Daily Current Affairs January 25 2023 | Latest News | Download PDF

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BANKING & FINANCE:

Reserve Bank of India extends time for Bank Locker Renewal Agreements till Dec 2023

• The Reserve Bank of India (RBI ) extended the time for banks to renew their customer agreements for locker facilities to December 31, 2023, due to compliance delays.
• The previous deadline was January 1, 2023, communicated through a circular on August 18, 2021.

Key Highlights : 

• The deadline has been extended to December 31, 2023, for renewals in a phased manner, with 50% completed by June 30, 2023, and 75% by September 30, 2023.
• To facilitate the execution of the revised agreements, the banks have been advised to make arrangements, like ensuring the availability of stamp papers, etc.
• Also, there is a need for revision in the Model Agreement drafted by the Indian Banks’ Association (IBA) to fully comply with the revised instructions.
• In addition to that, IBA is being advised separately to review and revise the Model Agreement to ensure that it complies with the requirements of the circular dated August 18, 2021, and circulate a revised version to all banks by February 28, 2023.

About RBI :

• Established: 1 April 1935
• Headquarters: Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy governors: Mahesh Kumar Jain, M. RajeshwarRao, Michael Patra, and T. Rabi Shankar

Bombay High Court quashes write-off of YES Bank’s additional AT1 bonds

• The Bombay High Court has declared the Reserve Bank of India (RBI) order to write off ₹8,300 crores of Additional Tier-1 (AT1) bonds of YES Bank to ineligible investors.
• The order was passed by justice SV Gangapurwala and justice SM Modakin a batch of petitions.
• The Bombay HC has given YES Bank 6 weeks for the implementation of this order.

Key Highlights : 

• Bondholders, including financial institutions like 63 moons technologies ltd and Axis Trustee Services Ltd, Yes Bank AT-1 Bond Holders Association, and a few retail individual investors, have filed these petitions.
• Under the plan to revive YES Bank, a State Bank of India (SBI) led a consortium of 10 institutional investors has invested ₹10,000 crores in YES Bank.
• RBI had suggested writing off the bonds citing Basel-III norms.
• The Basel-III norms say that AT1 bonds have no guarantee.
• Banks issue AT-1 bonds to support their minimum capital requirements to fulfill Basel-III norms.

About AT-1 bonds : 

• AT-1 bonds are issued by banks to shore up their core capital base to meet the Basel-III norms.
• AT-1 tier bonds are unsecured, perpetual debt instruments.
• It can be written down or changed into equity if the bank issuing them faces financial difficulty.

About YES Bank : 

• Founded: 2004
• Headquarters: Mumbai, Maharashtra, India
• Chairman: Sunil Mehta
• MD & CEO: Prashant Kumar

NATIONAL NEWS:

Government releases guidelines for social media influencers

• The government made it mandatory for social media influencers to disclose their ‘material’ interest in endorsing products and services and violations can attract strict legal action, including a ban on endorsements.
• The regulations are part of continuing efforts to curb misleading advertisements as well as protect the interests of consumers amid the expanding social influencer market which is projected to be worth around Rs 2,800 crore by 2025.
• The new guidelines named ‘Endorsement Know Hows — for celebrities, influencers and virtual media influencers (Avatar or computer generated character) on social media platforms’ has been issued by the Department of Consumers Affairs.
• In case of violation, the penalty prescribed for misleading advertisements under the Consumer Protection Act 2019 will be applicable.
• The Central Consumer Protection Authority (CCPA) can impose a penalty of up to Rs 10 lakh on manufacturers, advertisers, and endorsers.
• For subsequent offenses, a penalty of up to Rs 50 lakh can be imposed.
• The authority can prohibit the endorser of a misleading ad from making any endorsement for up to 1 year and subsequent contravention, prohibition can extend up to 3 years.

Export obligation relaxed for hotel, health, education sectors under EPCG scheme

• The commerce ministry eased norms to offer a conditional one-time
• Traders from three sectors — hotels, healthcare, and education — are not required to maintain average export obligations for FY21 and FY22 under the Export Promotion Capital Goods (EPCG) scheme.
• They will also have the option to extend the export obligation for a longer period without paying any fees.
• Under the EPCG scheme, traders are allowed to import capital goods at zero duty if they take on the export obligation.
• Already, the DGFT has decided to slash the composition fees for the extension of re-export permits under the advance authorization scheme (AAS).
• For instance, the composition fees in most cases used to be as much as 0.5% of the freight-on-board value of the unfulfilled export obligation per month.
• However, under the new regime, the fees could be fixed at flat rates of `10,000-30,000, depending on the value of the unfulfilled export commitment.
• Under the AAS, exporters get to import inputs at zero duty after undertaking the obligation to re-export finished products within a stipulated period.

INTERNATIONAL NEWS:

First B20 meet to focus on climate action & resilient global value chains

• The first meeting (Three-day meeting) of Business 20 (B20)- G20’s business group, was organized in Gujarat’s Gandhinagar city.
• The meeting will focus on key issues from climate action, innovation, global digital cooperation, and building resilient global value chains to promoting financial inclusion and raising a digitally inclusive society.
• The B20 India 2023 dialogue will take place under the theme of ‘RAISE’, an acronym for Responsible, Accelerated, Innovative, Sustainable, and Equitable Businesses

Attendees : 

• Senior representatives and Chief Executive Officers (CEOs) from companies including Tata Sons, MasterCard, Bajaj Finserv, Citigroup, Volkswagen, TVS, Amazon Web, HCL, and ITC will attend the B20 India Inception meeting.
• Union Commerce Minister Shri Piyush Goyal, Railway Minister ShriAshwiniVaishnaw, Gujarat Chief Minister Shri Bhupendra Patel, and India’s G20 Sherpa Mr. Amitabh Kant will take part.

Key Highlights : 

• The Confederation of Indian Industry (CII) is the secretariat for B20 India and Tata Group Chairman Natarajan Chandrasekaran is the chairman of B20 India.
• This is the first of 15 meetings to be hosted by Gujarat as part of India’s G20 presidency.
• Gandhinagar will host 10 such meetings, Ahmedabad 2, and one meeting each will be held at Surat, Kutch, and Ektanagar

Note : 

• Currently, India holds the presidency of the G20 from December 1, 2022, to November 30, 2023, hosting the 18th edition of the summit.

About B20 : 

• The B20, established in 2010, is the official G20 dialogue forum with the global business community.
• The mandate of B20 is to represent the voice of the international business community on global economic issues.

WEF signs pact with Indonesia for Ocean conservation

• The World Economic Forum (WEF) signed a new partnership with the Indonesian government to support its ambitions to scale blue carbon restoration and ocean conservation efforts at the Annual Meeting 2023.
• The partnership is the first of a series being initiated by the Forum’s Ocean Action Agenda to help meet the rapidly increasing demand for high-quality blue carbon credits and projects around the world and connect global blue carbon actors from various sectors.

Key Highlights : 

• Blue carbon – the carbon captured and sequestered by ocean ecosystems, stores up to 5 times more carbon per acre than tropical rainforests.
• Indonesia, the largest archipelago nation in the world, is a leader in blue carbon and the sustainable ocean economy and is home to the largest blue carbon resources in the world.
• In November 2022, the WEF announced the launch of Ocean 20 (O20) with the Indonesian government, which was then holding the Presidency of the G20, to fast-track sustainable blue economies in the region.

About WEF : 

• Founded: 24 January 1971
• Headquarters: Cologny, Switzerland
• Executive Chairman: Klaus Schwab
• President : BørgeBrende
• The WEF is an international non-governmentaland lobbying organization.

About Indonesia : 

• President : Joko Widodo
• Capital: Jakarta
• Currency : Indonesian rupiah

STATE NEWS:

Assam’s CharaideoMaidam nominated for UNESCO world heritage tag

• Assam Chief Minister ShriHimantaBiswaSarmaannounced that the Centre has nominated the CharaideoMaidam, the burial ground of the Ahom Dynasty (1228-1826) in Assam for the coveted UNESCO World Heritage Site (cultural site) for the year 2023-2024.
• Charaideo commonly known as ‘Pyramids of Assam’ was the original capital of the Ahom Kings.
• The ‘Pyramids of Assam’ has been selected by Prime Minister Shri Narendra Modi out of 52 heritage sites across the country seeking the coveted tag.
• The ‘Maidams’ or the mound burial system of the Ahom dynasty in Charaideo was first listed in the tentative list of UNESCO’s World Heritage site in April 2014.

About CharaideoMaidam : 

• Charaideo (Literally: the shining city on the hills in the Ahom language) is a town in Charaideo district, Assam, India.
• It was built by ChaolungSukhapa the founder of the dynasty in about 1229 CE.
• These sites have been designated as having “outstanding universal value” under the Convention Concerning the Protection of the World Cultural and Natural Heritage 1972.
• Some 42 tombs (Maidams) of Ahom kings and queens are present at Charaideo hillocks.

Key Highlights : 

• India has 40 world heritage sites, including 32 cultural properties, 7 natural properties, and 1 mixed site.
• The 40th is the Harappan City, Dholavirain Gujarat, in 2021.
• Assam’s Kaziranga National Park and Manas National Park are among the 7 natural sites.

About UNESCO : 

• Founded: 16 November 1945
• Headquarters: Paris, France
• Director General: Audrey Azoulay
• It is a specialized agency of the United Nations (UN)

Aim : 

• To promote world peace and security through international cooperation in education, arts, sciences, and culture.

BUSINESS NEWS

Apple targets raising India production share to up to 25%

• Apple Inc (AAPL.O) wants India to account for up to 25% of its production from about 5%-7% now, the trade minister told a conference, as the iPhone maker continues to move its manufacturing away from China.
• They are already at about 5-7% of their manufacturing in India.
• Also, they are targeting to go up to 25% of their manufacturing.
• They launched the most recent models from India, manufactured in India.
• Cupertino, California-based Apple has bet big on India since it began iPhone assembly in the country in 2017 via Wistron (3231.TW) and later with Foxconn (2317.TW), in line with the Indian government’s push for local manufacturing.
• Apple’s exports from India hit $1 billion in December
• P.Morgan analysts estimated last year that a quarter of all Apple products would be made outside China by 2025, from 5% currently.

Investment in capital markets via P-notes drops to Rs 96,292 cr in December

• Investment in the Indian capital markets through participatory notes slightly dropped to Rs 96,292 crore at the end of December 2022 from the preceding month on the higher valuation of domestic markets.
• Before the decline, investment through the route had been on an increasing trend since July because of a slump in prices of oil and other commodities and the relative outperformance of Indian equity markets.
• Participatory notes (P-notes) are issued by registered Foreign Portfolio Investors (FPIs) to overseas investors who wish to be part of the Indian stock market without registering themselves directly.
• They, however, need to go through a due diligence process.
• According to Sebi data, the value of P-note investments in Indian markets — equity, debt, and hybrid securities — stood at Rs 96,292 crore at December-end, as compared to Rs 99,315 crore at the end of November.
• The investment level through the route was Rs 97,784 crore at October-end, Rs 88,813 crore at September-end, Rs 84,810 crore at August-end, and Rs 75,725 crore at the end of July.
• It was at Rs 80,092 crore at the end of June.
• Investment via P-notes normally moves in line with FPI investment.
• When there is a global risk to the environment, investment through P-notes increases and vice-versa.

APPOINTMENTS & RESIGNATIONS

Nykaa appoints Mr. P. Ganesh as CFO

Nykaa’s parent firm, FSN E-Commerce Ventures Ltd., has appointed Mr. P Ganesh as the chief financial officer (CFO) from Feb. 3, 2023.

Roles & Responsibilities:

• To strengthen and boostthe company’s financial operations and key long-term business strategies.
• Ganesh is a successor of Mr. Arvind Agarwal who resigned from his post of CFO at Nykaain November 2022.

About P Ganesh : 

• Ganesh is a qualified Chartered Accountant, and Cost and Management Accountant.
• Currently, he is the CFO at Tractors and Farm Equipment Ltd. or TAFE.
• TAFR Group, is a leading manufacturer and marketer of tractors in India, with iconic brands like Massey Ferguson and Eicher.

About Nykaa : 

• Founded: April 2012
• Headquarters: Mumbai, Maharashtra
• Founder, and CEO : FalguniNayar

ACQUISITIONS &MERGERS :

Canara Bank sells its entire 40% stake in CIBL to SBI for Rs. 114 crores

• Canara Bank sold its entire 40% stake in Russian joint venture (JV) Commercial Indo Bank LLC (CIBL), Moscow to the other venture partner State Bank of India (SBI) for about Rs 114 crore (USD 14.67 million).
• The transaction is expected to be completed on or before March 31, 2023.
• Based on the share sale agreement and with the consent of the Central Bank of Russia, entire shares held by Canara Bank have been transferred to SBI on November 30, 2022.

About CIBL : 

• CIBL, incorporated in 2003, is a joint venture in Russia between SBI (60%) and Canara Bank (40%).

About Canara Bank: 

• Founded: 1906
• Headquarters: Bangalore, Karnataka, India
• MD & CEO: Lingam Venkata Prabhakar
• Non Executive Chairman : Vijay Srirangam
• Tagline: Together we can

About SBI : 

• Established: 1 July 1955
• Headquarters: Mumbai, Maharashtra, India
• Chairman: Dinesh Kumar Khara
• Tagline: The Banker to Every Indian

NARCL acquires its first stressed account from IDBI Bank-led lenders

• The National Asset Reconstruction Company Ltd (NARCL) also known as India’s bad bank/Asset Reconstruction Company (ARC) has acquired its first stressed asset Jaypee Infratech from IDBI Bank-led lenders.
• It acquired its exposure aggregating about ₹9,234 crores at a 55% haircut.

Key Highlights : 

• IDBI Bank, the lead bank to the consortium of lenders with an exposure of ₹3,750 crores, received₹253 crores (15% of the ₹1,687.50-crore recovery in cash) and ₹1,434.5 crore (85%of the recovery) in the form of security receipts.
• The other lenders will receive cash and security receipts depending on their exposure to the company.
• IDBI Bank expects gross non-performing assets (GNPAs), which as of December-end 2022 were at 13.82%, to come down to 2.2 percentage points following the transfer of this account to NARCL.
• Jaypee Infratech was part of the 12 bad loan accounts referred to the National Company Law Tribunal in June 2017 under orders of the Reserve Bank of India (RBI)

Meaning of bad bank : 

• A bad bank means a financial institution that takes over the bad assets of lenders& undertakes resolution.
• It is a legal entity that sells risky assets and ill liquids that are held by financial institutions, banks, or a group of banks.
• The World’s First Bad Bank was founded in 1988 by the US-based Mellon Bank to conserve its assets.

About NARCL : 

• The NARCL was created in October 2021 as a way to reduce the burden of legacy bad loans in the banking system.
• The India Debt Resolution Corporation Ltd. will act as an asset manager for NARCL and will employ recovery measures in companies purchased by the ARC.

About IDBI Bank : 

• Founded: 1 July 1964
• Headquarters: Mumbai, Maharashtra, India
• Chairman : M. R. Kumar
• MD & CEO: RakeshShar

DEFENCE NEWS

Indian Navy conducts 6-day Mega exercise AMPHEX 2023 in Andhra Pradesh

• The Indian Navy conducted a six-day-long mega military exercise – AMPHEX 2023 along with the Indian Army and Indian Air Force (IAF) near Kakinada in Andhra Pradesh (AP).
• It was the largest biennial tri-services amphibious exercise.
• AMPHEX-21 was conducted in the Andaman and Nicobar group of Islands from 21-25 January 2021.

Participants : 

• A large number of troops from the Indian Army, amphibious warships from the Indian Navy, and aircraft from the IAF participated in the joint exercise.

About the Exercise : 

• AMPHEX 2023 included complex activities in all domains that demonstrated and validated the high level of preparedness and excellent coordination between the three Services to undertake the full spectrum of amphibious operations.
• The exercise took place amid growing concerns over China’s increasing military forays into the Indian Ocean, a region considered the backyard of the Indian Navy.
• Also, the Indian Army has obtained the Intellectual Property Right (IPR) of the design and camouflage pattern of its newly introduced Camouflage Pattern Dress.
• The improved combat uniform was unveiled by the Chief of Army Staff during Army Day.

About Indian Navy : 

• Founded: 26 January 1950
• Headquarters: New Delhi, Delhi
• Chief of the Naval Staff: Hari Kumar

PERSON IN THE NEWS

Woman naval air operations Lt Commander DishaAmrith to lead Navy’s R- Day contingent

• Lt Commander DishaAmrith, a woman naval air operations official posted at a strategic base, will lead the Indian Navy’s Republic Day contingent of 144 young sailors.
• Its tableau will showcase the ‘Nari Shakti’ in the force.
• The tableau will also reflect the Navy’s focus on remaining a combat-ready, credible, and cohesive force.
• The theme of the naval tableau would be ‘Indian Navy -Combat Ready, Credible, Cohesive and Future Proof.
• Besides Amrith, another woman officer – Sub-Lt Valli Meena S will be among the three platoon commanders of the naval contingent.

About Lt Commander DishaAmrith : 

• Disha hails from Mangalore, Karnataka.
• She got into the Navy in 2016 and has been posted at a key naval facility in the Andaman and Nicobar islands after completing her training in 2017.
• DivyaAjith was the first to lead the all-woman contingent at the Republic Day parade in

AWARDS AND HONOURS:

Eleven children conferred with PM’s national award

• President DroupadiMurmu conferred the PradhanMantriRashtriyaBalPuraskar(PMRBP) 2023 on 11 children, including one with a rare bone disorder who is now an accomplished singer and a youngster who jumped into a river to save the life of a woman.
• Minister of women and child development Smriti Zubin Irani will also interact with the children and congratulate them in the presence of the minister of state for women and child development MunjparaMahendrabhai.
• There are six boys and five girls among the awardees from 11 states and UTs.
• The Union government the PMRBP award to children for their exceptional achievements.
• The award is conferred on children in the age group 5-18 for their excellence in six categories, viz art and culture, bravery, innovation, scholastic, social service, and sports, which deserve national recognition.
• This year, the PradhanMantriRashtriyaBalPuraskar will be conferred on 11 children selected from all regions of the country for their exceptional achievement in the field of art and culture (4), bravery (1), innovation (2), social service (1), and sports (3).

RANKING AND INDEX:

Ambani 1st among Indians, 2nd globally on Brand Guardianship Index 2023

• Billionaire MukeshAmbani has overtaken the likes of Satya Nadella of Microsoft and Google’s Sundar Pichai to be ranked No.1 among Indians and second globally on the Brand Guardianship Index 2023.
• Brand Finance constructs its Brand Guardianship Index in a similar way to the Brand Strength Index that underpins its corporate brand valuations.
• They have constructed a balanced scorecard of measures that capture the ability of a CEO to act as the guardian of their company’s brand and a steward of long-term shareholder value,” Brand Finance said in the 2023 report.
• The Brand Guardianship Index includes ‘Equity’ factors, which reflect current perceptions, ‘Performance’ factors which reflect the tangible results of these perceptions and ‘Investment’ factors which support future performance.
• Brand Finance’s Brand Guardianship Index (BGI) 2023 saw the rise of Nvidia CEO, Jensen Huang, and Mukesh Ambani of Reliance Industries Ltd to 1st and 2nd position respectively
• They both now rank above last year’s leader, Microsoft’s Satya Nadella, who now sits in third place.
• The majority of the top 10 on the index are chief executives from India or Indian origin.
• Shantanu Narayen of Adobe and Pichai are ranked fourth and fifth.
• Deloitte’s PunitRejen is at No.6 and Tata group chairman Natarajan Chandrasekaran is at the eighth spot.
• Piyush Gupta of DBS is at No.9 ahead of Huateng Ma of Tencent.
• Mahindra group head Anand Mahindra is in the 23rd position.
• Mukesh Ambani, Managing Director and Chairman of Reliance sits in second position and is the longest-serving CEO in the ranking at 40 years.

SPORTS NEWS:

Mary Kom-led Oversight Committee to run WFI

• Boxing legend MC Mary Kom will head a five-member Oversight Committee that will run the Wrestling Federation of India (WFI) and also probe into the allegations of ‘sexual misconduct, financial irregularities and misgovernance’ leveled by India’s top wrestlers, including Olympic and World Championships medallists, against the federation chief Brij Bhushan Sharan Singh, other officials and some coaches at the national camp.
• The other members of the committee are London Olympics bronze medallist YogeshwarDutt, former badminton player TruptiMurgunde, a member of SAI’s Mission Olympic cell, and former SAI administrators RadhicaSreeman, and Cdr Rajesh Rajagopalan.
• Announcing the names of the committee members in Jabalpur, Sports Minister Anurag Thakur said the committee has been given one month to complete its probe and till that time WFI chief Brij Bhushan Sharan Singh will stay away from the day-to-day functioning of the wrestling body.
• The committee will look into the serious allegations leveled against WFI.
• It will listen to both sides and complete its probe in one month and submit a report.
• Till the probe is completed, the Committee will also be in charge of the functioning of the WFI

IMPORTANT DAYS:

National Tourism Day: 25th January

• National Tourism Day 2023 is observed on the 25th of January 2023.
• National Tourism Day has a long history dating back to the Indian government’s proclamation of January 25 as Tourism Day in India.
• This day was created to highlight the value of travel and raise awareness of how vital it is to the economy of the nation.
• The nation as a whole warmly celebrates Indian tourism.
• The purpose of celebrating National Tourism Day is to increase public understanding of the social, political, economic, and cultural ideals that ultimately influence travel.
• The strategic growth, management, and promotion of tourism are solely the responsibility of the Ministry of Tourism, which is the principal institution in India for developing national policy.

National Voters Day 2023 is observed on the 25th of January 2023.

• The Election Commission of India (ECI), which was established in 1950, was founded on January 25.
• To encourage young people to participate in the election process, this day was first observed in 2011.
• Without a doubt, today is a celebration of both India’s democracy and the freedom to vote.
• The primary goal of the Election Commission is to promote voter registration, especially among qualified voters.
• Let us inform you that while the voting age was once 21 years old, it was decreased to 18 years old in 1988.
• The voting age in India was lowered by the Sixty-First Amendment Bill of 1998.

Daily CA  One liner January 25:

• The government made it mandatory for social media influencers to disclose their ‘material’ interest in endorsing products and services and violations can attract strict legal action, including a ban on endorsements.
• The commerce ministry eased norms to offer a conditional one-time relief to traders from select sectors from maintaining average export obligations under a scheme for capital goods, in light of the Covid-19 outbreak.
• Apple Inc (AAPL.O) wants India to account for up to 25% of its production from about 5%-7% now, the trade minister told a conference, as the iPhone maker continues to move its manufacturing away from China.
• Investment in the Indian capital markets through participatory notes slightly dropped to Rs 96,292 crore at the end of December 2022 from the preceding month on the higher valuation of domestic markets.
• President DroupadiMurmu conferred the PradhanMantriRashtriyaBalPuraskar (PMRBP) 2023 on 11 children, including one with a rare bone disorder who is now an accomplished singer and a youngster who jumped into a river to save the life of a woman
• Billionaire Mukesh Ambani has overtaken the likes of Satya Nadella of Microsoft and Google’s Sundar Pichai to be ranked No.1 among Indians and second globally on the Brand Guardianship Index 2023.
• The World Economic Forum (WEF) signed, at the Annual Meeting 2023, a new partnership with the Indonesian government to support its ambitions to scale blue carbon restoration and ocean conservation efforts.
• Boxing legend MC Mary Kom will head a five-member Oversight Committee that will run the Wrestling Federation of India (WFI) and also probe into the allegations of ‘sexual misconduct, financial irregularities and misgovernance’ leveled by India’s top wrestlers, including Olympic and World Championships medallists, against the federation chief Brij Bhushan Sharan Singh, other officials and some coaches at the national camp.
• National Tourism Day 2023 is observed on the 25th of January 2023.
• National Voters Day 2023 is observed on the 25th of January 2023.
• The Reserve Bank of India (RBI) extended the time for banks to renew their customer agreements for locker facilities to December 31, 2023, due to compliance delays.
• The Bombay High Court has declared the Reserve Bank of India (RBI) order to write off ₹8,300 crores of Additional Tier-1 (AT1) bonds of YES Bank to ineligible investors.
• The first meeting (Three-day meeting) of Business 20 (B20)- G20’s business group, was organized in Gujarat’s Gandhinagar city.
• Assam Chief Minister ShriHimanta BiswaSarma announced that the Centre has nominated the CharaideoMaidam, the burial ground of the Ahom Dynasty (1228-1826) in Assam for the coveted UNESCO World Heritage Site (cultural site) for the year 2023-2024.
• Nykaa’s parent firm, FSN E-Commerce Ventures Ltd., has appointed P Ganesh as the chief financial officer (CFO) from Feb. 3, 2023.
• Canara Bank sold its entire 40% stake in Russian joint venture (JV) Commercial Indo Bank LLC (CIBL), Moscow to the other venture partner State Bank of India (SBI) for about Rs 114 crore (USD 14.67 million). The National Asset Reconstruction Company Ltd (NARCL) also known as India’s bad bank/Asset Reconstruction Company (ARC) has acquired its first stressed asset Jaypee Infratech from IDBI Bank-led lenders.
• The Indian Navy conducted a six-day-long mega military exercise – AMPHEX 2023 along with the Indian Army and Indian Air Force (IAF) near Kakinada in Andhra Pradesh (AP).
• Lt Commander DishaAmrith, a woman naval air operations official posted at a strategic base, will lead the Indian Navy’s Republic Day contingent of 144 young sailors.