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Daily Current Affairs February 29 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

RBI Issues 2024 Master Direction on Filing Supervisory Returns

  • The Reserve Bank of India (RBI) has consolidated all relevant instructions regarding Supervisory Returns into a single Master Direction.
  • Objective : To create a unified reference for all Supervisory Returns and to streamline the timelines for their filing.
  • Legal Authority:The issuance of this Master Direction is in exercise of powers conferred under various sections of the Banking Regulation Act, 1949, as well as other relevant banking and financial regulations.
  • Legal Basis:This action is taken under sub section (2) of section 27 and section 35A of the Banking Regulation Act, 1949, among other legal provisions.
  • Applicability : These Directions shall apply to the following entities:
  • All Commercial Banks excluding Regional Rural Banks. Commercial Banks include Public Sector Banks (PSBs), Private Sector Banks (PVBs), Small Finance Banks (SFBs), Payment Banks (PBs), Local Area Banks (LABs) and Foreign Banks (FBs).
  • All Primary (Urban) Co-operative Banks.
  • Select All India Financial Institutions (Exim Bank, NABARD, NHB, SIDBI and NABFID).
  • All Non-Banking Financial Companies [excluding Housing Finance Companies (HFCs)] and all Asset Reconstruction Companies (ARCs).

Timelines for filing of Returns :

Periodicity Reference Date Timeline for Return Submission
Weekly Friday of the week On or before Wednesday of the following week
Fortnightly 15th and Last day (28th/ 29th/ 30th/ 31st) of the respective month Within 7 days from the Reference Date
Monthly Last day (28th/ 29th/ 30th/ 31st) of a respective month Within 15 days from the Reference Date
Quarterly Last day of the Calendar Quarter (i.e., March 31st, June 30th, September 30th, and December 31st) Within 21 days from the Reference Date
Half yearly March 31st, and September 30th Within 21 days from the Reference Date
Yearly March 31st Within 21 days from the Reference Date
Note:

1) All audited returns, wherever applicable, shall be filed within 5 working days from the date of signing of the Auditor’s report in terms of section 134 of the Companies Act, 2013 (solo/ group level as per applicability of the return), as applicable.

2) All ad-hoc returns/ data must be submitted within the timelines as indicated in the communication issued by the RBI.

Key Definitions :

  • CRILC refers to a database, i.e., Central Repository of Information on Large Credits (CRILC) as specified in the framework ‘Early Recognition of Financial Distress, Prompt Steps for Resolution and Fair Recovery for Lenders: Framework for Revitalising Distressed Assets in the Economy’ dated January 30, 2014 and subsequent circulars/ guidelines in this regard.
  • CIMS refers to an online platform, i.e., Centralised Information Management System of the RBI for return submission, data dissemination and other related purposes.
  • Scheduled Banks refers to banks which are included in the Second Schedule to the Reserve Bank of India Act, 1934.
  • Urban Co-operative Banks (UCBs) refers to all primary co-operative banks as defined under clause (ccv) of subsection 1 of section 56 of the Banking Regulation Act, 1949.
  • Non-Banking Financial Companies (NBFCs) refers to a company engaged in the business of a financial institution as contained in clause (f) of Section 45 I of the RBI Act, 1934.
  • Asset Reconstruction Company (ARC) refers to a company registered with the Reserve Bank under Section 3 of the SARFAESI Act, 2002 for the purposes of carrying on the business of asset reconstruction or securitization, or both.

Pension Fund Regulatory and Development Authority Introduces Amendments to Retirement Adviser (RA) Regulations to Enhance Good Governance and Simplify Compliance

  • The Pension Fund Regulatory and Development Authority (PFRDA) has issued amendments to the Retirement Adviser (RA) Regulations, 2023.
  • Aim : To simplify eligibility criteria and registration processes, streamline timelines, and eliminate the requirement of security deposits to promote Ease of Doing Business.

Key Amendments:

  • Expansion of Eligibility: Non-individual applicants regulated by other financial regulators are now eligible to apply.
  • Removal of Security Deposit: The necessity of submitting security deposits has been eliminated.
  • Timely Disposal: Applications are to be processed and disposed of within 30 days of submission.
  • These amendments are in accordance with the directives outlined in the Union Budget 2023-24 to review regulations, reduce compliance costs, and enhance the Ease of Doing Business environment.

Recent News :

  • In Feb 2024, The Pension Fund Regulatory and Development Authority (PFRDA) notified the Trustee Bank (TB) (Amendment) Regulations, 2023 and the Central Recordkeeping Agency (CRA) (Amendment) Regulations, 2023.

About Ministry of Finance :

  • Cabinet Minister : Nirmala Sitharaman
  • Minister of State : Bhagwat Karad, Pankaj Choudhar

About PFRDA :

  • Established : 2003
  • Headquarters : New Delhi, Delhi
  • Chairman : Deepak Mohanty
  • PFRDA is the regulatory body for the overall supervision and regulation of pensions in India.
  • It operates under the jurisdiction of the Ministry of Finance in the Government of India.

RBI Levies Penalties Totaling Nearly Rs 3 Crore on SBI, Canara Bank, and City Union Bank

  • The Reserve Bank of India (RBI) has imposed penalties totalling nearly Rs 3 crore on State Bank of India (SBI), Canara Bank, City Union Bank (CUB), and Ocean Capital Market Limited for various violations of regulatory norms.
  • In each case, the RBI stated that the penalties are based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers.

Penalty Amounts:

  • SBI: Penalty of Rs 2 crore.
  • City Union Bank: Penalty of Rs 66 lakh.
  • Canara Bank: Penalty of Rs 32.30 lakh.
  • Ocean Capital Market Ltd: Penalty of Rs 16 lakh.

Reasons for Penalties:

  • SBI: Penalties were imposed for contravention of provisions of the Banking Regulation Act, 1949, and the Depositor Education Awareness Fund Scheme, 2014.
  • City Union Bank: Non-compliance with certain directions issued by the RBI related to Prudential Norms on Income Recognition, Asset Classification, Provisioning Pertaining to Advances, and Know Your Customer Directions.
  • Canara Bank: Non-compliance with certain directions issued by the RBI.
  • Ocean Capital Market Ltd, Rourkela, Odisha : non-compliance with certain provisions related to non-banking financial companies.

Recent News :

  • In Feb 2024, The Reserve Bank of India (RBI) imposed a monetary penalty of ₹50,000 on Hanamasagar Urban Co-operative Bank Limited., Karnataka.

RBI Promotes Financial Literacy for Securing Individuals’ Financial Future                       

  • The Reserve Bank of India (RBI) has been propagating financial literacy in various forms, recognizing its crucial role in securing individuals’ financial future.
  • By promoting financial literacy, RBI aims to empower people with knowledge of basic financial concepts and enable them to make well-informed decisions, understand the  importance of saving and investing, and navigate the digital financial landscape with confidence.

Key Highlights :

  • Eligibility Criteria:The competition is open to all postgraduate students (excluding doctoral and postdoctoral students) currently enrolled in recognized educational institutions.
  • Submission Requirements:Participants are required to submit an ideation paper on the subject ‘Money Matters for Young Adults: Rethinking Outreach Strategies’.
  • The word limit for the submission is 2000 words.
  • Ideation papers must be submitted in either Hindi or English in PDF format.
  • Multiple entries by the same participant will not be accepted.
  • Prizes:Prizes will be awarded to the top three submissions:
  • First Prize: ₹1 lakh
  • Second Prize: ₹75,000
  • Third Prize: ₹50,000
  • Resources:The RBI website hosts a microsite on Financial Education (https://www.rbi.org.in/FinancialEducation/) in English, Hindi, and 11 vernacular languages, offering comic books, films, messages on financial planning, and games etc.
  • It also provides access to the Banking Ombudsman Scheme.
  • Educational Initiatives : RBI has established two museums aimed at educating the public about money, banking, and monetary history, thereby increasing awareness.
  • The RBI’s Public Awareness Campaign ‘RBI Kehta Hai’ plays a significant role in educating the public about banking facilities and services. It focuses on informing individuals about their rights and responsibilities among other relevant topics.

About RBI :

  • Established : 1 April 1935
  • Headquarters : Mumbai, Maharashtra, India
  • Governor : Shaktikanta Das

CURRENT AFFAIRS: NATIONAL NEWS

Prime Minister dedicates many development projects at Thoothukudi, Tamil Nadu, totalling over Rs 17,300 crores and places the foundation stone for them.

  • The Prime Minister, Shri Narendra Modi laid the foundation stone and dedicated to the nation multiple development projects worth more than Rs 17,300 crores in Thoothukudi, Tamil Nadu.
  • The Prime Minister laid the foundation stone of Outer Harbor Container Terminal at O.Chidambaranar Port.
  • The Prime Minister also launched India’s first indigenous green hydrogen fuel cell inland waterway vessel under the Harit Nauka initiative.
  • He dedicated tourist facilities in 75 lighthouses across 10 States/UTs.
  • He also dedicated to the nation, rail projects for doubling of Vanchi Maniyachchi – Nagercoil rail line including the Vanchi Maniyachchi – Tirunelveli section and Melappalayam – Aralvaymoli section.
  • The Prime Minister dedicated four road projects in Tamil Nadu, developed at a total cost of about Rs 4,586 Crore.

Background

  • The Prime Minister laid the foundation stone of Outer Harbor Container Terminal at V.O.Chidambaranar Port.
  • This Container Terminal is a step towards transforming V.O.Chidambaranar Port into a transhipment hub for the East coast.
  • The project aims to leverage India’s long coastline and favorable geographic location and strengthen India’s competitiveness in the global trade arena.
  • The major infrastructure project will also create employment generation and economic growth in the region.
  • The Prime Minister inaugurated various other projects aimed at making the V.O.Chidambaranar Port the first Green Hydrogen Hub Port of the country. These projects include a desalination plant, hydrogen production, bunkering facility etc.
  • The Prime Minister also launched India’s first indigenous green hydrogen fuel cell inland waterway vessel under the Harit Nauka initiative.
  • Cochin Shipyard manufactures the vessel and underscores a pioneering step for embracing clean energy solutions and aligning with the nation’s net-zero commitments.
  • The Prime Minister also dedicated tourist facilities in 75 lighthouses across 10 States/UTs.

Recent News

  • Prime Minister Narendra Modi virtually inaugurated and laid the foundation stones for several railway projects, including the redevelopment of 21 stations and 83 road over/under bridges in Chhattisgarh.
  • Prime Minister Narendra Modi virtually laid the foundation stone for the redevelopment of 33 railway stations and the construction of 72 other projects in Bihar under the East Central Railway (ECR) zone.

Shri Narendra Modi to inaugurate two Coal India first-mile connectivity projects worth Rs 1,400 crores

  • Prime Minister, Shri Narendra Modi will inaugurate two significant First Mile Connectivity Projects (FMC) of Northern Coalfields Limited (NCL), a subsidiary of Coal India Limited (CIL) under the Ministry of Coal, virtually.
  • These projects, valued at Rs 1393.69 Crore and spearheaded by Northern Coalfields Limited, represent a notable step towards faster, efficient mechanized Coal evacuation contributing to the reduction of carbon emission.
  • Among the noteworthy projects to be unveiled are the Jayant OCP CHP-SILO and the Dudhichua OCP CHP-SILO.
  • The Jayant OCP CHP-SILO boasts a capacity of 15 Million Tonnes Per Annum (MTPA) and has been developed with an investment of Rs. 723.50 Crore. Similarly, the Dudhichua OCP CHP-SILO, with a capacity of 10 Million Tonnes Per Annum (MTPA), has been constructed with an investment of Rs. 670.19 Crore.
  • These projects, after an inauguration will usher in a new era of efficiency and sustainability in coal evacuation processes, while reducing both transportation time and costs, thereby enhancing overall productivity and profitability.
  • Moreover, by optimizing logistics and minimizing carbon emissions, these projects will contribute to a greener and more environmentally conscious approach to the dispatch of quality coal and its distribution.
  • The inauguration of these projects underscores the Ministry of Coal’s unwavering commitment to infrastructure development and sustainable initiatives, aimed at fostering a greener future and contributing to India’s energy security.

CCS approves ₹19,000 cr deal for 200 BrahMos missiles for Navy

  • The Cabinet Committee on Security (CCS) has given its nod for the acquisition of over 200 BrahMos Extended Range (ER) supersonic cruise missiles for deployment on Indian Navy warships.
  • The deal worth ₹19,000 crore was cleared by CCS.
  • Cabinet Committee on Security (CCS) is headed by the Prime Minister.
  • The move comes after the Indian Navy successfully tested the supersonic cruise missile, which has an extended range of 400 to 500 km, from a Rajput class frigate in the Bay of Bengal on November 1.
  • The Navy is already armed with the previous version of BrahMoS, having a range of nearly 300 km, and the ER variant not only has the capability to cover more distance but also ability to fire with more precision.
  • Its current top speed is Mach 2.8 to 3.0.
  • The latest extended range variant of the weapon with a range of around 450 km.
  • All the three variants of extended versions of BrahMos, a joint venture between India and Russia, have been successfully test launched from land, air, ship and submarines successfully since the last October.
  • In January 2022, India sealed a USD 375 million deal with the Philippines for supplying three batteries of the missile.
  • The supplies of the missiles to the Southeast Asian country are set to begin next month.

New portal for PSBs to check borrower background

  • The Central Economic Intelligence Bureau (CEIB) has launched an “Automated Search Portal” to help public sector banks (PSBs) with antecedent verification of prospective borrowers and non-performing assets (NPAs).
  • The portal, which has been developed by the Bureau in collaboration with the State Bank of India (SBI), will help PSBs obtain mandatory intelligence clearance from CEIB in a prompt manner, which in turn will facilitate timely disbursement of funds.
  • As per the “Framework for timely detection, reporting, investigation etc. relating to large value bank frauds” (May 13, 2015 and November 6, 2019) issued by Department of Financial Services, Ministry of Finance, PSBs seek report from the Bureau before sanction of loan exceeding ₹50 crore and above in case of new borrowers and if the existing borrower’s accounts turn NPA.
  • In August 2022, at the request of IBA, C.E.I.B devised a uniform format for seeking reports and also advised all PSBs to appoint nodal officers as designated Single Points of Contact (SPOC) to communicate with banks
  • The Bureau is the nodal agency on economic intelligence.
  • It was set up to coordinate and strengthen the economic intelligence and enforcement activities under the Ministry of Finance.

Golden Jubilee Celebration Of The Gujarat Cooperative Milk Marketing Federation In The Esteemed Presence Of PM Shri Narendra Modi And CM Shri Bhupendra Patel

  • The Prime Minister, Shri Narendra Modi participated in the Golden Jubilee celebration of the Gujarat Cooperative Milk Marketing Federation (GCMMF) at Narendra Modi Stadium in Motera, Ahmedabad.
  • The Prime Minister took a walkthrough of the exhibition showcased on the occasion and also unveiled the Golden Jubilee Coffee Table Book.
  • The Indian dairy sector, is growing by 6 percent per year as compared to the global average of 2 percent.
  • The co-operative, which began operations in 1973-74, saw its revenues touch Rs 72,000 crore in FY23.
  • It has its sights set on becoming a Rs 1 trillion company by FY25-26, and currently exports to more than 50 countries.
  • At present, Amul (GCMMF) is the world’s eighth-biggest dairy sector company. Currently, the GCMMF has 18 member unions with more than 3.6 million farmers across 18,600 villages in Gujarat.
  • Currently, the GCMMF has 18 member unions with more than 3.6 million farmers across 18,600 villages in Gujarat. Jayen Mehta, GCMMF managing director.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

President Murmu appoints former SC judge Justice AM Khanwilkar as Chairperson of Lokpal                                    

  • Former Supreme Court judge A M Khanwilkar was appointed as the chairperson of the anti-corruption ombudsman Lokpal nearly 2 years after the post fell vacant.
  • The Lokpal has been working without its regular chief after Justice Pinaki Chandra Ghose completed his term on May 27, 2022.
  • Justice Pradip Kumar Mohanty, a judicial member of the Lokpal, is currently the acting chairperson.

About Justice AM Khanwilkar :

  • Justice Khanwilkar served as a judge of the Supreme Court from May 13, 2016, to July 29, 2022.
  • He was involved in several significant judgments during his tenure, including those related to Sabarimala women entry, decriminalisation of homosexuality, and the validity of Aadhaar.
  • Notably, he led the bench that upheld the exoneration of Prime Minister Narendra Modi in the 2002 Gujarat riots case.
  • He was part of the majority decision in the Common Cause v Union of India (2018) case, affirming the right to die with dignity as a fundamental right under Article 21.
  • Before his appointment to the Supreme Court, Justice Khanwilkar served as the Chief Justice of the Madhya Pradesh and Himachal Pradesh High Courts, and as a judge of the Bombay High Court.

About Lokpal :

  • The Lokpal was established under the Lokpal and Lokayuktas Act of 2013.
  • Its primary task is to inquire and investigate allegations of corruption against public functionaries covered under the Lokpal Act.
  • According to a notification from Rashtrapati Bhawan, several appointments have been made to the Lokpal:
  • Judicial Members: Justice Lingappa Narayana Swamy, Justice Sanjay Yadav, and Justice Ritu Raj Awasthi.
  • Non-Judicial Members: Sushil Chandra, Pankaj Kumar, and Ajay Tirkey.
  • While Sushil Chandra is a former chief election commissioner, Awasthi is currently the chairperson of the law commission.
  • Appointment Process : The chairperson and members of the Lokpal are appointed by the President after obtaining the recommendations of a Selection Committee having the prime minister as its chairperson.
  • Composition of Lokpal : Apart from a chairperson, the Lokpal can have 8 members -4 judicial and 4 non-judicial.

CURRENT AFFAIRS : DEFENCE NEWS

Defence Secretary Collaborates in Co-Chairing High-Level India-Germany Defence Committee Meeting in Berlin

  • Defence Secretary Shri Giridhar Aramane co-chaired the India-Germany High Defence Committee (HDC) meeting in Berlin with the State Secretary, German Ministry of Defence Mr Benedikt Zimmer.
  • Agenda : Discussions focused on bilateral security and defence issues, aiming to develop defence cooperation as a key aspect of the Strategic Partnership between India and Germany.

Key Discussion Points:

  • Regional security situation was analysed.
  • Joint exercises with Germany in the Indo-Pacific were considered.
  • Potential defence industrial projects and proposals were deliberated upon.
  • Emphasis was placed on forging a closer defence partnership and fostering collaboration between defence industries from both countries.
  • High technology collaboration in defence was a particular focus.
  • The conduct of the HDC meeting follows the visit of German Federal Minister of Defence Mr Boris Pistorius to India in 2023.
  • Following the HDC meeting, Shri Giridhar Aramane interacted with the German Institute of International and Security Affairs (Stiftung Wissenschaft und Politik – SWP) in Berlin.

About Ministry of Defence :

  • Defence Minister : Rajnath Singh
  • Minister of State : Ministry of Defence
  • Defence Secretary : Giridhar Aramane

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

ISRO Retires Cartosat-2, High-Resolution Imaging Satellite After 17 Years of Service, Focused on Urban Planning        

  • Cartosat-2, the Indian Space Research Organisation’s (ISRO) second-generation high-resolution imaging satellite, has been deorbited after serving for 17 years.

Key Highlights :

  • Launch Details:Launched on January 10, 2007, the satellite weighed 680 kg and operated in a sun-synchronous polar orbit at an altitude of 635 km.
  • Orbit Characteristics: Cartosat-2 performed 14.78 orbits around Earth in a day, contributing to its extensive data collection capabilities.
  • Imaging Capabilities: Equipped with over 12,000 coupled charged devices, the satellite utilised “panchromatic and multi-spectral cameras’ ‘ to generate high-resolution images.
  • Applications included urban planning, road network monitoring, water distribution monitoring, and land use map creation.
  • Service Until 2019:Until 2019, Cartosat-2 played a crucial role in providing valuable imaging data for various applications.
  • Natural Deorbiting Estimate vs. Actual: Initially estimated for a natural deorbiting phase of around 30 years, Cartosat-2’s onboard fuel depletion prompted a decision to lower its perigee from 635 km to 380 km in 2020.
  • Orbit Lowering and Final Deorbit:On February 14, the orbit was further lowered to 130 km before the final deorbiting process.
  • The controlled deorbit facilitated the satellite’s re-entry over the eastern regions of the Indian Ocean.

About ISRO :

  • Established: 15 August 1969
  • Headquarters: Bangalore, Karnataka, India
  • Chairman: S. Somanath

CURRENT AFFAIRS: MOUS AND AGREEMENT

NTPC Green Energy Limited Joins Hands With MAHAGENCO For Development Of Renewable Energy

  • NTPC Green Energy Limited (NGEL), a wholly owned subsidiary of NTPC Limited, has signed a Joint venture Agreement with Maharashtra State Power Generation Company Limited (MAHAGENCO), for the development of Renewable Energy Parks in the state of Maharashtra.
  • The company to be set up under the joint venture will develop GW-scale renewable energy parks and undertake projects of this scale in a phased manner.
  • The agreement aligns with the green energy objectives of NTPC and is another step in the Government of India’s efforts towards energy transition.
  • The Joint Venture Agreement was signed at NTPC headquarters in New Delhi, by Director (Projects), MAHAGENCO, Shri Abhay Harne and CGM (NGEL), Shri V V Sivakumar in the presence of CMD, NTPC Limited, Shri Gurdeep Singh; CMD, MAHAGENCO, Dr. P. Anbalagan; Director (Projects), NTPC Limited and Chairman (NGEL), Shri K S Sundaram; CEO (NGEL), Shri Mohit Bhargava; and CEO, NTPC REL, Shri Rajiv Gupta, along with other senior officials from NGEL and MAHAGENCO.
  • NTPC is India’s largest integrated power utility with a total installed capacity, including JVs and subsidiaries, of approximately 74 GW.
  • As part of increasing its renewable energy portfolio, “NTPC Green Energy Limited” (NGEL), a fully owned subsidiary, has been formed which will take up Renewable Energy Parks and Projects including businesses in the area of Green Hydrogen, Energy Storage Technologies, and Round-the-Clock renewable energy.
  • NTPC Group has ambitious plans to attain 60 GW of renewable energy capacity by the year 2032.
  • Currently, it has 4 GW of installed RE capacity and more than 22 GW under pipeline.
  • NTPC is committed to supporting Maharashtra’s and India’s decarbonisation goals.
  • MAHAGENCO has an installed capacity of about 13,170 MW including 9,540 MW Thermal, 2,580 MW Hydro, 672 MW Gas and 378 MW Solar-based Power Plant capacity.

Coal India and BHEL join forces for ammonium nitrate plant in Odisha

  • Two of the country’s top Maharatna CPSE entities Coal India Limited (CIL) and Bharat Heavy Electricals Limited (BHEL)formally signed a joint venture agreement (JVA) in Delhi for setting up an ammonium nitrate plant through surface coal gasification (SCG) technology route.
  • The plant to come up in the Lakhanpur area of Mahanadi Coalfields Limited, Odisha is planned to produce 2000 tons of ammonium nitrate per day initially.
  • The annual production is slated at 6.60 Lakh tons which requires 1.3 million tonnes (mts) of coal.
  • The coal will be supplied by CIL.
  • BHEL would bring to the table indigenously developed pressurized fluidized bed gasification (PFBG) technology for this purpose.
  • The synergy and partnership of the two corporate giants is a big step towards National Coal Gasification Mission which facilitates utilization of chemical properties of coal.
  • Ammonium nitrate is a major ingredient in manufacturing of bulk explosives which CIL uses in large quantities in its OC mining operations, a major source of its coal production.
  • The upcoming plant as backward integration would help in securing the raw material,reducing import dependency of ammonium nitrate and promoting Atmanirbhar Bharat Abhiyaan.

Agreement between the Textiles Committee, the Government e-Marketplace, and the Standing Conference of Public Enterprises to promote repurposed goods manufactured from textile waste and scrap was inked at Bharat Tex 2024.

  • A tripartite Memorandum of Understanding (MoU) was signed by the Textiles Committee, under the Ministry of Textiles, Government e Marketplace (GeM), Ministry of Commerce and Industry, and Standing Conference of Public Enterprises (SCOPE), Department of Public Enterprises, for the promotion of upcycled products made from textiles waste and scrap, at the ongoing Bharat Tex 2024 – India’s premier global textile event being held at the Bharat Mandapam, Pragati Maidan, New Delhi.
  • Darshana Vikram Jardosh, Hon’ble Minister of State for Textiles and Railways, graced the occasion as the Chief Guest and was accompanied by the senior officers from the Ministry of Textiles. Shri P. K. Singh, CEO – GeM, was also present at this momentous occasion.
  • On behalf of the respective organisations, the MoU was signed by Shri S. P. Verma, Secretary, Textiles Committee, Shri Ajit B. Chavan, Additional CEO, GeM, and Shri SubhRatna, General Manager, SCOPE.
  • By the means of these MoUs, GeM will work with stakeholders in the upcycling ecosystem, especially under-served seller groups, to provide them direct market linkages in public procurement, sans intermediaries, through #Vocalforlocal GeM Outlet Stores.
  • These stores will promote upcycled products made from textile waste and scrap.

CURRENT AFFAIRS : OBITUARIES

Andreas Brehme, Scorer of Germany’s 1990 World Cup Winning Goal, Passed Away             

  • Andreas Brehme, who scored from the penalty spot to seal victory for West Germany against Argentina in the 1990 World Cup final, passed away at the age of 63.

About Andreas Brehme :

  • Andreas Brehme was born in Hamburg, West Germany.
  • He was a German professional football player and coach.
  • A versatile left-back, Brehme spent two seasons with Bayern Munich between 1986-1988.
  • He won the Bundesliga title in 1998 and German Cup in 1996 during his time at the club, with whom he also had a spell as manager from 2000-02.
  • He played 86 times for his country, scoring 8 goals, the most famous of which, an 85th-minute penalty against Argentina at the Olympic Stadium in Rome, brought West Germany their third World Cup title.

CURRENT AFFAIRS: IMPORTANT DAYS

Rare Disease Day 2024: February 29

  • Every year, Rare Disease Day is celebrated on February 29 all over the world.
  • Founded by the European Organization for Rare Diseases, the first Rare Disease Day was celebrated in 2008 on February 29.
  • A “rare” date that happens only once every four years.
  • Since then, Rare Disease Day has taken place on the last day of February, a month is known for having a rare number of days.
  • The day is held to raise awareness for rare diseases and improve access to treatment and medical representation for individuals with rare diseases and their families.
  • Treatment for many rare diseases is insufficient, as are the social networks to support individuals with rare diseases and their families.
  • Individuals observing Rare Disease Day take part in walks and press conferences, organize fundraisers, write en masse to government representatives, along with holding events, gatherings, and campaigns.
  • The day also includes an open session of the European Parliament specifically dedicated to discussing policy issues relating to rare diseases.
  • The days leading up to Rare Disease Day include other policy-related events in numerous locations, such as a reception in the British Parliament where policymakers meet with individuals with rare diseases to discuss issues such as equal access and availability of prevention, diagnosis, treatment, and rehabilitation.
  • Each year since its beginning there have been thousands of events stemming from races and walks to art exhibits and workshops.

Daily CA One- Liner: February 29

  • Prime Minister, Shri Narendra Modi laid the foundation stone and dedicated to the nation multiple development projects worth more than Rs 17,300 crores in Thoothukudi, Tamil Nadu
  • Prime Minister, Shri Narendra Modi will inaugurate two significant First Mile Connectivity Projects (FMC) of Northern Coalfields Limited (NCL), a subsidiary of Coal India Limited (CIL) under the Ministry of Coal, virtually
  • The Cabinet Committee on Security (CCS) has given its nod for the acquisition of over 200 BrahMos Extended Range (ER) supersonic cruise missiles for deployment on Indian Navy warships
  • The Central Economic Intelligence Bureau (CEIB) has launched an “Automated Search Portal” to help public sector banks (PSBs) with antecedent verification of prospective borrowers and non-performing assets (NPAs).
  • The Prime Minister, Shri Narendra Modi participated in the Golden Jubilee celebration of the Gujarat Cooperative Milk Marketing Federation (GCMMF) at Narendra Modi Stadium in Motera, Ahmedabad.
  • NTPC Green Energy Limited (NGEL), a wholly owned subsidiary of NTPC Limited, has signed a Joint venture Agreement with Maharashtra State Power Generation Company Limited (MAHAGENCO), for development of Renewable Energy Parks in the state of Maharashtra
  • Two of the country’s top Maharatna CPSE entities Coal India Limited (CIL) and Bharat Heavy Electricals Limited (BHEL)formally signed a joint venture agreement (JVA) in Delhi for setting up an ammonium nitrate plant through surface coal gasification (SCG) technology route
  • A tripartite Memorandum of Understanding (MoU) was signed by the Textiles Committee, under the Ministry of Textiles, Government e Marketplace (GeM), Ministry of Commerce and Industry, and Standing Conference of Public Enterprises (SCOPE), Department of Public Enterprises, for the promotion of upcycled products made from textile waste and scrap, at the ongoing Bharat Tex 2024 – India’s premier global textile event being held at the Bharat Mandapam, Pragati Maidan, New Delhi
  • The Reserve Bank of India (RBI) has consolidated all relevant instructions regarding Supervisory Returns into a single Master Direction to create a unified reference for all Supervisory Returns and to streamline the timelines for their filing.
  • The Pension Fund Regulatory and Development Authority (PFRDA) has issued amendments to the Retirement Adviser (RA) Regulations, 2023 to simplify eligibility criteria and registration processes, streamline timelines, and eliminate the requirement of security deposits to promote Ease of Doing Business.
  • The Reserve Bank of India (RBI) has imposed penalties totalling nearly Rs 3 crore on State Bank of India (SBI), Canara Bank, City Union Bank (CUB), and Ocean Capital Market Limited for various violations of regulatory norms.
  • The Reserve Bank of India (RBI) has been propagating financial literacy in various forms, recognizing its crucial role in securing individuals’ financial future.
  • Former Supreme Court judge A M Khanwilkar was appointed as the chairperson of the anti-corruption ombudsman Lokpal nearly 2 years after the post fell vacant.
  • Defence Secretary Shri Giridhar Aramane co-chaired the India-Germany High Defence Committee (HDC) meeting in Berlin with the State Secretary, German Ministry of Defence Mr Benedikt Zimmer.
  • Cartosat-2, the Indian Space Research Organisation’s (ISRO) second-generation high-resolution imaging satellite, has been deorbited after serving for 17 years.
  • Andreas Brehme, who scored from the penalty spot to seal victory for West Germany against Argentina in the 1990 World Cup final, passed away at the age of 63.
  • Every year, Rare Disease Day is celebrated on February 29 all over the world.

This post was last modified on February 29, 2024 2:48 pm

9 months ago

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