuman trafficking units have been set up at 13,557 police stations across the country so far and women’s help desks will also be established in the remaining 3,329 police stations.
- Besides, every year 5000 police personnel will be imparted training for effective investigation and prosecution to curb the crime against women and children.
In Gujarat, Prime Minister Modi will unveil many development initiatives valued at 55,500 crore rupees.
- Prime Minister Narendra Modi will inaugurate and lay the foundation stone of multiple development projects worth 55,500 crore rupees in Gujarat.
- During his day-long visit to Gujarat, PM will attend programs at Ahmedabad, Mahesana, and Navsari and will launch several projects related to road, rail, energy, health, internet connectivity, urban development, water supply, and tourism sectors.
- The PM will participate in the Golden Jubilee celebration of the Gujarat Cooperative Milk Marketing Federation popularly known as Amul at Narendra Modi Stadium in Ahmedabad.
- More than 1.25 lakh farmers are expected to witness the event.
- Later, At a public function at Tarabh in Mahesana, the Prime Minister will also inaugurate important projects including Bharat Net Phase-II – Gujarat Fibre Grid Network Limited, which will provide high-speed internet to more than 8000-gram panchayats.
- Besides, multiple projects for rail line doubling, gauge conversion, new broad-gauge line in districts of Mahesana and Banaskantha; multiple road projects in Kheda, Gandhinagar, Ahmedabad, and Mahesana will also be launched on the occasion.
- During the programme, the Prime Minister will also lay the foundation stone of several important projects including multiple road projects in Gandhinagar, Ahmedabad, Banaskantha, and Mahesana; the Runway of Air Force Station, Deesa, Gujarat Biotechnology Research Centre (GBRC)’s new building at GIFT city among others.
- The PM will launch several projects at Navsari including the inauguration of two new Pressurised Heavy Water Reactors at Kakrapar Atomic Power Station: KAPS-3 and KAPS-4.
- PM will also initiate the work commencement for the construction of PM MITRA Park in Navsari.
18 National Highway Projects totalling Rs 7,290 crore are inaugurated and the foundation stone is laid by Shri Nitin Gadkari at Belagavi, Karnataka.
- In a significant stride towards advancing modern road connectivity in Karnataka, Union Minister for Road Transport and Highways Shri Nitin Gadkari inaugurated and laid the foundation stone for 18 National Highway Projects with a total investment of ₹7,290 crore.
- The ceremony took place in the presence of Karnataka PWD Minister Shri Satish Jarkiholi Ji, Members of Parliament, MLCs, MLAs, and Senior Officials in Belagavi, Karnataka.
- These transformative road initiatives are poised to integrate the region into a world-class network, fostering economic growth and generating employment.
- These strategic projects not only enhance agricultural and tourism sectors but also exemplify a commitment to advancing connectivity and prosperity throughout North Karnataka.
CURRENT AFFAIRS: INTERNATIONAL NEWS
India, and Greece agree to soon firm up migration & mobility pact; boost anti-terror cooperation
- India and Greece will soon sign a mobility and migration partnership agreement to ease skilled migration between the two countries and aim to double bilateral trade by 2030, stated Prime Minister Narendra Modi.
- The Indian PM and his Greek counterpart, Kyriakos Mitsotakis, in their bilateral meeting in New Delhi, discussed strengthening of cooperation in multiple areas, including defence, security, education, start-ups, shipping, trade, investment, agriculture and tourism.
- Modi stated that the visit of the Greek PM to India after 16 years was a historic occasion.
- India-Greece bilateral trade in 2022-23 was about $2 billion, with India’s exports at $785.72 million and imports at $1.16 billion, per government data.
Key Highlights:
- The Indian PM welcomed Greece’s joining of the Indo-Pacific Oceans Initiative and stated that the countries were in agreement on all disputes and tensions being resolved through dialogue and diplomacy.
- Later, at the inaugural session of the Raisina Dialogue 2024, Mitsotakis highlighted the “great promise” of the proposed India-Middle East-Europe Economic Corridor (IMEC).
- He stated that it would supercharge connectivity between India, the growth economies of Middle East and Europe and Greece could play an important part.
About Greece:
- Prime Minister: Kyriakos Mitsotakis
- Capital: Athens
CURRENT AFFAIRS: STATE NEWS
Union Education Minister inaugurates 211 PM SHRI schools in Chhattisgarh
- Union Minister of Education and Skill Development & Entrepreneurship, Dharmendra Pradhan, along with Chief Minister of Chhattisgarh, Vishnu Deo Sai, inaugurated 211 PM SHRI schools in Raipur.
- While addressing the event, Pradhan expressed his gratitude to PM Modi for strengthening the education ecosystem of the country with schemes like PM SHRI.
- Other dignitaries including the Minister of Education, Government of Chhattisgarh, Brijmohan Aggarwal; Members of Parliament, Sunil Soni, Rajesh Munat, Purandar Mishra, Moti Lal Sahu, Guru Khushwant Saheb; Secretary, Department of School and Literacy, Ministry of Education, Sanjay Kumar; Additional Secretary, Department of School Education and Literacy, Ministry of Education, Vipin Kumar and other dignitaries were also present at the event.
About PM SHRI:
- The PM SHRI School is a centrally sponsored scheme initiated by the Government of India.
- The Cabinet has approved a newly central sponsored scheme called PM SHRI on 7 September, 2022.
- Its objective is to establish over 14,500 PM SHRI Schools, overseen by the Central Government, State/UT Governments, local bodies, as well as Kendriya Vidyalaya Sangathan (KVS) and Navodaya Vidyalaya Samiti (NVS).
About Chattisgarh:
- Governor: Biswabhusan Harichandan
- Chief Minister: Vishnu Deo Sai
- Capital: Raipur
- National Park: Indravati National Park, Kanger valley, Guru Ghasi das (sanjay) National Park
- Wildlife Sanctuaries: Achanakmar Wildlife Sanctuary, Barnawapara Wildlife Sanctuary, Badalkholsanctuary, Bhairamgarh Wildlife Sanctuary, Bhoramdeo Wildlife Sanctuary, Gomarda Wildlife Sanctuary, The Pamed Wildlife Sanctuary,Sitanadi Wildlife Sanctuary, TamorPingla Wildlife Sanctuary
Medaram Jatara, India’s Largest Tribal Festival Begins In Telangana
- Sammakka Saralamma Jathara, also known as Medaram Jathara, is a tribal festival dedicated to honouring the goddesses celebrated in the southern state of Telangana.
- Telangana Minister for Panchayat Raj & Rural Development (including Rural Water Supply), Women & Child Welfare, Dansari Anasuya Seethakka, inaugurated the tribal dance performances in Medaram village.
- “Samakka Saralamma Jatara” is expected to witness a record turnout of around 15 million tribals from across the country including Karnataka, Andhra Pradesh, Chhattisgarh, Jharkhand, Madhya Pradesh, Maharashtra, Bihar and West Bengal.
About Telangana:
- Governor: Tamilisai Soundararajan
- Chief Minister: Revanth Reddy
- Capital: Hyderabad
- National Park: Kasu Brahmananda Reddy National Park, Mahavir Harina Vanasthali National Park, Mrugavani National Park
- Wildlife Sanctuaries: Kinnerasani Wildlife Sanctuary, Eturnagaram Wildlife Sanctuary, Kawal Tiger Reserve, Manjira wildlife sanctuary, Pocharam Wildlife Sanctuary, Pranahita wildlife sanctuary
Banking Business in Uttar Pradesh increased to Rs 27 Lakh Crore
- During a recent meeting of the State Level Bankers Committee, Chief Minister Yogi Adityanath urged banks to not hesitate in providing loans to those in need.
- The government will offer training to beneficiaries of its schemes and ensure that banks receive all necessary security and assistance.
- Adityanath expressed satisfaction with the credit deposit ratio (CD ratio) of banks in the state, which currently stands at 58.59%.
- However, he set a target of increasing it to 65% in the next financial year.
- The Chief Minister highlighted the growth of the banking sector in the state, with banking business worth Rs 12.80 lakh crore in 2016-17, which has now risen to Rs 26.80 lakh crore.
- The Chief Minister highlighted the growth and strength of the banking sector in Uttar Pradesh, citing that in 2016-17, banks provided loans amounting to Rs 1.37 lakh crore in the state.
- This figure increased to over Rs 3 lakh crore in 2022-23, and by December 2023, banks had already given loans amounting to Rs 2.98 lakh crore.
Key Highlights:
- Furthermore, over the past seven years, 42 lakh new banking outlets were established, with 167 lakh new beneficiaries added under the PM Jeevan Jyoti Insurance Scheme and 459 lakh new beneficiaries added under the PM Suraksha Bima Yojana.
- Uttar Pradesh ranks first in various centrally funded social security schemes.
- During the committee meeting, Adityanath also mentioned the state government’s ambitious scheme called “Family ID,” which requires banks to provide comprehensive data on beneficiaries of central and state government schemes.
- This data will help accurately assess the situation of every family in the state.
- The Chief Minister commended the “One GP-One BC” (One Gram Panchayat-One BC Sakhi) program, which has played a crucial role in empowering women.
- He urged banks to further support BC Sakhis and address any issues they may face, particularly those affected by the Paytm Payment Bank problem.
- He presented the state share to Baroda UP Gramin Bank and Aryavarta Gramin Bank, inaugurated 10 lakh Kisan Credit Cards and 1111 banking outlets, and provided tool kits to 10 BC Sakhis.
- Additionally, HDFC Bank adopted 150 Vantangiya villages and will establish 75 smart classes in these villages, as certified by RBI Chief General Manager Nisha Nambiar.
About Uttar Pradesh:
- Governor: Anandiben Patel
- Chief Minister: Yogi Adityanath
- Capital: Lucknow
- National Park: Dudhwa National Park (Lakhimpur-Kheri District)
CURRENT AFFAIRS: BUSINESS NEWS
Air India Ltd & Tata Advanced Systems Limited to invest Rs 2,300 crore in Karnataka
- Tata Group companies Air India and Tata Advanced Systems Limited (TASL) plan to invest Rs 2,300 crore in Karnataka in multiple projects which will employ about 1,650 people.
- Air India plans to establish an airframe Maintenance, Repair and Overhaul (MRO) facility at Bengaluru International Airport with an investment plan of Rs 1,300 Crore which is likely to employ 1,200 people.
- This will be the first-of-its-kind facility in India and will open doors for a full-scale MRO.
- TASL is planning to set up three projects with a total investment of Rs 1,030 crore — Passenger to Freighter Aircraft Conversion facility (Rs 420 crore), a gun manufacturing facility (Rs 310 crore) and Aerospace and Defence Research and Development in Karnataka (Rs 300 crore).
- All these projects are first-of-its-kind in India and will be located at Bengaluru International Airport and Kolar and will further strengthen the Aerospace and Defence ecosystem of Karnataka
CURRENT AFFAIRS: AWARDS AND HONOURS
Prof Aditi Sen De becomes the first woman scientist to win G D Birla Award.
- Prof Aditi Sen De becomes the first woman scientist to win the G D Birla Award.
- In a ground-breaking moment for Indian science, Prof. Aditi Sen De has been awarded the prestigious G. D. Birla Award for Scientific Research for the year 2023.
- The award, established in 1991, recognises exceptional scientific research conducted by Indian scientists below the age of 50.
- Aditi Sen De, a distinguished physicist from the Harish-Chandra Research Institute in Prayagraj, has been honoured for her outstanding contributions to the field of Physics.
- The G. D. Birla Award, carrying a cash prize of Rs 5 lakhs, is a testament to Prof. Aditi Sen De’s exceptional contributions to the scientific community.
- The rigorous selection process, overseen by the Indian National Science Academy, emphasizes the award’s prestige.
CURRENT AFFAIRS: APPOINTMENTS & RESIGNATIONS
Government appoints new chairman for Bank of India, Indian Overseas and UCO Bank
- The Appointments Committee of the Cabinet (ACC) has made several key appointments. These appointments have been announced by the Department of Personnel & Training in accordance with the decisions made by the ACC.
Appointment of M R Kumar as Chairman of Bank of India (BOI):
- The Appointments Committee of the Cabinet (ACC) has appointed M R Kumar, former LIC Chairman, as the part-time non-official Director and non-executive Chairman of Bank of India (BOI).
- M R Kumar has been appointed as the Chairman of BOI for a term of three years.
Appointment of Srinivasan Sridhar as Chairman of Indian Overseas Bank (IOB):
- The ACC has appointed Srinivasan Sridhar as the part-time non-official Director and non-executive Chairman on the Board of Indian Overseas Bank (IOB).
- Sridhar has been appointed for a term of three years, with the condition that he resigns from the Board of Bank of Baroda.
Appointment of Aravamudan Krishna Kumar as Chairman of UCO Bank:
- The ACC has appointed Aravamudan Krishna Kumar as the part-time non-official Director and non-executive Chairman on the Board of UCO Bank.
- Kumar has been appointed for a term of three years, subject to his resignation from the Board of Suraksha Asset Reconstruction Limited, as per the order issued by the Department of Personnel & Training.
CURRENT AFFAIRS: SCIENCE & TECHNOLOGY
Successful completion of Human rating of CE20 Cryogenic engine for the Gaganyaan Programme
- ISRO has accomplished a major milestone in the human rating of its CE20 cryogenic engine that powers the cryogenic stage of the human-rated LVM3 launch vehicle for Gaganyaan missions, with the completion of the final round of ground qualification tests on February 13, 2024.
- The final test was the seventh of a series of vacuum ignition tests carried out at the High Altitude Test Facility at ISRO Propulsion Complex, Mahendragiri, to simulate the flight conditions.
- The ground qualification tests for the human rating of the CE20 engine involved life demonstration tests, endurance tests, and performance assessment under nominal operating conditions as well as off-nominal conditions w.r.t thrust, mixture ratio, and propellant tank pressure.
- All the ground qualification tests of the CE20 engine for the Gaganyaan programme have been successfully
- In order to qualify the CE20 engine for human rating standards, four engines have undergone 39 hot firing tests under different operating conditions for a cumulative duration of 8810 seconds against the minimum human rating qualification standard requirement of 6350
- ISRO has also successfully completed the acceptance tests of the flight engine identified for the first unmanned Gaganyaan (G1) mission tentatively scheduled for Q2 of 2024.
- This engine will power the upper stage of the human-rated LVM3 vehicle and has a thrust capability of 19 to 22 tonnes with a specific impulse of 442.5 seconds.
About ISRO:
- Headquarters: Bengaluru
- Founder: Vikram Sarabhai
- Founded: 15 August 1969
- Chairperson: Somanath
- Owner: Government of India
CURRENT AFFAIRS: DEFENCE NEWS
Milan 2024: War exercise including 50 Navies kicks off in Vizag
- Indian Navy’s largest-ever multilateral naval exercise, Milan 2024, has commenced in Vizag with an impressive lineup of warships from Indian and foreign navies participating in the Harbour Phase.
Harbour Phase Highlights
- From February 19 to 23, the Harbour Phase includes an international city parade on RK Beach, a maritime seminar, a tech expo, Milan village, subject matter expert exchange, Milan of young officers, and various sporting events.
Sea Phase and Activities
- During the Sea Phase from February 24 to 27, participating navies will conduct advanced air defence, anti-submarine, and anti-surface warfare drills.
- The exercises will include gunnery shoots on aerial and surface targets, manoeuvres, and underway replenishment.
Notable Participants and Events
- For the first time, Vizagites will have the opportunity to see the indigenously built aircraft carrier INS Vikrant, anchored off the coast of
- This event marks the first time both the aircraft carriers – INS Vikrant and INS Vikramaditya – will be present in the city.
Dignitaries and Inauguration
- Defence Minister Rajnath Singh will inaugurate the Milan Village on February 21, while Vice-President Jagdeep Dhankar will attend the International City Parade programme on February 22.
CURRENT AFFAIRS: PERSON IN NEWS
Jacintha Kalyan – India’s first female pitch curator
- Jacintha Kalyan creates history as she becomes India’s first female curator and is all set for an exciting WPL season
- The upcoming 2nd edition of the Women’s Premier League tournament is all set to create some history as Jacintha Kalyan is all set to become the first female curator to prepare the pitches during the upcoming edition of the WPL that will commence on 23rd February 2023 and conclude on 17th March 2024.
About Jacintha Kalyan:
- Jacintha Kalyan, the first female curator from India, has been serving at Chinnaswamy Stadium.
- She shares her inspiring journey in a video released by the Women’s Premier League (WPL) social media handle, unfazed by comments about being the sole woman in her role, she remains focused on her task.
- Previously, she worked in the administrative section but transitioned to curatorship.
- In the year 2018, she cleared the BCCI curatorship exam.
- She developed her own interest in preparing pitches.
Key Highlights:
- The first half of the tournament will be played at the Chinnaswamy Stadium in Bangalore and the 2nd half of the tournament, including the eliminator, and the final will be played at the Arun Jaitley Stadium in Delhi.
- Jacintha Kalyan, the first female curator in India will prepare the pitches for the Bangalore leg of the tournament.
- The inaugural edition of the Women’s Premier League was a blockbuster success and all the matches were played in Mumbai at the DY Patil Stadium and the Brabourne Stadium.
- The finalists of the inaugural edition Mumbai Indians and Delhi Capitals will kickstart the new season on 23rd February 2024.
CURRENT AFFAIRS: SPORTS NEWS
Gold in the Junior Women’s Team Sprint Event at the Asian Track Cycling Championship makes history for India:
- In the Asian Track Cycling Championship, India created history by clinching Gold in the Junior Women’s Team Sprint Event at the Indira Gandhi Indoor Stadium in Delhi.
- The women’s junior team, comprising Sarita Kumari, Niya Sebastian, Zaina Mohammed Ali Pirkhan, and Sabina Kumari outpaced South Korea with an impressive timing of 53.383 seconds to win the gold.
- In the men’s junior team event, India’s Narayan Mahto, Syed Khalid Baghi, and Mayanglambam Wattaba Meitei won the silver medal.
- In the para-team sprint event, Arshad Shaikh, Jalaluddin Ansari, and Basavaraj Horaddi also won silver, adding to India’s medal total in the para-cycling team event.
- In the team pursuit event, the junior women’s team consisting of Harshita Jakhar, Suhani Kumari, Dhanyadha JP, and Bhumika took home the Bronze medal, while South Korea and Kazakhstan won the Gold and Silver respectively.
- India won four medals on the opening day, including one gold, two silver, and one bronze, demonstrating the strength and tenacity of its cycling contingent.
Daily CA One- Liner: February 23
- Prime Minister Narendra Modi inaugurated and laid the foundation stone of projects worth over 13 thousand crore at Tarabh in Mesana.
- Union Minister of Health and Family Welfare Dr Mansukh Mandaviya virtually addressed the public launch event of the World Health Organization’s Global Initiative on Digital Health
- The Union Government has approved the proposal of the Ministry of Home Affairs of the continuation of the implementation of the Umbrella Scheme on ‘Safety of Women’ at a total cost of around one thousand 180 crore rupees during the period from 2021-22 to 2025-26
- Prime Minister Narendra Modi will inaugurate and lay the foundation stone of multiple development projects worth 55,500 crore rupees in Gujarat
- In a significant stride towards advancing modern road connectivity in Karnataka, Union Minister for Road Transport and Highways Shri Nitin Gadkari inaugurated and laid the foundation stone for 18 National Highway Projects with a total investment of ₹7,290 crore
- Tata Group companies Air India and Tata Advanced Systems Limited (TASL) plan to invest Rs 2,300 crore in Karnataka in multiple projects which will employ about 1,650 people
- Prof Aditi Sen De becomes the first woman scientist to win the G D Birla Award
- In the Asian Track Cycling Championship, India created history by clinching Gold in the Junior Women’s Team Sprint Event at the Indira Gandhi Indoor Stadium in Delhi
- US-based online payment gateway PayPal has officially registered its operations with the Financial Intelligence Unit of India, six years after a legal battle between both the entities.
- In what could be considered as a sign of investment demand gathering steam, India Inc raised ₹80,000 crore more via corporate bond issuances in the first nine months (9M) of FY24 vis-a-vis year ago period.
- Market regulator SEBI has levied a penalty of ₹3 lakh on Kotak Alternate Investment Fund and its trustees for extending the tenure of its close-ended venture capital fund Kotak SEAF India beyond the prescribed tenure.
- India’s real GDP growth likely slowed to 6% in the third quarter of this fiscal year, from 7.6% in Q2, rating firm ICRA stated, citing the uneven monsoon, slowing government capex and flagging momentum in some indicators, including industrial activity.
- India and Greece will soon sign a mobility and migration partnership agreement to ease skilled migration between the two countries and aim to double bilateral trade by 2030, stated Prime Minister Narendra Modi.
- Union Minister of Education and Skill Development & Entrepreneurship, Dharmendra Pradhan, along with Chief Minister of Chhattisgarh, Vishnu Deo Sai, inaugurated 211 PM SHRI schools in Raipur.
- Sammakka Saralamma Jathara, also known as Medaram Jathara, is a tribal festival dedicated to honoring the goddesses celebrated in the southern state of Telangana.
- During a recent meeting of the State Level Bankers Committee, Chief Minister Yogi Adityanath expressed satisfaction with the credit deposit ratio (CD ratio) of banks in the state, which currently stands at 58.59%.
- The Appointments Committee of the Cabinet (ACC) has appointed M R Kumar, former LIC Chairman, as the part-time non-official Director and non-executive Chairman of Bank of India (BOI).
- The ACC has appointed Srinivasan Sridhar as the part-time non-official Director and non-executive Chairman on the Board of Indian Overseas Bank (IOB).
- The ACC has appointed Aravamudan Krishna Kumar as the part-time non-official Director and non-executive Chairman on the Board of UCO Bank.
- ISRO has accomplished a major milestone in the human rating of its CE20 cryogenic engine that powers the cryogenic stage of the human-rated LVM3 launch vehicle for Gaganyaan missions, with the completion of the final round of ground qualification tests on February 13, 2024.
- Indian Navy’s largest-ever multilateral naval exercise, Milan 2024, has commenced in Vizag with an impressive lineup of warships from Indian and foreign navies participating in the Harbour Phase.
- The upcoming 2nd edition of the Women’s Premier League tournament is all set to create some history as Jacintha Kalyan is all set to become the first female curator to prepare the pitches during the upcoming edition of the WPL that will commence on 23rd February 2023 and conclude on 17th March 2024.
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