Daily Current Affairs March 14 2024 | Latest News | Download PDF

By rihana rihana - Mar 14 2024

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India’s Ombudsman Schemes See a 68% Surge in Complaints to Over 7 Trillion in 2022-23

  • According to the Annual Report of Ombudsman Schemes released by the Reserve Bank of India (RBI) Customer complaints with the Reserve Bank Ombudsman were up by 68% in 2022-23.

Key Highlights :

  • First Stand-Alone Report: The Annual Report of the Ombudsman Scheme 2022-23 is noteworthy as it marks the first stand-alone report under the Reserve Bank Integrated Ombudsman Scheme (RB-IOS), 2021.
  • This report elaborates on the activities of the 22 Offices of the RBI Ombudsman (ORBIOs), the Centralised Receipt and Processing Centre (CRPC), and the Contact Centre throughout the year.
  • Complaint Volume: Under the Reserve Bank Integrated Ombudsman Scheme (RBIOS), the central bank received a total of 7,03,544 complaints between April 1, 2022, and March 31, 2023.
  • This shows a substantial increase of 68.24% compared to the previous year.
  • Complaint Distribution: Public sector banks accounted for the majority of complaints at 41%, followed by private sector banks which accounted for 31% of the total complaints.
  • Top Categories of Complaints : In terms of the category of complaints a fifth (20.27 percent) of the complaints were concerning mobile and internet banking, while another fifth (20.13 percent) were concerning loans and advances.
  • Complaint Handling: Out of the total complaints, 2,34,690 were handled by the Ombudsman’s office, while the Centralised Receipt and Processing Centre (CRPC) closed 4,68,270 complaints as non-complaints or non-maintainable complaints.
  • Regional Contributors: Chandigarh, NCT of Delhi, Haryana, Rajasthan, and Gujarat were the top contributors to ombudsman complaints, whereas Mizoram, Nagaland, Meghalaya, Manipur, and Arunachal Pradesh were the lowest contributors during the fiscal year 2022-23.
  • Language Distribution: Among the 10 regional languages, Tamil received the highest number of calls (29.22%), followed by Telugu (22.10%), Malayalam (10.31%), Kannada (10.26%), and Bengali (9.80%). This indicates linguistic diversity in customer interactions.
  • Fraud Prevention Initiative: A booklet named ‘Raju and the Forty Thieves’ was released in Hindi and English, providing insights into the modus operandi of fraudulent financial activities and offering simple tips as safeguards against such incidents.
  • Expansion of ORBIOs: A new Office of RBI Ombudsman (ORBIO) was established in Shimla, effective from April 01, 2023, expanding the reach of the ombudsman scheme.
  • Merging of Offices: ORBIO, New Delhi I, and ORBIO, New Delhi III were merged into a single office, namely ORBIO, New Delhi I, consolidating operational efficiency.
  • Turnaround Time: The average turn-around time (TAT) for complaints processed by ORBIOs in 2022–2023 was 33 days, marking a considerable decrease from 44 days in the previous fiscal year.

L&T Finance, L&T Infra Credit, and 5 Other Non-Banking Financial Companies Voluntarily Surrender Registration Certificates to the Reserve Bank of India

  • L&T Finance, L&T Infra Credit, and 5 other non-banking financial companies (NBFCs) have surrendered their certificates of registration (CoR) to the Reserve Bank of India (RBI).
  • Following this, the RBI cancelled its Certificate of Registration (CoR) as it ceased to be a legal entity after amalgamation, merger, dissolution or voluntary strike-off

List of Companies: The 7 NBFCs involved in this action are:

  1. L&T Finance Limited, Kolkata, West Bengal
  2. L&T Infra Credit Limited, Mumbai, Maharashtra (the youngest NBFC among them, registered in June 2022)
  3. Marudhar Food & Credit Limited, Kolkata, West Bengal (the oldest NBFC among them, registered in November 2003)
  4. Creative Intra Limited, Ludhiana, Punjab
  5. Jinvani Trading & Investment Company Private Limited, Bangalore, Karnataka
  6. Manjushree Fincap Private Limited, Bangalore, Karnataka
  7. Shruti Financial Services Private Limited, Bangalore, Karnataka
  • The RBI, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has therefore cancelled their CoR.

What is meant by NBFC?

  • A Non Banking Finance Company (NBFC) is a company registered under the Companies Act, 1956 engaged in the business of loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by Government or local authority or other marketable securities of a like nature, leasing, hire-purchase, insurance business, chit business but does not include any institution whose principal business is that of agriculture activity, industrial activity, purchase or sale of any goods (other than securities) or providing any services and sale/purchase/construction of immovable property.

Recent News :

  • In December 2023, L&T Finance Holdings (LTFH) had announced the completion of the merger of subsidiaries L&T Finance, L&T Infra Credit, and L&T Mutual Fund Trustee, with itself.

L&T Finance Secures $125 Million Financing Agreement with Japan International Cooperation Agency (JICA)

  • Non-banking financial company (NBFC) L&T Finance Holdings Limited (LTFH) had signed a financing pact with Japan International Cooperation Agency (JICA) for $125 million to support financing in rural and peri-urban areas [located between the outer limits of urban and rural environment] in India, particularly women borrowers.
  • In November 2023, L&T Finance had sourced a $125 million loan from the Asian Development Bank (ADB), and as part of the co-financing agreement, an additional $125 million loan is now being raised from JICA.
  • At least 40% of the proceeds will be allocated for women borrowers, while the rest will be allocated to support farmers, the Ministry of Micro, Small and Medium Enterprises (MSMEs), as well as loans to purchase new two-wheeler vehicles including electric two-wheelers.
  • The project is strategically aligned with the goals of the Ministry of Rural Development as it focuses on lending in rural and peri-urban areas of lagging Indian states.

About JICA :

  • Established : October 1, 2003
  • Headquarters: Tokyo, Japan
  • President: Akihiko Tanaka
  • The Japan International Cooperation Agency is a governmental agency that delivers the bulk of Official Development Assistance for the government of Japan.

Securities and Exchange Board of India’s T+0 Settlement Plan to Begin on Optional Basis by March 28, Says Chairperson Madhabi Puri Buch

  • The Securities and Exchange Board of India (SEBI) plans to implement a T+0 (same day) settlement cycle for the cash segment from March 28 on an optional basis, while instantaneous settlement will be effective from March 2025.
  • T+0 would mean settlements in the same day and instant settlement would ensure trades are settled immediately.

Key Highlights :

  • Current Settlement Cycle: Presently, the Indian market operates on a T+1 (trade-plus-one-day) settlement cycle, whereas most global markets settle trades on a T+2 basis.
  • FPI Concerns: Foreign portfolio investors (FPIs) have expressed concerns to SEBI regarding liquidity fragmentation in the market.
  • They suggested waiting for the United States (US) to transition to a T+1 settlement cycle.
  • Previous Announcements: The SEBI chairperson had first spelled out the plans for same-day settlement in September,2023 which was followed by a consultation paper in December 2023.
  • Phased Migration Approach: SEBI’s proposal involves a two-phase migration to T+0 settlement:
  • Phase 1: Optional T+0 settlement cycle for trades until 1:30 pm, with funds and securities settlements completed on the same day by 4:30 pm.
  • Phase 2: Optional immediate trade-by-trade settlement for trades until 3:30 pm.

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.

IndusInd Bank Introduces India’s First Contactless Payment Wearable ‘Indus PayWear                                            

  • IndusInd Bank announced the launch of its contactless payments wearables, ‘Indus PayWear,’ India’s first All-in-One tokenizable wearables for both debit and credit cards exclusively on Mastercard, with the offering to be extended to other card networks shortly.
  • Aim : To revolutionise the payment experience by enabling users to tokenize their IndusInd Bank credit or debit cards onto a chip-enabled wearable device.
  • This feature enhances convenience and security by eliminating the need for physical cards or payment apps.

Key features of Indus PayWear :

  • Swift and Secure Transactions: Indus PayWear allows users to conduct tap-and-pay transactions at any contactless Point-of-Sale (PoS) terminal globally, ensuring secure and efficient purchases without the requirement of physical cards or payment apps.
  • Versatile Wearables: The Indus PayWear range comprises three options: a ring, a watch clasp, and stickers, catering to diverse customer preferences.
  • These wearables are priced affordably, with costs ranging from 499 to Rs. 2,999.
  • DIY Setup: The wearable devices are supported by a dedicated mobile application, enabling users to easily set up their cards on the wearable device and switch between cards seamlessly using the app.
  • Enhanced security: Indus PayWear prioritises security with advanced tokenisation technology, replacing actual card details with unique ‘tokens’ for every transaction.
  • This ensures the safety and security of each transaction conducted through the wearable.
  • Reward benefits: Transactions made through Indus PayWear offer rewards and security benefits associated with the underlying debit or credit card.
  • Transaction guidelines : Transactions below Rs 5000 can be seamlessly conducted as tap-and-pay using the wearable.
  • However, for transactions exceeding Rs. 5000, the PIN of the linked card must be entered on the PoS machine in accordance with RBI guidelines.

About IndusInd Bank :

  • Founded : April 1994
  • Headquarters : Mumbai, Maharashtra, India
  • MD & CEO : Sumant Kathpalia.
  • Tagline : We Make You Feel Richer

E Magazine

CURRENT AFFAIRS: CABINET APPROVALS

A. Cabinet approves signing of an MoU between India and Bhutan on co-operation in the field of Energy Efficiency and Energy Conservation Measures

  • The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved the signing of the Memorandum of Understanding (MoU) between India and Bhutan on extending co­operation in the field of Energy Efficiency and Energy Conservation Measures.
  • The MoU was signed between the Bureau of Energy Efficiency, Ministry of Power, Government of India and the Department of Energy, Ministry of Energy and Natural Resources, Royal Government of Bhutan.
  • As part of this MoU, India aims to assist Bhutan in enhancing energy efficiency in the household sector by promoting star labelling programme developed by the Bureau of Energy Efficiency.
  • The formulation of building codes, to suit the climate condition of Bhutan, will be facilitated based with India’s experience.
  • The creation of a pool of energy professionals at Bhutan is envisaged by institutionalizing training of energy auditors.
  • Ministry of Power has prepared the MoU in consultation with Ministry of External Affairs (MEA) and Department for Promotion of industry and internal Trade (DPIIT).
  • The MoU will enable exchange of Information, data and technical experts related to Energy Efficiency and energy conservation between India and Bhutan.
  • It will help Bhutan to ensure availability of energy efficient products in the market.
  • The MoU will analyze energy efficiency policies and cooperation in the field of energy efficiency research and technology deployment.

B. Cabinet approves signing of an Agreement between India and Bhutan in the area of Food Safety

  • The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved the signing of an Agreement between Bhutan Food and Drug Authority (BFDA), Ministry of Health, the Royal Government of Bhutan and the Food Safety and Standards Authority of India (FSSAI) regarding cooperation in the areas of food safety.
  • The signing of this Agreement between Bhutan Food and Drug Authority (BFDA), Ministry of Health, Royal Government of Bhutan and Food Safety and Standards Authority of India (FSSAI), Ministry of Health & Family Welfare, Government of India will facilitate the trade between two neighboring countries.
  • BFDA will issue a Health Certificate as a proof of compliance with the requirements prescribed by FSSAI, while exporting the products to India.
  • This will promote Ease of Doing Business and will reduce compliance cost on both sides.

C. Cabinet approves Inter-Governmental Framework Agreement India and United Arab Emirates on cooperation for the empowerment and operation of the India-Middle East Europe Economic Corridor

  • The Union Cabinet chaired by Prime Minister Shri Narendra Modi gave its Ex-post facto approval to the Inter-Governmental Framework Agreement (IGFA) that was signed during the High-Level visit between the Government of the Republic of India and the Government of the United Arab Emirates on Cooperation for the empowerment and operation of the India-Middle East Europe Economic Corridor (IMEC).
  • The IGFA aims to enhance the bilateral relations and to further strengthen the relations between the two countries in the Ports, Maritime and Logistics sectors.
  • The IGFA includes areas of cooperation between the two countries to explore further potential of future joint investment and collaboration in respect of the development of the IMEC.
  • The Agreement contains a detailed framework for cooperation between the two countries.
  • The cooperation will be based on a set of mutually agreed upon principles, guidelines and agreements consistent with the relevant rules and regulations of the countries’ jurisdiction.

D. Cabinet approves two corridors of Delhi Metro Phase-IV projects namely (i) Lajpat Nagar to Saket G-Block and (ii) Inderlok to Indraprastha

  • The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved two new corridors of Delhi Metro’s Phase-IV project which are expected to further improve the Metro connectivity in the national capital.

The two corridors are;

a) Inderlok – Indraprastha 377 km

b) Lajpat Nagar – Saket G Block 385 km

Project Cost & Funding

  • Total project cost of these two corridors of Delhi Metro’s Phase – IV project is Rs.8,399 crore, which will be sourced from the Government of India, Government of Delhi, and international funding agencies.
  • These two lines will comprise of 20.762 kms.
  • The Inderlok – Indraprastha corridor will be an extension of the Green Line and will provide interchange with the Red, Yellow, Airport Line, Magenta, Violet and Blue Lines, while the Lajpat Nagar – Saket G Block corridor will connect the Silver, Magenta, Pink and Violet Lines.
  • The Lajpat Nagar – Saket G Block corridor will be entirely elevated and will have eight stations.
  • The Inderlok – Indraprastha corridor will have 11.349 kms of underground lines and 1.028 kms of elevated lines comprising of 10 stations.
  • The Inderlok – Indraprastha Line will provide enhanced connectivity to the Bahadurgarh region of Haryana as commuters from these areas will be able to travel on the Green Line to directly reach Indraprastha as well as various other areas of central and east Delhi.
  • Eight new interchange stations will come up on these corridors at Inderlok, Nabi Karim, New Delhi, Delhi Gate, Indraprastha, Lajpat Nagar, Chirag Dilli and Saket G Block. These stations will significantly improve the interconnectivity among all the operational lines of the Delhi Metro network.

E. Cabinet approves signing of Memorandum of Understanding (MoU) between India and Bhutan on General Supply of Petroleum, Oil, Lubricants (POL) and related products from India to Bhutan

  • The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, has given its approval of signing of Memorandum of Understanding between the Government of India and the Royal Government of Bhutan on General Supply of Petroleum, Oil, Lubricants (POL) and related products from India to Bhutan.
  • It aims to benefit India and its citizens with improved economic and commercial linkages with Bhutan irrespective of any gender, class or income bias, particularly in the area of hydrocarbon sector.

Benefit:

  • The Memorandum of Understanding will promote bilateral trade in the hydrocarbon sector and will ensure secured and long term supply of petroleum products to Bhutan.
  • Since, exports play crucial role in realizing Aatmanirbhar Bharat.
  • The MoU will give thrust towards self-reliant India.
  • The MoU will be a strategic fit as Energy Bridge in India’s Neighborhood First Policy.

CURRENT AFFAIRS: NATIONAL NEWS

Prime Minister Modi has launched the PM-SURAJ National Portal.

  • Prime Minister Narendra Modi launched the ‘Pradhan Mantri Samajik Utthan and Rozgar Adharit Jankalyan’ (PM-SURAJ) national portal and approved credit assistance for one lakh entrepreneurs from disadvantaged communities.
  • During a video conference, he engaged with beneficiaries of government schemes for marginalized groups, including Scheduled Castes, Backward Class, and sanitation workers.
  • The programme witnessed the participation of about three lakh beneficiaries of various government schemes from disadvantaged groups from over districts 470 across the country.
  • The Prime Minister also distributed Ayushman health cards and PPE kits to sewer and septic tank workers under the National Action for Mechanised Sanitation Ecosystem (NAMASTE).

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Nayab Singh Saini Sworn in as Haryana Chief Minister from Bharatiya Janata Party; 5 Others Take Oath as Ministers, Excluding Anil Vij

  • Nayab Singh Saini, the Haryana Bharatiya Janata Party (BJP) chief and a prominent Other Backward Classes (OBC) leader, has been sworn in as the 11th Chief Minister of Haryana following the resignation of Manohar Lal Khattar.
  • The new cabinet includes 5 other Members of the Legislative Assembly (MLAs): Kanwar Pal Gujjar, Jai Parkash Dalal, Moolchand Sharma, Banwari Lal, and Independent MLA Ranjit Singh.
  • The oath-taking ceremony took place at the Raj Bhavan, where Haryana Governor Bandaru Dattatreya administered the oath to Nayab Singh Saini and the other ministers.
  • The resignations came as seat-sharing talks between allies Jannayak Janta Party (JJP) and BJP for the upcoming Lok Sabha elections failed to progress.
  • Meanwhile, prominent leader and 6-term Member of the Legislative Assembly (MLA) from Ambala Cantt Anil Vij, who served as Haryana home minister in Manohar Lal Khattar Cabinet, did not find a place in Nayab Singh Saini-led government.
  • While JP Dalal (Loharu segment) and Ranjit Chautala (Rania) come from the Jat community, Mool Chand Sharma (Ballabhgarh) is a Brahmin face.
  • Kanwar Pal (Jagadhri) comes from Gujjar community and Banwari Lal (Bawal) from the SC community.
  • Currently, the BJP holds 41 seats in the 90-member assembly, while the JJP has 10 seats.
  • The main opposition Congress has 30 MLAs, and the Indian National Lok Dal and Haryana Lokhit Party hold one seat each.

About Nayab Singh Saini :

  • Nayab Singh Saini was born in Ambala, Haryana, India.
  • He began his political journey with the Bharatiya Janata Party (BJP) in 1996, showcasing his long-standing association with the party.
  • In 2014, he won the Legislative Assembly election from the Narayangarh constituency.
  • He later was appointed a minister in the Haryana government in 2016.
  • Prior to this, he was a Member of the Haryana Legislative Assembly from the Naraingarh Assembly constituency from 2014 to 2019, showcasing his dual roles in state and national politics.
  • He served as the Member of Parliament (MP) from Kurukshetra Lok Sabha constituency from 2019 to 2024, demonstrating his representation at the national level.
  • He has held the role of Haryana BJP state president since October, 2023.

About Haryana :

  • Governor : Bandaru Dattatreya
  • Capital : Chandigarh

Kishor Makwana Takes Office as Chairman of National Commission for Scheduled Castes

  • Shri Kishor Makwana assumed the charge of Chairman of the National Commission for Scheduled Castes (NCSC) in New Delhi .
  • Shri Luv Kush Kumar also assumed the charge of Member of the National Commission for Scheduled Castes (NCSC).

About Shri Kishor Makwana :

  • Makwana served as a joint spokesperson of the Gujarat unit of the Bharatiya Janta Party (BJP).
  • He is also a journalist and a columnist.
  • He has been an Author of more than 33 books on the subjects like the ‘Samajik Kranti na Mahanayak Dr. Babasaheb Ambedkar’ (great hero of the social revolution – Dr. Babasaheb Ambedkar), ‘Swami Vivekananda’ etc.

About NCSC :

  • Established : 19 February 2004
  • Headquarters : New Delhi, Delhi
  • NCSC is an Indian constitutional body established under the jurisdiction of the Ministry of Social Justice and Empowerment, Government of India.
  • Article 338 of the Indian Constitution deals with the National Commission for Scheduled Castes (NCSC).
  • The Commission has a Chairperson, a Vice-Chairperson, and 3 other Members.

Foreign Secretary Vinay Mohan Kwatra Granted 6-Month Extension                 

  • The Appointments Committee of the Cabinet (ACC), led by Prime Minister Shri Narendra Modi, has approved a 6-month extension in the service of Vinay Mohan Kwatra as Foreign Secretary.
  • The extension is granted for a period of 6 months beyond April 30, 2024, until October 31, 2024, or until further orders, whichever is earlier, in public interest, in terms of provisions of FR 56 (d).“
  • This is his second extension.

Note :

  • Under the Fundamental Rule (FR) 56 (d), the government can give extension in service to the defence secretary, foreign secretary, home secretary, Intelligence Bureau director, RAW chief, CBI director, Enforcement Directorate chief, for such period or periods as it may deem proper on a case-to-case basis.

About Vinay Mohan Kwatra :

  • Vinay Mohan Kwatra, a 1988 batch Indian Foreign Service (IFS) officer, was appointed as Foreign Secretary in April 2022.
  • His tenure was subsequently extended through a subsequent order, granting him a two-year term until April 30, 2024.
  • He served as Minister (Commerce) in the Embassy of India, Washington from May 2010 till July 2013.
  • He has played a crucial role in the government’s response to several key issues, including the Ukraine crisis and the standoff with China on the Line of Actual Control (LAC), as well as India’s G20 presidency in 2023.
  • He also held the position of a Joint Secretary in the Prime Minister’s Office (PMO) for two years between October 2015 and August 2017.
  • He served as the Ambassador of India to France from August 2017 to February 2020, before diplomatic posting to Nepal.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Google Partners with Election Commission of India (ECI) to Combat Dissemination of False Information

  • Alphabet Inc-owned Google has joined hands with the Election Commission of India (ECI) to prevent spread of false information, promote authorised content and label AI-generated data during the upcoming general elections.
  • Google has already started displaying labels for content created with YouTube generative AI features, like Dream Screen.

Key Highlights :

  • Strict Advertising Policies: Google has implemented strict policies and restrictions for election-related advertising on its platforms.
  • These measures include identity verification, certification, authorization by the ECI, and disclosure of financiers.
  • Coalition for Content Provenance and Authenticity (C2PA): Google has recently joined the C2PA and pledged to prevent deceptive AI-generated imagery, audio, or video content from interfering with global elections this year.
  • Initiatives to Combat Misinformation: Google has introduced the Google News Initiative Training Network and the Fact Check Explorer tool to empower newsrooms and journalists to deliver reliable, fact-checked updates and debunk misinformation.
  • Support for India Election Fact-Checking Collective (Shakti): Google is supporting Shakti, the India Election Fact-Checking Collective, which is a consortium of news publishers and fact-checkers in India.
  • They collaborate to detect online misinformation, including deepfakes, and create a common repository for news publishers to address misinformation at scale.

About Google :

  • Founded : September 4, 1998
  • Headquarters : California, United States
  • CEO : Sundar Pichai

About ECI :

  • Established : 25 January 1950
  • Headquarters : New Delhi, Delhi
  • Chief Election Commissioner of India : Rajiv Kumar
  • The Election Commission of India (ECI) is a constitutional body, established by the Constitution of India to conduct and regulate elections in the country.
  • The Election Commission operates under the authority of Constitution per Article 324
  • Article 324 of the Constitution provides that the power of superintendence, direction, and control of elections to parliament, state legislatures, the office of the president of India, and the office of vice-president of India shall be vested in the election commission.

India Successfully Conducts Test of Agni-V Ballistic Missile Featuring Multiple Warhead Technology as part of Mission Divyastra

  • India had successfully tested a new Agni-5 missile capable of carrying multiple warheads and striking multiple targets.
  • The significant aspect of this new missile is its integration with Multiple Independently Targetable Re-entry Vehicle (MIRV) technology.

Key Highlights :

  • MIRV Technology : MIRV (Multiple Independently Targetable Re-entry Vehicle) technology is the capability that allows multiple warheads to be loaded on a single missile delivery system and programmed to hit different targets, thus greatly enhancing the missile’s destructive potential.
  • Historical Context : Multiple independently targetable re-entry vehicle (MIRV) technology technology is not new.
  • It was developed in the 1960s and first deployed in the 1970s by the United States and the then Soviet Union.
  • But it is a complicated technology.
  • Global Adoption: Over the years, France, the United Kingdom, and eventually China have developed this technology.
  • Pakistan’s Claim : Pakistan too has claimed to have tested an MIRV-equipped missile called Ababeel, first in 2017 and then in 2023.
  • Successful Test of Agni-V Missile: In a major technological leap for India’s nuclear deterrent, the Defence Research and Development Organisation (DRDO) conducted India’s first successful flight test of the indigenously developed Agni-V missile.
  • Warhead Capacity: During the test, the Agni-V missile carried between 4 to 6 dummy warheads, showcasing its capability for multiple payload delivery.
  • Mission Divyastra: The flight test was named Mission Divyastra and was conducted from Dr APJ Abdul Kalam Island off the coast of Odisha.
  • Structural Composition: The Agni-V missile consists of a metallic first stage made of ‘maraging steel,’ while the second and third stages are constructed from lightweight composites.
  • These composite materials were first tested in the Agni-IV missile on November 15, 2011.
  • Inter-continental Ballistic Missile (ICBM): Agni-V is categorized as an inter-continental ballistic missile (ICBM) with a range capability of 5000 to 8000 kilometres.
  • Solid Fuel Propulsion: Agni-V employs a three-stage solid-fueled engine, enabling it to reach most parts of China.
  • Its development primarily aims to address the strategic challenges posed by China.

CURRENT AFFAIRS: MOUS AND AGREEMENT

India and Dominican Republic establish first bilateral institutional mechanism for trade and commerce

  • The protocol for establishment of the Joint Economic and Trade Committee (JETCO) between India and Dominican Republic was signed at the Ministry of Foreign Affairs (MIREX) of Dominican Republic at Santo Domingo.
  • The protocol was signed by E. Mr. Roberto Álvarez, Minister of Foreign Affairs of Dominican Republic and Mr. Ramu Abbagani, Ambassador of India to the Dominican Republic on behalf of the Department of Commerce.
  • The Union Cabinet had approved the proposal for signing of the said protocol for establishment of JETCO on January 24, 2024.
  • The agreement, signed in the 25 years of establishment of diplomatic relations between the two countries, is an important step to elevate the existing economic and commercial relations further.
  • The protocol envisages to strengthen and develop cooperation on trade, services, industrial technologies and various other sectors by means of technical assistance, training programmes and capacity building.
  • It will be pivotal in mitigating challenges faced by the trade and industry and provide a platform for sharing of knowledge and best practices between the two countries.

The Ministry of Heavy Industries has recently signed a memorandum of understanding (MOU) with the Indian Institute of Technology, Roorkee.

  • The Ministry of Heavy Industries (MHI) and the Indian Institute of Technology, Roorkee (IIT Roorkee) signed a Memorandum of understanding (MoU) to work together to encourage innovation and advance the automotive and electric vehicle (EV) sector.
  • This MoU was signed in the presence of Dr Mahendra Nath Pandey, Minister of Heavy Industries, Shri Pushkar Singh Dhami, Chief Minister of the State of Uttarakhand (through VC) and senior officials of the Ministry of Heavy Industries and the State of Uttarakhand.
  • The MoU was signed by K.K Pant on behalf of IIT Roorkee & Shri Vijay Mittal JS MHI on behalf of the Ministry.
  • This MoU represents a joint effort to launch advanced initiatives for creating a Centre of Excellence (CoE) and an Industry Accelerator at IIT Roorkee under the Scheme for Enhancement of Competitiveness in the Indian Capital Goods Sector Phase II of MHI.
  • This collaboration seeks to utilize the combined knowledge and resources of both organizations to support groundbreaking projects that will influence the future of transportation.
  • With a total grant of ₹19.8745 Cr. provided by MHI and an additional ₹4.78 Cr. contributed by industry partners, the total project cost is ₹ 24.6645 Cr.
  • This joint collaboration is poised to make significant strides in innovation and will also bridge the gap between academia and industry.
  • These funds will further brace research, development, and implementation efforts, facilitating the translation of concepts into tangible solutions.

CURRENT AFFAIRS: IMPORTANT DAYS

International Day of Action of Rivers 2024: March 14

  • International Day of Action of Rivers 2024 is an international event celebrated on March 14th, 2024.
  • The International Day Of Action For Rivers 2024 theme is ‘Water for All’, which demands that the rivers be declared a national asset.
  • The International Day of Action Against Dams and For Rivers, Water and Life was adopted by the participants of the First International Meeting of People Affected by Dams in March 1997 in Curitiba, Brazil, according to internationalrivers.org.
  • River experts from 20 countries decided that March 14 will be the ‘Day of Action for Rivers’.
  • The participants aimed to unite against the destruction of rivers, other water bodies, and the ecologically fragile watershed areas.

PI Day 2024: March 14th 2024

  • PI Day 2024 is observed on March 14th, 2024.
  • It is an international event observed all over the world on the 14th of March every year. It is a day to celebrate the mathematical constant pi (π) and to eat lots of pie.
  • Pi Day 2024 celebrates the mathematical constant π (3.14).
  • An American Physicist Larry Shaw organized the first Pi Day in 1988 at the San Francisco Exploratorium.
  • In 2009, the US House of Representatives passed a non-binding resolution to recognize March 14 as National Pi Day.
  • The United Nations Educational, Scientific, and Cultural Organization (UNESCO) has decided to celebrate Pi Day (March 14) as the International Day of Mathematics in its 40th General Conference, in November 2019.

Daily CA One- Liner: March 14

  • The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved the signing of the Memorandum of Understanding (MoU) between India and Bhutan on extending co­operation in the field of Energy Efficiency and Energy Conservation Measures.
  • The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved the signing of an Agreement between Bhutan Food and Drug Authority (BFDA), Ministry of Health, the Royal Government of Bhutan and the Food Safety and Standards Authority of India (FSSAI) regarding cooperation in the areas of food safety.
  • The Union Cabinet chaired by Prime Minister Shri Narendra Modi gave its Ex-post facto approval to the Inter-Governmental Framework Agreement (IGFA) that was signed during the High-Level visit between the Government of the Republic of India and the Government of the United Arab Emirates on Cooperation for the empowerment and operation of the India-Middle East Europe Economic Corridor (IMEC).
  • The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved two new corridors of Delhi Metro’s Phase-IV project which are expected to further improve the Metro connectivity in the national capital.
  • The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, has given its approval of signing of Memorandum of Understanding between the Government of India and the Royal Government of Bhutan on General Supply of Petroleum, Oil, Lubricants (POL) and related products from India to Bhutan.
  • Prime Minister Narendra Modi launched the ‘Pradhan Mantri Samajik Utthan and Rozgar Adharit Jankalyan’ (PM-SURAJ) national portal and approved credit assistance for one lakh entrepreneurs from disadvantaged communities.
  • The protocol for establishment of the Joint Economic and Trade Committee (JETCO) between India and Dominican Republic was signed at the Ministry of Foreign Affairs (MIREX) of Dominican Republic at Santo Domingo.
  • The Ministry of Heavy Industries (MHI) and the Indian Institute of Technology, Roorkee (IIT Roorkee) signed a Memorandum of understanding (MoU) to work together to encourage innovation and advance the automotive and electric vehicle (EV) sector
  • According to the Annual Report of Ombudsman Schemes released by the Reserve Bank of India (RBI) Customer complaints with the Reserves Bank Ombudsman were up by 68% in 2022-23.
  • L&T Finance, L&T Infra Credit, and 5 other non-banking financial companies (NBFCs) have surrendered their certificates of registration (CoR) to the Reserve Bank of India (RBI).
  • Non-banking financial company (NBFC) L&T Finance Holdings Limited (LTFH) had signed a financing pact with Japan International Cooperation Agency (JICA) for $125 million to support financing in rural and peri-urban areas [located between the outer limits of urban and rural environment] in India, particularly women borrowers.
  • The Securities and Exchange Board of India (SEBI) plans to implement a T+0 (same day) settlement cycle for the cash segment from March 28 on an optional basis, while instantaneous settlement will be effective from March 2025.
  • IndusInd Bank announced the launch of its contactless payments wearables, ‘Indus PayWear,’ India’s first All-in-One tokenizable wearables for both debit and credit cards exclusively on Mastercard, with the offering to be extended to other card networks shortly.
  • Nayab Singh Saini, the Haryana Bharatiya Janata Party (BJP) chief and a prominent Other Backward Classes (OBC) leader, has been sworn in as the 11th Chief Minister of Haryana following the resignation of Manohar Lal Khattar.
  • Shri Kishor Makwana assumed the charge of Chairman of National Commission for Scheduled Castes (NCSC) in New Delhi .
  • The Appointments Committee of the Cabinet (ACC), led by Prime Minister Shri Narendra Modi, has approved a 6-month extension in the service of Vinay Mohan Kwatra as Foreign Secretary.
  • Alphabet Inc-owned Google has joined hands with the Election Commission of India (ECI) to prevent spread of false information, promote authorised content and label AI-generated data during the upcoming general elections.
  • India had successfully tested a new Agni-5 missile capable of carrying multiple warheads and striking multiple targets.
  • International Day of Action of Rivers 2024 is an international event celebrated on March 14th, 2024.
  • PI Day 2024 is observed on March 14th, 2024.

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