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Dear Readers, get to know the daily current affairs today covering all the National & International Events provided here in this article. Current Affairs is an important topic in various competitive exams like IBPS/SBI/PO/Clerk and other competitive exams. To score better in this section, be updated with the daily happenings. Check the Daily Current Affairs February 2024 updates here. Revision is very important in remembering current affairs. Candidates after learning the Daily current affairs March 08 2024, can test their knowledge by attempting Current Affairs Quiz provided with answers. Daily current affairs 08 March 2024 covers current affairs from International & National news, Important Days, State News, Banking & Economy, Business News, Appointments & Resignation, Awards & Honour, Books & Authors, Sports News, etc.,
CURRENT AFFAIRS : BANKING & FINANCE
Securities and Exchange Board of India Implements Third Settlement Scheme for Illiquid Stock Option Case
- The Capital markets regulator Securities Exchange Board of India (SEBI) introduced a third settlement scheme for entities involved in reversal trades in the stock options segment on BSE in 2014 and 2015.
- The scheme will commence on March 11 2024 and end on May 10, 2024 (with both days inclusive).
- After the expiry of the scheme period, actions as per the relevant provisions of securities laws will be continued against the entities which do not avail this opportunity for settlement.
- Aim :To expedite the conclusion of proceedings, enabling entities to avoid further delays and the associated legal processes or expenses.
Key Highlights :
- Legal Basis : The scheme is meant for trading activities of certain entities in the liquid stock options segment of BSE in terms of Section 15JB of the Sebi Act 1992 read with Regulations 26 of SEBI (Settlement Proceedings) Regulations 2018.
- Eligibility Criteria : The scheme is meant for those entities against which legal proceedings were either initiated or pending such as adjudicating officer/ Securities Appellate Tribunal (SAT)/ courts/ recovery officer (provided an appeal has been filed and the same is pending before the SAT/court).
- Settlement Opportunity : The scheme would provide a settlement opportunity to all the entities that have executed reversal trades in the stock options between April 1, 2014, and September 30, 2015, against whom proceedings have been initiated and are pending before any authority or forum.
- Previous Settlement Scheme: SEBI provided a one-time settlement scheme for entities involved in manipulation in
- Scheme Duration: The scheme was available from August 2022 to January 2023.
- Entities Availing Scheme: In January 2021, SEBI announced that 1,018 entities allegedly involved in manipulation had availed the benefit of the one-time settlement scheme.
- Number of Entities Settling: In March 2023, SEBI disclosed that a total of 10,980 entities availed the benefit under the settlement scheme of 2022.
- Settlement Charges: The cases were settled against the entities after they paid settlement charges in the range of Rs 1 lakh to Rs 42 lakh.
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 (first woman to lead the SEBI)
- SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.
Reserve Bank of India Prohibits Exclusive Agreements between Banks and Card Networks, Grants Customers Freedom to Select Networks
- The Reserve Bank of India (RBI) has barred exclusive agreements between banks and card networks and has allowed customers to choose the network at the time of issue under Section 18 read with Section 10(2) of the Payment and Settlement Systems Act, 2007.
Key Highlights :
- Customer Choice : At present, the card issued to a customer is decided by the card issuer (bank/non-bank) and is linked to the arrangements that the card issuers have with card networks in terms of their bilateral agreements.
- Authorized Card Networks : Authorised card networks include American Express Banking Corp, Diners Club International Limited, MasterCard Asia/Pacific Pte Limited, National Payments Corporation of India–Rupay, and Visa Worldwide Pte Limited.
- Exclusions : However, the direction on allowing users to pick the network shall not be applicable to credit card issuers with a number of active cards issued by them being 10 lakh or less.
- Card issuers who issue credit cards on their own authorised card network are excluded from the applicability of the circular.
- Effective Date: The directions outlined in the circular will come into effect 6 months from its issuance date, providing a transition period for compliance.
About RBI :
- Established : 1 April 1935
- Headquarters : Mumbai, Maharashtra, India
- Governor : Shaktikanta Das
30 banks enlist on Reserve Bank of India’s UDGAM portal for unclaimed deposits
- The Reserve Bank of India (RBI) informed that 30 banks are facilitating people to search their unclaimed deposits/accounts through Unclaimed Deposits-Gateway to Access inforMation (UDGAM) portal, and the remaining banks are in the process of getting on-boarded.
About UDGAM :
- UDGAM is an online portal developed by RBI.
- It facilitates the registered users to search unclaimed deposits/accounts across multiple banks in one place in a centralised manner.
- All unclaimed deposits/accounts that are part of the Depositor Education and Awareness (DEA) Fund of RBI can be searched in the UDGAM portal.
- As of March 4, 2024, there are 30 banks, which are part of the UDGAM portal, and they cover around 90% of unclaimed deposits (in value terms) in the DEA Fund of RBI.
- The total value of unclaimed deposits stood at Rs 42,270 crore as of March 2023.
What are unclaimed deposits?
- The balance in savings or current accounts not operated for 10 years and term deposits not claimed for 10 years from the date of maturity are classified by banks as unclaimed deposits.
- These amounts are transferred to the depositor education and awareness (DEA) fund maintained by RBI.
What is the Unclaimed Deposit Reference Number?
- Unclaimed Deposit Reference Number (UDRN) is a unique number generated through Core Banking Solution (CBS) by banks and assigned to each Unclaimed account/ deposit transferred to the Depositor Education and Awareness (DEA) Fund of RBI.
- This number is used so that the account holder or the bank branch where the account is maintained, cannot be identified by any third party.
- The UDRN enables the bank branches to seamlessly settle claims received from the customers/depositors, who have made successful searches in the UDGAM portal.
National Payments Corporation of India Calls Meeting with Third-Party App Players to Address Market Share Stability on Unified Payments Interface
- The National Payments Corporation of India (NPCI) is actively exploring strategies to stabilise market share dynamics on the Unified Payments Interface (UPI).
- NPCI has organised a meeting with third-party application players to discuss and address the challenges associated with market share dynamics on UPI.
Key Highlights :
- 30% Cap Implementation: NPCI has proposed a 30% cap by volume for third-party payment applications in the UPI market.
- Initially planned for implementation on January 1, 2023, the move has been postponed, and the new deadline is set for December 31, 2024.
- Impact on Players: Leading third-party payment application players, such as PhonePe and Google Pay, face potential business losses as a consequence of the market share cap imposed by NPCI.
- Transaction Volumes in January 2024: In January, PhonePe processed a significant 5.7 billion transactions, while Google Pay closely followed with 4.4 billion transactions.
- In contrast, Amazon, a major e-commerce player in India, handled 59 million transactions.
- Cred recorded just over 100 million transactions, and Groww, the prominent wealth management app, processed less than 9.5 million transactions.
About NPCI :
- Founded : 2008
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : Dilip Asbe
- The NPCI is an umbrella organisation for operating retail payments and settlement systems in India.
- It is an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, to create a robust Payment & Settlement Infrastructure in India.
Reserve Bank of India’s Gold Reserves surged by 8.7 Trillion to Reach 812.3 Trillion in January 2024
- The Reserve Bank of India (RBI) increased its gold reserves in January after a two-month hiatus.
- RBI’s gold acquisition in January amounted to 8.7 metric tons, marking the highest monthly purchase in a year and a half.
- As of January’s end, RBI’s gold reserves reached an unprecedented level of 812.3 metric tons.
- In 2023, RBI’s net gold purchases were substantially lower at 16.2 metric tons compared to previous years, where annual net purchases averaged 47 metric tons from 2018 to 2022.
- Despite the reduced purchase in 2023, RBI ranked as the 6th largest purchaser of gold among central banks for the year, as per reported data.
CURRENT AFFAIRS: NATIONAL NEWS
Prime Minister Modi unveils projects worth ₹6,400 crores in Srinagar
- Prime Minister Narendra Modi unveiled various developmental projects worth more than 6400 crore rupees at Bakshi stadium in Srinagar in Jammu and Kashmir.
- During his day-long visit to the Kashmir valley, the Prime Minister participated in the ‘Viksit Bharat, Viksit Jammu Kashmir’
- This is Mr Modi’s first visit to Kashmir post abrogation of Article 370 in August 2019.
- Earlier, the Prime Minister launched the 5,000 crore Rs worth programme – the ‘Holistic Agriculture Development Programme’ – for boosting agri-economy in J&K.
- He also launched multiple projects related to the tourism sector worth more than 1,400 crore Rs under Swadesh Darshan and PRASHAD (Pilgrimage Rejuvenation And Spiritual, Heritage Augmentation Drive) scheme, including the project for ‘Integrated Development of Hazratbal Shrine’, Srinagar.
Hardeep S. Puri launches and places the cornerstone for 177 development projects in Uttar Pradesh for Rs 10.41 crores
- Shri Hardeep Singh Puri, Minister of Housing & Urban Affairs and Petroleum & Natural Gas, virtually inaugurated and laid the foundation stone for 177 development projects in Sonbhadra district of Uttar Pradesh.
- The projects worth Rs 10 crore 41 lakh are funded from Shri Puri’s MPLAD fund as part of the MP Local Area Development Scheme.
- In 2018, Minister Hardeep Singh Puri, who is also an MP from Rajya Sabha, assumed the responsibility of overseeing development initiatives in the district as part of the Aspirational Districts Programme of NITI Aayog.
Government notifies FDI norms for space; move may bring in $44 bn by 2033
- The government notified the amended FDI norms in the space sector, clearing the deck for 100 per cent overseas investment in making components for satellites, 74 per cent in satellite manufacturing and operations, and 49 per cent in launch vehicles.
- Anything beyond the limit will need government approval.
- The recent move comes against the backdrop of tepid foreign investment into the country’s space sector over the last two years.
- Satellite Data Products refer to reception, generation or dissemination of earth observation/remote sensing satellite data and data products including Application Interfaces (API).
- As per the amended policy, upto 49% FDI is allowed through automatic route for launch vehicles and associated systems or subsystems, creation of spaceports for launching and receiving spacecraft.
- Beyond 49%, FDI in these activities would require government approval.
- A spaceport (also referred to as a launch site) is the base from which spacecraft are launched, and consists of facilities involving devices for transportation to, from and via outer space.
- Further up to 100% overseas investments are permitted under automatic route for manufacturing of components and systems/ sub-systems for satellites, ground and user segments.
Recent News
- Cabinet approved the amended FDI norms to enhance the ease of doing business and attract investments and divided the satellite sub-sector into three different activities with defined limits for foreign investment in each such sector.
Minister Hardeep S Puri inaugurates 201 CNG stations and India’s first Small Scale LNG Unit of GAIL
- Union Minister for Petroleum and Natural Gas Hardeep Singh Puri inaugurated India’s first Small Scale LNG Unit of GAIL.
- This unit of Gas Authority of India Limited (GAIL) is situated at its Vijaipur LPG plant in Madhya Pradesh.
- The CNG stations have been set up with an investment of Rs 500 crore and are spread across 52 geographical areas in 17 states.
- He reiterated that the government’s vision is to raise the share of natural gas in the primary energy basket to 15 percent by 2030.
- He said that the establishment of a gas-based economy depends on the development of the National Gas Grid (NGG).
- It also depends on a widespread City Gas Distribution (CGD) network that links the supply and consumption centres.
- The Minister stated that by 2030, the nation will have around 120 million PNG connections and about 17,500 CNG stations, according to the Minimum Work Plan that CGD companies had submitted.
CURRENT AFFAIRS : STATE NEWS
Kerala Set to Introduce India’s First Government-Owned OTT Platform, CSpace
- Kerala’s Chief Minister Shri Pinarayi Vijayan launched a government-supported OTT platform called CSpace at the Kairali Theatre.
- This marks India’s first government-backed OTT platform.
- Aim : To offer a mix of informative and entertaining content tailored especially for the masses.
- Viewers can access the CSpace app for download from both the PlayStore and App Store starting March 7, 2024.
About CSpace Platform :
- CSpace has been launched to deal with the growing imbalances and multifarious challenges in the OTT sector.
- It is managed by Kerala State Film Development Corporation (KSFDC) which is a state-owned company entrusted with the promotion of Malayalam cinema and industry.
- This OTT platform has been released by the Department of Cultural Affairs of the Government of Kerala.
- KSFDC has formed a curator panel comprising 60 members, including renowned cultural personalities from Kerala.
- Notable figures such as Benyamin, OV Usha, Santhosh Sivan, Shyamaprasad, Sunny Joseph, and Jeo Baby are part of this panel.
- The curators have chosen 42 films for the initial phase of CSpace, encompassing 35 feature films, six documentaries, and one short film.
- Films that have garnered national or state awards or have been showcased at major film festivals will be featured on the platform.
- CSpace operates on a pay-per-view basis, enabling viewers to watch a feature film for Rs 75 and shorter content for a lower price.
- Half of the revenue generated from viewer subscriptions is allocated to the content provider.
- The platform emphasizes transparency in its operations and revenue-sharing practices.
About Kerala:
- Chief Minister: Pinarayi Vijayan
- Governor: Arif Mohammad Khan
- Capital: Thiruvananthapuram
- National Parks: Periyar National Park, Mathikettan National Park, Eravikulam National Park, Silent Valley National Park, Indira Gandhi National Park
Chief Minister Yogi Adityanath Launches ‘Mukhyamantri Yuva Udyami Vikas Abhiyan Scheme’ to Support Young Entrepreneurs in Uttar Pradesh
- Chief Minister Shri Yogi Adityanath introduced the “Mukhyamantri Yuva Udyami Vikas Abhiyan (MYUVA)” scheme in Uttar Pradesh (UP), with the objective of fostering entrepreneurship among the state’s youth.
- The scheme underscores the government’s dedication to empowering young entrepreneurs and cultivating an environment conducive to innovation and business development.
Key Features :
- Interest-Free Financing: Under the MYUVA scheme, interest-free financing is provided to assist young individuals in launching their entrepreneurial ventures, with projects valued up to Rs 5 lakhs.
- Annual Target: The government aims to nurture 1 lakh young entrepreneurs annually through this initiative, highlighting its ambitious goal of promoting entrepreneurship in the state.
- Budget Allocation: A substantial budget allocation of Rs 1,000 crore for the financial year 2024-25 has been earmarked to support the MYUVA initiative, highlighting the government’s financial commitment.
- Empowerment of Educated Youth: MYUVA focuses on empowering educated and skilled youth in Uttar Pradesh by providing avenues for self-employment, aligning with the broader goal of youth empowerment.
- Eligibility Criteria: Beneficiaries include individuals who have received training through government-sponsored projects and those with educational qualifications.
- Digital Transactions and Awards: The scheme encourages digital transactions in business operations and offers awards to promote the use of digital payment systems among entrepreneurs.
- Long-Term Goal: The MYUVA scheme aims to directly benefit one million units (10 lakh units) over the next decade by financing 1,00,000 units annually, contributing to sustained entrepreneurial growth in the state.
About UP :
- Governor : Anandiben Patel
- Chief Minister : Yogi Adityanath
- Capital : Lucknow
- National Park : Dudhwa National Park
- Wildlife Sanctuary : Bakhira Wildlife Sanctuary, Chandraprabha Wildlife Sanctuary, National Chambal Wildlife Sanctuary
Keyi Panyor Designated as Arunachal Pradesh’s 26th District
- Keyi Panyor became the 26th district of Arunachal Pradesh by carving out the areas from Lower Subansiri.
- The new district, which was demanded by the people of the Nyishi community for a long time, will have its headquarters at Ter Gapin-Sam Sarth.
- The programme was attended by Union Minister for Earth Sciences Kiren Rijiju, Deputy CM Chowna Mein, and MPs Tapir Gao and Nabam Rebia, among others.
- On February 8, 2024 the state assembly passed the Arunachal Pradesh (Re-Organization of Districts) (Amendment) Bill, 2024, paving the way for the creation of two new districts -Keyi Panyor and Bichom.
- The 27th district, Bichom, is scheduled to be inaugurated early next week.
- Bichom district with headquarters at Napangphung has been carved out from East Kameng and West Kameng districts.
CURRENT AFFAIRS: BUSINESS NEWS
Depositors can claim their unclaimed amount refunded from DEA Fund
- Customers or depositors can claim a refund of their unclaimed amounts from their banks.
- After paying the depositor with interest, banks can lodge a claim for a refund from the Depositor Education and Awareness (DEA) Fund.
- The DEA Fund Scheme, 2014, was formulated by the RBI.
- The scheme came into effect on May 24, 2014, e., the date of notification of the scheme in the Official Gazette of India.
- According to the FAQ, the amounts credited to the DEA Fund are the credit balances in any deposit account maintained with banks (commercial banks, cooperative banks), which have not been operated for 10 years or more by the depositor, or any amount remaining unclaimed for 10 years or more.
- Furthermore, there is no specific time limit prescribed in the scheme for claiming a refund from the DEA Fund by the depositor.
- However, depositors or legal heirs are encouraged to claim such amounts as soon as they become aware of unclaimed funds.
- In case of claims on deposits covered by Deposit Insurance and Credit Guarantee Corporation (DICGC), then the liquidator can claim the equivalent amount to what could have been claimed by DICGC i.e., up to Rs 5 lakh currently.
- However, if the deposit amount is above the insurance coverage of DICGC, then the liquidator can claim the amount only on a reimbursement basis.
CURRENT AFFAIRS: AWARDS AND HONOURS
Yatin Bhaskar Duggal from Haryana Wins First Prize in National Youth Parliament Festival 2024
- Yatin Bhaskar Duggal from Haryana won the first prize in the National Youth Parliament Festival, 2024, while Vaishna Pitchai from Tamil Nadu won the second prize and Kanishka Sharma from Rajasthan the third prize.
- Eighty-seven State-level winners assembled in New Delhi for the finals in the Youth Parliament.
- Lok Sabha Speaker Om Birla emphasized the importance of youth in India’s progress towards becoming a ‘Viksit Bharat’ by 2047, highlighting their thinking capability, innovation, and work ethic. He stressed India’s role in leading the world.
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
Reserve Bank of India Endorses BK Divakara’s Appointment as Whole-Time Director at CSB Bank
- The Reserve Bank of India (RBI) has approved the appointment of BK Divakara as a Whole-Time Director (Executive Director) of CSB Bank for 3 years.
About BK Divakara :
- Divakara is an Associate Member of the Institute of Chartered Accountants of India, the Institute of Company Secretaries of India and the Institute of Cost and Management Accounts of India.
- He has been Head-Strategy & Corporate Legal at CSB Bank since June 5, 2023.
- Prior to this, he held the position of CFO from February 5, 2020 to June 4, 2023.
- Before joining CSB Bank, Divakara was Executive Director with Central Bank of India for five years beginning January 23, 2014.
About CSB Bank Limited :
- Founded : 26 November 1920
- Headquarters : Thrissur, Kerala, India.
- CEO: Pralay Mondal.
CURRENT AFFAIRS : DEFENCE NEWS
Indian Navy Inaugurates Indian Naval Ship Jatayu at Minicoy, MH-60R Helicopter Squadron at Kochi
- The Indian Navy commissioned Indian Naval Ship (INS) Jatayu, at Minicoy island in the Lakshadweep Islands, its second base in Lakshadweep after INS Dweeprakshak in
- The Navy has also commissioned its first MH-60R multi-role helicopter squadron INAS 334 ‘Seahawks’ at Kochi, a major capability boost for its rotary fleet and its anti-submarine warfare capabilities.
- New Delhi had signed an agreement with Washington to buy 24 of these choppers and 6 have been delivered so far.
- The first MH-60R Indian Naval Air Squadron will be commanded by Captain M Abhisheik Ram.
- The procurement agreement for 24 MH-60Rs was signed between India and the United States (US) in February 2020 under the framework of foreign military sales.
About INS Jatayu :
- Strategic Significance of INS Jatayu: INS Jatayu serves as a strategic naval base, positioned across crucial sea lanes of communication, including the 8 degree and 9 degree channels connecting Minicoy with Maldives and Lakshadweep islands, respectively.
- Maritime Variant – MH-60R Seahawk Helicopters:The MH-60R Seahawk helicopters are a maritime variant of the Blackhawk helicopter, contributing to the Navy’s capabilities in maritime operations.
- Commissioning Ceremony Attendees:Admiral R Hari Kumar, Chief of Naval Staff, and Praful K Patel, Administrator of Lakshadweep, were present at the commissioning ceremony.
- Vice Admiral V Srinivas, Flag Officer Commanding-in-Chief, Southern Naval Command, also participated in the event.
- A 24 hour chopper hanger at Kavaratti will be operational soon and the IAF has been allocated land to set up a radar station.
- Commander Vrat Baghel, the first commanding officer of the unit took charge of the INS Jatayu that will play a significant role in operational surveillance and reduce the navy’s turnaround time in the western seaboard.
- Under his leadership, INS Jatayu will play a crucial role in operational surveillance, contributing to reducing the navy’s turnaround time in the western seaboard region.
About Indian Navy :
- Headquarters : New Delhi, Delhi
- Chief of Defence Staff : General Anil Chauhan
- Chief of the Naval Staff : Admiral R. Hari Kumar
About Ministry of Defence :
- Defence Minister : Rajnath Singh
- Minister of State : Ajay Bhatt
- Defence Secretary : Giridhar Aramane
Indian Navy offers support to Liberian-flagged container vessel, MSC SKY II
- Indian Naval Ship (INS) Kolkata mission-deployed in the Gulf of Aden responded to a request from MSC Sky II, a Liberian-flagged Container Vessel, which was reportedly attacked by a drone/ missile, at about 1900 h (IST), approximately 90 nm South East of Aden.
- INS Kolkata was promptly diverted to provide necessary assistance and reached the location of the incident by 2230 hours (IST) the same day.
Key Highlights :
- A specialist firefighting team comprising 12 personnel from INS Kolkata boarded the MV to help extinguish the remaining fire/smoke.
- Additionally, an Explosive Ordnance Disposal (EOD) team also embarked to assess residual risks.
- The crew of 23 personnel, including 13 Indian nationals, are confirmed to be safe following the incident.
- MSC Sky II is proceeding towards its next destination after receiving the necessary assistance.
- The swift response and actions of the Indian Navy reaffirm its commitment and determination to safeguard seafarers navigating through the region.
CURRENT AFFAIRS: MOUS AND AGREEMENT
India, and Indonesia’s central banks sign agreement to promote use of local currencies for bilateral transactions
- The Reserve Bank of India (RBI) and the Bank Indonesia (BI) signed a Memorandum of Understanding (MoU) for establishing a framework to promote the use of local currencies — the Indian Rupee (INR) and the Indonesian Rupiah (IDR) for cross-border transactions.
- The MoU was signed by the Governor, of the Reserve Bank of India, Shaktikanta Das and the Governor, of Bank Indonesia, Perry Warjiyo.
- The MoU on establishing a framework for cooperation in the area of cross-border transactions in local currencies between India and Indonesia aims to promote the use of INR and IDR bilaterally.
Key Highlights
- The MoU covers all current account transactions, permissible capital account transactions and any other economic and financial transactions as agreed upon by both countries.
- This framework would enable exporters and importers to invoice and pay in their respective domestic currencies, which in turn would enable the development of an INR-IDR foreign exchange market.
- The use of local currencies would optimise costs and settlement time for transactions.
CSIR-Indian Institute of Petroleum signs MoU with UCOST to deploy the Pine Needles-based fuel-making technology in Champawat
- Shri Pushkar Singh Dhami, an MoU was signed between CSIR Indian Institute of Petroleum, Dehradun and UCOST under the aegis of the “Adarsh Champawat” mission.
- Dr Harendra Singh Bisht, Director of the Indian Institute of Petroleum and Professor Durgesh Pant, Director General of UCOST, signed the MoU documents and inaugurated a historic project on deploying the technology of making fuel from Pine Needles in Champawat.
Key Highlights
- Under this agreement, the CSIR – Indian Institute of Petroleum will implement two major technologies at the grassroots level in Champawat.
- The selected technologies include a briquetting unit with a capacity of 50 kg per hour based on Pine Needles and 500 units of Improved Cookstoves for rural households.
- An extended field trial study will be conducted regarding energy conservation and its environmental impact.
- The briquetting unit will be established in the Energy Park in Champawat as a part of the Women Empowerment initiative.
- The briquettes produced will be used as fuel in homes and local industries.
CURRENT AFFAIRS: RANKING AND INDEX
Indian bond markets eye smaller below $5 billion inflow from Bloomberg inclusion
- Indian government bond market participants informed they expect inflows of less than $5 billion from the recent inclusion in the Bloomberg Index Services, which is unlikely to have any material impact on bond yields.
- Bloomberg Index Services would include 34 Indian government bonds eligible for investment via the country’s fully accessible route (FAR), in its Emerging Market Local Currency Index (EMLC) from Jan. 31, 2025.
- Indian benchmark bond yield has remained around 7.05% for the last few sessions, and is unlikely to ease much in the near term.
- The benchmark 10-year yield ended at 7.0567 per cent, following its previous close of 7.0601 per cent.
KeY Highlights
- The inclusion will be phased in over 10 months ending October 2025, with the weight of India FAR bonds increased in increments of 10 per cent of their full market value every month during the period.
- In September, JPMorgan announced the inclusion of Indian bonds in its emerging market debt index from June 2025 with traders anticipating inflows of around $25 billion to $30 billion from it.
- The Bloomberg index inclusion, on the other hand, is expected to bring in around $2.5 billion to $4 billion.
- The Reserve Bank of India (RBI) has introduced the ‘Fully Accessible Route’ (FAR) from April 1, 2020.
- This channel allows non-residents to invest in specified government bonds without any restrictions.
- The FAR initiative opens certain specified categories of government bonds fully for non-resident investors.
- Under FAR, eligible investors can invest in specified government securities without any investment ceilings.
- FAR operates alongside the existing routes, namely the Medium Term Framework (MTF) and the Voluntary Retention Route (VRR).
CURRENT AFFAIRS: IMPORTANT DAYS
International Women’s Day: 8th March
- International Women’s Day 2024 is celebrated on 8th March 2024.
- The International Women’s Day 2024 theme is “Invest in women: Accelerate progress”
International Women’s Day History
- In 1869, Susan B. Anthony and Elizabeth Cady Stanton started the National Women’s Suffrage Association to fight for women’s rights
- Clara Zetkin proposes a Women’s Day celebration, and International Women’s Day is celebrated annually from this point forth that is a day for Women in 1911.
- In 1965, the women’s liberation movement fought for politics, work, the family, and sexuality, and all women were given the right to vote.
- In the 2000s, with the help of the internet, the message of feminism became unified with a focused direction.
Daily CA One- Liner: March 8
- Prime Minister Narendra Modi unveiled various developmental projects worth more than 6400 crore rupees at Bakshi stadium in Srinagar in Jammu and Kashmir
- Shri Hardeep Singh Puri, Minister of Housing & Urban Affairs and Petroleum & Natural Gas, virtually inaugurated and laid the foundation stone for 177 development projects in Sonbhadra district of Uttar Pradesh.
- The government notified the amended FDI norms in the space sector, clearing the deck for 100 per cent overseas investment in making components for satellites, 74 per cent in satellite manufacturing and operations, and 49 per cent in launch vehicles
- Union Minister for Petroleum and Natural Gas Hardeep Singh Puri inaugurated India’s first Small Scale LNG Unit of GAIL
- Customers or depositors can claim a refund of their unclaimed amounts from their banks
- Yatin Bhaskar Duggal from Haryana won the first prize in the National Youth Parliament Festival, 2024, while Vaishna Pitchai from Tamil Nadu won the second prize and Kanishka Sharma from Rajasthan the third prize
- The Reserve Bank of India (RBI) and the Bank Indonesia (BI) signed a Memorandum of Understanding (MoU) for establishing a framework to promote the use of local currencies — the Indian Rupee (INR) and the Indonesian Rupiah (IDR) for cross-border transactions
- Shri Pushkar Singh Dhami, an MoU was signed between CSIR Indian Institute of Petroleum, Dehradun and UCOST under the aegis of the “Adarsh Champawat” mission
- Indian government bond market participants informed they expect inflows of less than $5 billion from the recent inclusion in the Bloomberg Index Services, which is unlikely to have any material impact on bond yields.
- The Capital markets regulator Securities Exchange Board of India (SEBI) introduced a third settlement scheme for entities involved in reversal trades in the stock options segment on BSE in 2014 and 2015.
- The Reserve Bank of India (RBI) has barred exclusive agreements between banks and card networks and has allowed customers to choose the network at the time of issue under Section 18 read with Section 10(2) of the Payment and Settlement Systems Act, 2007.
- The Reserve Bank of India (RBI) informed that 30 banks are facilitating people to search their unclaimed deposits/accounts through Unclaimed Deposits-Gateway to Access inforMation (UDGAM) portal, and the remaining banks are in the process of getting on-boarded.
- The National Payments Corporation of India (NPCI) is actively exploring strategies to stabilise market share dynamics on the Unified Payments Interface (UPI).
- The Reserve Bank of India (RBI) increased its gold reserves in January after a two-month hiatus.
- Kerala’s Chief Minister Shri Pinarayi Vijayan launched a government-supported OTT platform called CSpace at the Kairali Theatre.
- Chief Minister Shri Yogi Adityanath introduced the “Mukhyamantri Yuva Udyami Vikas Abhiyan (MYUVA)” scheme in Uttar Pradesh (UP), to foster entrepreneurship among the state’s youth.
- Keyi Panyor became the 26th district of Arunachal Pradesh by carving out the areas from Lower Subansiri.
- The Reserve Bank of India (RBI) has approved the appointment of BK Divakara as a Whole-Time Director (Executive Director) of CSB Bank for 3 years.
- The Indian Navy commissioned Indian Naval Ship (INS) Jatayu, at Minicoy Island in the Lakshadweep Islands, its second base in Lakshadweep after INS Dweeprakshak in
- Indian Naval Ship (INS) Kolkata mission-deployed in the Gulf of Aden responded to a request from MSC Sky II, a Liberian-flagged Container Vessel, which was reportedly attacked by a drone/ missile, at about 1900 h (IST), approximately 90 nm South East of Aden.
- International Women’s Day 2024 is celebrated on 8th March 2024.