Daily Current Affairs May 03 2023 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

HDFC Bank launches digital distribution platform

• HDFC Bank introduced a Digital Distribution Platform (DDP) – ‘HDFC Bank Smart Saathi’, a state-of-the-art solution which is built on a robust and digitally enabled technology architecture that provides a secure and user-friendly experience to all its users.
• This platform will use advanced technology solutions to connect Business Correspondents (BCs) and Business Facilitators (BFs) to the bank.
• It was launched in Delhi by Vivek Joshi, secretary, Department of Financial Services, and Smita Bhagat, group head, Government and Institutional Business, Alternate Banking Channels and Partnerships, Inclusive Banking Group and Start-Ups, HDFC Bank.

About ‘HDFC Bank Smart Saathi’ : 

• HDFC Bank Smart Saathi will contribute by making banking products and services available, especially credit for rural customers, which will help in the development of the country.
• Over the next 12 to 18 months its plan is to reach 2 lakh villages through a combination of our branches and agent network.
• HDFC Bank Smart Saathi will enable its agents to offer over 40 banking products and services, including loan products.

About HDFC Bank Ltd : 

• Founded : August 1994
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Sashidhar Jagdishan
• Tagline : We Understand Your World

WhiteOak Capital Mutual Fund launches multi-asset NFO with tax benefits

• White Oak Asset Management Company (AMC) has announced the launch of its new fund offer (NFO) White Oak Capital Multi Asset Allocation Fund.
• The NFO will open for subscription from May 3, 2023 to May 10, 2023 and remain open for 7 days.
• The fund invests across asset classes like equity, foreign equities, debt, gold, silver and money market securities.

Key Highlights : 

• The minimum application amount is Rs. 500 and in multiples of Rs. 1 thereafter.
• As it is an open-ended scheme, it will reopen again for buying later.
• The systematic investment plan (SIP) amount is Rs. 500 on weekly, fortnightly or monthly basis.
• Where one opts for a quarterly mode of SIP payment, the amount is Rs. 1,500 and in multiples of Re. 1 thereafter.
• The NFO scheme is eligible for Long Term Capital Gain Tax, along with indexation benefit on holding for a period of over 3 years.
• The scheme can be a hassle-free and tax-efficient way of investing in various asset classes via a single mutual fund scheme.

RBI removes restrictions on interest-earning FCA in India’s IFSC

• In an effort to make India’s International Financial Services Centre (IFSC) more appealing, the Reserve Bank of India (RBI) has allowed individuals to open interest-earning Foreign Currency Accounts (FCA) without restriction.
• The RBI also removed the requirement to repatriate funds remaining idle in the FCA account for up to 15 days.
• In February 2021, the RBI allowed resident individuals to make remittances under the Liberalised Remittance Scheme (LRS) to IFSCs set up in India.

Key Highlights : 

• Moreover, only a non-interest-bearing FCA was allowed in IFSCs under LRS.
• Any funds lying idle in the account for a period up to 15 days from the date of its receipt were to be immediately transferred back to the domestic account of the investor in India.
• Under the LRS, authorised dealers were allowed to facilitate remittances by resident individuals up to $ 250,000 per financial year for any transactions permitted under the law.
• This move by the RBI will also help banks at IFSC mobilise liabilities.
• It will give them cheaper access to funds and in turn, allow them to lend at more competitive rates.

About RBI :

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

CURRENT AFFAIRS: NATIONAL NEWS

E-Commerce portal dedicated to handloom & handicraft aims at making artisans & weavers self-reliant

• The Ministry of Textiles has developed an E-Commerce portal for the handicrafts and handloom sector.
• To provide products from more than 35 Lakh Handloom weavers & 27 Lakh Handicraft artisans directly to the consumers while eliminating the middlemen, the Ministry of Textiles has developed an E-Commerce portal for handicrafts and handloom sector.
• Shri Piyush Goyal, Union Minister of Textiles, Consumer Affairs, Food and Public Distribution and Commerce and Industry launched the portal in Gujarat.
• It is an authentic Indian handloom & handicraft virtual store where artisans/weavers will be directly connected to the buyers through a common platform.
• Diverse variety of authentic sellers can register over this portal, namely, artisans, weavers, producer companies, SHGs cooperative societies etc.
• It offers a wide range of products, including clothing, home decor, jewellery, accessories, and more.

Pension regulator goes in for comprehensive review, sets up two panels

• Pension regulator PFRDA has set the ball rolling on undertaking a comprehensive review of NPS regulations as part of attempts to reduce its compliance burden and simplify norms for various stakeholders.
• It has now set up two committees for this comprehensive review, Deepak Mohanty, Chairman, PFRDA.
• While one committee is an internal one, the other is an external panel headed by former IBBI Chairman M.S. Sahoo.
• The PFRDA move to undertake a comprehensive review of NPS regulations comes in the wake of Finance Minister Nirmala Sitharaman’s announcement in this year’s Budget speech that financial sector regulators will be “requested” to carry out a comprehensive review of existing regulations.
• The National Pension System (NPS) is a government-initiated retirement savings programme that aims to provide a pension income to individuals during their retirement years.
• It was introduced in 2004 and is regulated by the Pension Fund Regulatory and Development Authority (PFRDA).
• NPS is open to all Indian citizens between the ages of 18 and 70 years.
• While it is mandatory for government servants who joined service on or after January 1, 2004, it is a voluntary scheme for other individuals.
• It allows individuals to contribute towards their retirement savings, which are invested in a variety of financial instruments such as government securities, corporate bonds, and equities.
• The PFRDA is responsible for regulating and supervising NPS and has issued guidelines and regulations to ensure that the scheme is managed efficiently.
• NPS allows subscribers to withdraw their funds only on retirement or in the event of death or disability.

Shri Narayan Rane launches the revamped CGTMSE Scheme

• Union Minister Narayan Rane launched the revamped CGTMSE Scheme.
• In the Union Budget for FY 2023-24, additional corpus support of Rs 9000 crore has been allocated to revamp Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) Scheme.
• CGTMSE has issued guidelines regarding reduction of annual guarantee fee from the high rate of 2 per cent per annum to as low as 0.37 per cent per annum for loans up to Rs 1 crore.
• It has reduced guarantee fees for loans to bring down the cost of credit.
• The limit for guarantee has been increased from ₹2 crore to ₹ 5 crore and the threshold limit for claim settlement without initiation of legal action has been increased to ₹10 lakh.
• During the launch of the revamped scheme, it is announced that CGTMSE will collaborate with the National Institute for Micro, Small and Medium Enterprises (ni-msme), Hyderabad for setting up a Centre of Financial Inclusion for MSME.
• The government of India launched it to make available collateral-free credit to the micro and small enterprise sectors.
• The CGMSE was formally launched on August 30, 2000, and is operational with effect from 1 January 2000.
• The credit guarantee is provided for loans given by banks and financial institutions to MSMEs.

India to join international climate action in civil aviation from 2027

• India recently announced that it will start participating in the International Civil Aviation Organisation’s (ICAO) Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) and the Long-Term Aspirational Goals (LTAG) from 2027.
• Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) is a global market-based measure designed to offset international aviation CO2 emissions in order to stabilize the levels of such emissions.
• Offsetting of CO2 emissions will be achieved through the acquisition and cancellation of emissions units from the global carbon market by aeroplane operators.

About ICAO:

• ICAO is an intergovernmental specialized agency associated with the United Nations (UN).
• It was established in 1947 by the Convention on International Civil Aviation (1944) known as Chicago Convention.
• Headquarters: Montreal, Canada.

CURRENT AFFAIRS : INTERNATIONAL NEWS

9 European Countries to Turn North Sea Into Green Power Plant                      

• 9 European countries have signed a declaration to transform the North Sea into a green power plant.
• The document, endorsed during the second North Sea Summit held in Ostend, Belgium outlines a bold vision that encompasses the generation of a minimum of 120 gigawatts (GW) of offshore wind power within the North Sea region by the year 2030.
• This declaration is the successor to the Esbjerg declaration, which resulted from the first summit in Denmark on May 18, 2022.

Objective : 

• To make the North Sea the largest green energy centre in Europe by accelerating the deployment of offshore wind turbines.
• The signatory countries will also double their total offshore wind capacity to at least 300 GW by 2050.
• Participant countries: Belgium, Denmark, France, Germany, Ireland, Luxembourg, Netherlands Norway, and the United Kingdom.

CURRENT AFFAIRS : STATE NEWS

Odisha to build India’s 1st resettlement colony for climate change victims

• India’s first resettlement colony is set to be built in Odisha.
• This colony will be set up in Satbhaya in Kendrapada district for the people displaced due to coastal erosion and climate change.
• This is the first colony in the nation for the resettlement of people impacted by climate change.
• Odisha Chief Minister Shri Naveen Patnaik sanctioned ₹22.5 crore for the colony’s first development phase at Bagapatia.
• The sanctioned fund will be utilities for the construction of houses, drinking water, electricity connections, roads and other facilities for the displaced people.
• He has also directed the Tourism Department to improve infrastructure and beautify the famous Panchubarahi Shrine which is located in the area and develop it as a major tourist destination.
• Due to the impact of climate change, the affected people are being resettled in Baghpatia as the Satbhaya region has been submerged in the sea due to erosion.

About Odisha : 

• Governor : Ganeshi Lal
• Chief Minister : Naveen Patnaik
• Capital : Bhubaneswar
• National Park : Simlipal National Park, Bhitarkanika National Park
• Wildlife Sanctuary : Ushakothi Wildlife Sanctuary, Tikarpada Wildlife Sanctuary

CURRENT AFFAIRS: BUSINESS NEWS

Index of Eight Core Industries increases by 3.6 percent in March 2023

• Index of Eight Core Industries increased by 3.6% in March 2023 as against the Index of March 2022.
• The production of coal, fertilizers, steel, natural gas, and refinery products increased in March 2023 over March 2022.
• In March 2023, crude oil, power and cement output fell by 2.8%, 1.8% and 0.8% respectively.
• However, coal, fertilisers, steel, natural gas and refinery products output recorded growth by 12.2%, 9.7%, 8.8%, 2.8% and 1.5%, respectively.
• Government has revised final growth rate of ICI for December 2022 to 8.3% from its provisional level 7.4%.
• The cumulative growth rate of ICI during 2022-23 is reported at 7.6% (provisional) in comparison with the corresponding period of last year.
• Index of Eight Core Industries (ICI) measures the performance of the production of eight core industries.
• These eight core industries are Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement, and Electricity.

CURRENT AFFAIRS: AWARDS AND HONOURS

Chennai Metro Rail Limited wins Green World Award 2023

• The Green Organisation of the United Kingdom presented the Green World Award 2023 to Chennai Metro Rail Limited (CMRL).
• The award has been presented in a ceremony held in Miami.
• The CMRL won Global Silver in the carbon reduction category of the Green World Awards 2023.
• The award has been given to CMRL for its initiatives to cut down energy use and carbon emissions.
• CMRL is contributing towards improving energy efficiency and water management.
• Power Grid Corporation of India won the Gold in the CSR category.
• VEDANTA won the Gold in the Environmental Policy & Management category.
• Green Organisation recognises, honours, and promotes best practices for the environment all over the world.
• The Green Organisation is collaborating with the Incredible Husk International Group (IHIG) in active research and development.

Gangubai Kathiawadi and Badhaai Do win big at 68th Filmfare Awards

• Gangubai Kathiawadi and Badhaai Do were among the big winners at the Filmfare Awards 2023.
• The 68th Hyundai Filmfare Awards was held at Jio Convention Centre, BKC, Mumbai.
• Gangubai Kathiawadi won 10 trophies including some of the biggest awards.
• This 68th edition of the exciting Hyundai Filmfare Awards is being organised with Maharashtra Tourism.
• Alia Bhatt was honoured with Best Actress Award for her crime-drama film ‘Gangubai Kathiawadi’.

List of Winners

• Best Actor in a Leading Role (Male): Rajkummar Rao for Badhaai Do
• Best Actor in a Leading Role (Female): Alia Bhatt for Gangubai Kathiawadi
• Best Actor (Critics’): Sanjay Mishra for Vadh
• Best Actress (Critics’): Bhumi Pednekar for Badhaai Do and Tabu for Bhool Bhulaiyaa 2
• Best Film: Gangubai Kathiawadi
• Best Film (Critics’): Badhaai Do
• Best Director: Sanjay Leela Bhansali for Gangubai Kathiawadi.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Debadatta Chand of Odisha appointed as MD and CEO of Bank of Baroda

• The Appointments Committee of the Cabinet (ACC) headed by Prime Minister Shri Narendra Modi has approved the appointment of Debadatta Chand, a native of Odisha, as Managing Director (MD) & Chief Executive Officer (CEO) of Bank of Baroda (BoB).
• He will assume the position of MD for a term of 3 years, effective from July 1, 2023, or until further notice.
• He will succeed Sanjiv Chadha, the incumbent MD and CEO of BoB, who is set to retire on June 30, 2023.
• Currently he is serving as the Bank of Baroda’s (BoB) Executive Director.

About BoB : 

• Founded : 20 July 1908
• Headquarters : Vadodara, Gujarat, India
• Tagline : India’s International Bank

Shantanu Roy to become new Chairman & Managing Director of BEML Limited

• Public enterprises selection board (PESB) has recommended Shantanu Roy for the post of Chairman and Managing Director (CMD) of BEML Limited, a

Miniratna Public Sector Undertaking (PSU) under the Ministry of Defence (MoD).

• Presently, he is serving as Director (Mining & Construction Business) in BEML Limited.
• Prior to assuming his present position, he was Executive Director and was responsible for international business division, strategy & new initiatives, coordination and northern region operations.

About BEML Limited : 

• Founded : 1964
• Headquarters : Bengaluru, Karnataka
• BEML is Asia’s second-largest manufacturer of earth moving equipment.

Rajneesh Karnatak appointed as MD & CEO of Bank of India

• The government has appointed Rajneesh Karnatak as managing director (MD) & Chief Executive Officer (CEO) of the Bank of India (BoI) for a term of 3 years.
• He replaced Atanu Kumar Das, whose term came to an end in January 2023.
• Prior to this, he was the Executive Director at the Union Bank of India (UBI).

About BoI : 

• Founded : September 1906
• Headquarters : Mumbai, Maharashtra
• Tagline : Relationship Beyond Banking

CURRENT AFFAIRS : DEFENCE NEWS

Indian Navy ships to be fitted with indigenous Naval Anti-Drone System

• Indian Navy’s surface warships will get their first indigenously developed anti-drone systems.
• The Naval Anti-Drone System (NADS) which has been developed by Defence Research and Development Organisation with the support of the Indian Navy is being manufactured by Bharat Electronics Limited (BEL).

• In 2021, a contract was signed between Indian Navy and Defence PSU BEL for the supply of the indigenous Naval Anti drone system which is expected to provide an effective way to counter the increased threat to the strategic installations of the Indian Navy.
• Similar contracts have been signed with the Indian Army and Air Force too.

About NADS : 

• The drone technology developed in India under the `Atmanirbhar Bharat’ initiative will help the Indian Armed forces in tracking and tackling the fast emerging aerial threats.
• These machines use a laser based kill mechanism for destroying the enemy target.
• They operate with Radars, Electro-optical/infrared (EO/IR) sensors and radio frequency (RF) detectors.
• These help to detect and jam the micro drones.
• The RF/global navigation satellite system (GNSS) detects the frequency which is being used by the controller, and then the signals are jammed.

About Indian Navy :

• Headquarters : New Delhi, Delhi
• Chief of the Naval Staff : Admiral R Hari Kumar
• Motto : Be auspicious unto us Oh Varuna

First batch of 5 women Army officers commissioned into Artillery regiments

• For the first time, the Indian Army has inducted five women officers into its Regiment of Artillery.
• Out of five, three women officers have been posted to frontline formations along the Line of Actual Control (LAC) with China & the other two in “challenging locations” near the frontier with Pakistan
• In January, 2023 Chief of Army Staff Gen Manoj Pande announced the decision of commissioning women officers into artillery units.

Key Highlights : 

• Lt Mehak Saini, Lt Sakshi Dubey, Lt Aditi Yadav, Lt Pious Mudgil and Lt Akanksha have joined the Army’s artillery units after completing their training.
• Lt Saini has been commissioned into a SATA regiment while Lt Dubey and Lt Yadav commissioned into field regiments.
• Lt Mudgil has been inducted into a medium regiment and Lt Akanksha has been inducted into a rocket regiment
• Out of the total of 186 Short Service Commissioned Officers, 121 men Cadets and 36 Women Cadets were inducted into various Arms and Services of the Indian Army.
• The Regiment of Artillery has around 280 units.
• It handles Bofors howitzers, Dhanush, M-777 howitzers and K-9 Vajra self-propelled guns.
• In 2019, the Army began the process of inducting women into the military police.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Emirates Introduces World’s First Robotic Check-In Assistant-Sara                            

• Dubai-based airline Emirates has unveiled the world’s first robotic check-in assistant named Sara.
• The system is part of a new City Check-in and Travel Store that is set to launch in Dubai’s financial district.

Aim : 

• To enhance the customer experience and make the check-in process more seamless and efficient.

Key Highlights : 

• Sara will match customers’ faces with scanned passports, check passengers in, and guide them to the luggage drop area.
• The facility allows customers to drop their luggage as early as 24 hours and up to 4 hours before their flight, arriving at the airport at their leisure.
• Passengers can check in via self-check-in kiosks, at dedicated desks with Emirates agents, or with the help of Sara.
• The robot is equipped with facial recognition technology and can print boarding passes, making the check-in process more efficient.
• Sara is also portable and can move around to assist those who need help.

CURRENT AFFAIRS: IMPORTANT DAYS

World Press Freedom Day 2023 – May 3

• World Press Freedom Day is observed every year on May 3.
• The United Nations General Assembly(UNGA) has declared May 3 as World Press Freedom Day.
• The Theme of World Press Freedom Day 2023 is “Shaping a Future of Rights: Freedom of Expression as a driver for all other human rights”.
• This day is observed to raise awareness about the freedom of the press and uphold the rights to the freedom of expression.
• On the recommendation of the twenty-sixth session of UNESCO’s General Conference, World Press Freedom Day was proclaimed by the UN General Assembly in December 1993.
• May 3 acts as a reminder for the Governments to respect their commitments to press freedom.
• This day is a reflection for media professionals on issues of press freedom and professionals.
• World Press Freedom Day is a support day for media persons who are involved in press freedom, Journalists, media etc.

Daily CA One- Liner: May 3

• The Ministry of Textiles has developed an E-Commerce portal for the handicrafts and handloom sector
• Pension regulator PFRDA has set the ball rolling on undertaking a comprehensive review of NPS regulations as part of attempts to reduce its compliance burden and simplify norms for various stakeholders
• Union Minister Narayan Rane launched the revamped CGTMSE Scheme
• India recently announced that it will start participating in the International Civil Aviation Organisation’s (ICAO) Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) and the Long-Term Aspirational Goals (LTAG) from 2027
• Index of Eight Core Industries increased by 3.6% in March 2023 as against the Index of March 2022
• The Green Organisation of the United Kingdom presented the Green World Award 2023 to Chennai Metro Rail Limited (CMRL)
• Gangubai Kathiawadi and Badhaai Do were among the big winners at the Filmfare Awards 2023
• HDFC Bank introduced a Digital Distribution Platform (DDP) – ‘HDFC Bank Smart Saathi’, a state-of-the-art solution which is built on a robust and digitally enabled technology architecture that provides a secure and user-friendly experience to all its users.
• White Oak Asset Management Company (AMC) has announced the launch of its new fund offer (NFO) White Oak Capital Multi Asset Allocation Fund.
• In an effort to make India’s International Financial Services Centre (IFSC) more appealing, the Reserve Bank of India (RBI) has allowed individuals to open interest-earning Foreign Currency Accounts (FCA) without restriction.
• 9 European countries have signed a declaration to transform the North Sea into a green power plant.
• India’s first resettlement colony is set to be built in Odisha.
• The Appointments Committee of the Cabinet (ACC) headed by Prime Minister Shri Narendra Modi has approved the appointment of Debadatta Chand, a native of Odisha, as Managing Director (MD) & Chief Executive Officer (CEO) of Bank of Baroda (BoB).
• Public enterprises selection board (PESB) has recommended Shantanu Roy for the post of Chairman and Managing Director (CMD) of BEML Limited, a Miniratna Public Sector Undertaking (PSU) under the Ministry of Defence (MoD).
• The government has appointed Rajneesh Karnatak as managing director (MD) & Chief Executive Officer (CEO) of the Bank of India (BoI) for a term of 3 years.
• Indian Navy’s surface warships will get their first indigenously developed anti-drone systems.
• For the first time, the Indian Army has inducted five women officers into its Regiment of Artillery.
• Dubai-based airline Emirates has unveiled the world’s first robotic check-in assistant named Sara.
• World Press Freedom Day is observed every year on May 3.