Daily Current Affairs May 16 2023 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

RBI asks banks to complete transition away from London Interbank Offered Rate from July 1, 2023

• The Reserve Bank of India (RBI) has issued an advisory to banks and other RBI-regulated entities, emphasising the need to take steps to ensure a complete transition from the London Interbank Offered Rate (LIBOR) from July 1, 2023.

Key Highlights :

• RBI has advised the “Banks/financial institutions (FIs) are advised to ensure that no new transactions undertaken by them or their customers rely on or are priced using the US$ LIBOR or the Mumbai Interbank Forward Outright Rate (MIFOR).
• RBI has advised the banks/FIs to take all necessary steps to ensure insertion of fallbacks at the earliest in all remaining legacy financial contracts that reference US$ LIBOR.
• RBI stated that Financial Benchmarks India Pvt. Ltd. (FBIL) will stop publishing the MIFOR after June 30, 2023.
• RBI had issued an advisory on ‘Roadmap for LIBOR Transition’ in July 2021.
• The banks/FIs were encouraged to carry out transactions using the widely accepted Alternative Reference Rate (ARR) by December 31, 2021.
• On 05 March 2021, the Financial Conduct Authority (FCA), UK has announced that LIBOR will either cease to be provided by any administrator or no longer be a representative rate immediately after June 30, 2023, in the case of the remaining US dollar settings.

What is MIFOR?

• Mumbai Interbank Forward Outright Rate (MIFOR) is a benchmark rate that commercial banks use for financial contracts in India.
• It is used for setting prices on forward-rate agreements and derivatives.
• It is a mix of the London Interbank Offered Rate (LIBOR) and a forward premium derived from Indian foreign exchange markets.
• Daily MIFOR rates are published by Financial Benchmarks India Pvt Ltd.

RBI Launches ‘100 Days 100 Pays’ Campaign For Return Of Unclaimed Deposits

• The Reserve Bank of India (RBI) announced a ‘100 Days 100 Pays’ campaign for banks to trace and settle the top 100 unclaimed deposits of every bank in every district of the country within 100 days.
• The banks will commence the campaign from June 1, 2023.

Key Highlights :

• Balances in savings/current accounts which are not operated for 10 years, or term deposits not claimed within 10 years from date of maturity are classified as “unclaimed deposits”.
• These amounts are transferred by banks to the “Depositor Education and Awareness” (DEA) Fund maintained by the RBI.
• The issues related to unclaimed deposits were also discussed during the meeting of the high-powered Financial Stability and Development Council (FSDC) headed by finance minister Nirmala Sitharaman.
• As of the end of February,2023 RBI had Rs 35,012 crore of unclaimed deposits transferred to it by Public Sector Banks.
• In April 2023, RBI had announced a Web portal to enable search across multiple banks for possible unclaimed deposits based on user inputs.

EXIM Bank to launch GIFT City trade finance arm by Q3 FY24   

• EXIM (Export-Import) Bank is expected to operationalise its proposed GIFT City subsidiary for trade finance by the third quarter (Q3) of the current financial year (FY24).
• The proposed subsidiary is set to be named India EXIM Finserv IFSC Private Ltd.
• Initially, the subsidiary arm will focus on international export factoring.
• EXIM Bank plans to raise $4 billion via overseas debt.
• It plans to raise ₹000-45,000 crore in the domestic market in FY24, against ₹52,000 crore in FY23.
• The bank expects to maintain the 14% growth of FY23, pegging growth for the current financial year at 12-15%.

About Export-Import Bank India :

• Established : 1982.
• Headquarters : Mumbai, Maharashtra
• Managing Director : Harsha Bangari
• It is wholly owned by the government of India (GoI) and was set up to finance, facilitate and promote India’s international trade.

NBFC Profectus capital gets RBI approval to provide factoring services to MSMEs

• Non-banking financial company (NBFC) Profectus Capital Private Limited has received the Certificate of Registration (CoR) under the Factoring Regulations Act, 2011 from the Reserve Bank of India (RBI) to provide factoring services to the Ministry of Micro, Small and Medium Enterprises (MSMEs).

Key Highlights :

• Profectus Capital plans to offer timely and efficient factoring services to improve their working capital management, boost their businesses, and receive short-term finance to fund operations.
• Profectus will continue to focus on select manufacturing and service sectors based on its cluster-based lending approach.
• Moreover, it plans to focus on BBB- and above rated corporate buyers.
• Executive Director, and CEO of Profectus Capital Private Limited : K V Srinivasan

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

World Bank Approves $82 Million for Prevention of Zoonotic & Endemic Diseases in India

• The Board of Executive Directors of World Bank (WB) approved an $82 million loan for Animal Health System Support for One Health Programme (AHSSOH) will support India’s Livestock Health and Disease Control Programme, towards to control animal diseases by adopting global best practices for animal health management & to prevent, detect, & respond to endemic zoonotic, transboundary, and emerging infectious diseases.

Aim :

• To mitigate the risks of animal disease outbreaks by enhancing disease surveillance and veterinary services in the livestock and wildlife sectors.

What is Zoonotic disease?

• Zoonotic diseases refer to infections or illnesses that can be naturally transmitted from animals to humans.

Key Highlights :

• The $82 million loan from the International Bank for Reconstruction and Development (IBRD) uses the Program-for-Results (PforR) financing instrument that links the disbursement of funds directly to the achievement of specific program results.
• The loan has a maturity period of 5 years, including a grace period of 4.5 years.
• It will directly benefit approximately 9 million livestock farmers in the states of Assam, Karnataka, Maharashtra, Odisha, and Madhya Pradesh (MP) by providing improved access to animal health services.
• It will strengthen India’s One Health approach, which recognises that people and animals are connected with their shared environment.
• India has the largest livestock population in the world so the risk of Animal disease outbreaks is
• In India, around 68% of the workforce relies on farming and remains in close contact with domestic animals and poultry, thereby becoming frequently exposed to sick or infected animals.
• For instance, foot and mouth disease alone costs India over USD 3.3 billion annually.

About World Bank :

• Established : December 1944
• Headquarters : Washington, D.C., United States of America
• President : Ajay Banga
• Membership : 189 countries

Kotak Mahindra Bank introduces Privy League, an exclusive premium banking programme

• Kotak Mahindra Bank Limited (KMBL) announced the launch of its all-new Privy League programme, an exclusive premium banking programme with unique lifestyle benefits and bespoke financial solutions tailored to high-net-worth people (HNI).
• Privy League, was designed to honour their customers’ achievements by providing them with unrivalled lifestyle experiences and superior banking services.

Key Highlights :

• The Premium Metal Debit Card for the Privy League black tier, designed by famous artist Arunanshu Chowdhury, allows clients to enjoy premium bargains, complimentary airport lounge access, and many other privileges.
• The Signature LED Debit Card, developed for the Privy League Platinum category, is India’s first LED card, with perks such as a 75% discount on Priority Pass.
• The initiative provides a variety of Business Banking solutions, as well as advantageous rates on loans, locker rentals, brokerage, and other specialised products.
• Customers have access to a powerful 3-in-1 Integrated Account, which includes a bank account, a demat account, and a trading account.

About KMBL :

• Founded : 1985
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Uday Kotak

India’s Green Financing Requirement Estimated At 2.5% Of GDP – RBI Study

• The Reserve Bank of India’s (RBI’s) report on Currency and Finance (RCF) for the year 2022-23 states that India’s green financing requirement is estimated to be at least 2.5% of Gross domestic product (GDP) annually till 2030.
• The country aims to achieve a net zero emissions target by 2070.

About the Report :

• The RBI’s report covers 4 major dimensions of climate change to assess future challenges to sustainable high growth in India.
• These are

1. unprecedented scale and pace of climate change;
2. its macroeconomic effects;
3. implications for financial stability;
4. policy options to mitigate climate risks.

• The report further states that India’s goal to achieve the net zero target by 2070 would require an accelerated reduction in the energy intensity of GDP by around 5% annually.
• A significant improvement is also required in energy-mix in favour of renewables to around 80% by 2070-71.
• According to the report, a balanced policy intervention with progress ensured across all policy levers will enable India to achieve its green transition targets by 2030, making the net zero goal by 2070 attainable.

CURRENT AFFAIRS: NATIONAL NEWS

Centre finalizes comprehensive ‘Model Prisons Act, 2023’ to focus on skill development of prisoners

• Home Ministry said the comprehensive ‘Model Prisons Act, 2023’ has been finalized under the leadership of Prime Minister Narendra Modi and the guidance of Home Minister Amit Shah.
• The government had earlier decided to review and revise the colonial-era outdated Prison Act in tune with contemporary modern-day needs and correctional ideology.
• The Model Prison Act, 2023 may serve as a guiding document for the States, and for adoption in their jurisdiction.
• Union Home Ministry had assigned the task of revision of the Prisons Act, 1894 to the Bureau of Police Research and Development.
• The Model Prison Act, 2023 focuses on vocational training and skill development of prisoners and their reintegration into society.

Salient features of the Model Prisons Act:

• Provision for security assessment and segregation of prisoners and individual sentence planning
• Grievance redressal, prison development board and attitudinal change towards prisoners
• Provision of separate accommodation for women prisoners and transgender
• Provision for using technology in prison administration to bring transparency in prison administration

About BPRD

• The Bureau of Police Research and Development was set up in 1970.
• It is headquartered in New Delhi.
• Balaji Srivastava is its current Director General.

Indian Railways’ One Station One Product scheme covers 728 railway stations with over 700 outlets

• Under the One Station One Product’ (OSOP) scheme of Indian Railways, 728 stations are covered with 785 OSOP outlets in 21 States and 3 Union Territories across the country so far.
• Ministry of Railways launched this scheme in March, 2022.
• The objective is to promote ‘Vocal for Local’ vision of the government, providing a market for local or indigenous products and create additional income opportunities for the marginalized sections of society.
• Under the scheme, OSOP outlets at railway stations are allotted for showcasing, selling and giving high visibility to indigenous or local products.
• These OSOP stalls are designed through National Design Institute for uniformity.

President Droupadi Murmu confers 37 Gallantry awards

• The President of India recently conferred 37 Gallantry awards, including eight Kirti Chakras and 29 Shaurya Chakras, during Defence Investiture Ceremony (Phase-1) held in New Delhi
• They have been instituted by the Government of India to honour the acts of bravery and sacrifice of the officers/personnel of the Armed Forces, other lawfully constituted Forces and civilians.
• These gallantry awards are announced twice a year – first on the occasion of the Republic Day and then on the occasion of the Independence Day.
• Three gallantry awards, namely Param Vir Chakra, Maha Vir Chakra and Vir Chakra, were instituted by the Government of India on 26th January, 1950.
• The order of precedence of these awards is the Param Vir Chakra, the Ashoka Chakra, the Mahavir Chakra, the Kirti Chakra, the Vir Chakra and the Shaurya Chakra.
• Persons recommended for the award shall not be involved in any adverse report or should not have been conveyed any displeasure or censure or given any punishment in a court martial proceedings or through administrative action.

Govt to spend $1.2 billion on modernising semiconductor facility lab in Mohali

• The government will spend around $1.2 billion to modernise the Semi-conductor Laboratory (SCL) in Mohali, a 30-year-old facility currently capable of producing 8-inch CMOS microchip wafers mostly used for the country’s strategic needs such as the space programme.
• The planned modernisation and commercialisation of the facility is a part of the government’s $10 billion India Semiconductor Mission announced in 2021.
• The Union Cabinet approved the modernisation plan in July 2022, which includes an exploration of the possibility of the Joint Venture (JV) of the Semi-Conductor Laboratory (SCL) with one or more commercial fab partners.
• However, the government has not provided a projected timeline for the project.
• According to a request for proposal floated by the Ministry of Electronics and Information Technology (MeitY), the planned upgrade aims to transform SCL into an entity with volume production and profitable assets.
• The fab, which started production in 1984 was devastated by a factory fire in 1989 and has not fully recovered the capacity thereafter.
• The government estimates the semiconductor market in India to grow at a compounded annual growth rate of 22 per cent and reach Rs 9 trillion or 10 per cent of the global market by 2030 from Rs 1.25 trillion in 2020.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Pakistan & China agree to extend China-Pakistan Economic Corridor to Afghanistan

• Pakistan, China and Afghanistan have agreed to forge closer economic ties by extending the Beijing-backed China-Pakistan Economic Corridor (CPEC) to Afghanistan.
• Pakistan Foreign Minister Bilawal Bhutto Zardari, his Chinese counterpart Qin Gang and Afghanistan’s Taliban-appointed acting Foreign Minister Mawlawi Amir Khan Muttaqi held the 5th China-Afghanistan-Pakistan Foreign Ministers’ Dialogue.
• During the dialogue, foreign ministers of 3 countries underlined the need to prevent any group from using their territories for terror activities.
• The 3 foreign ministers emphasised the importance of current initiatives, including CASA-1000, TAPI, and Trans-Afghan Railways , to improve regional connectivity.
• This was the first foreign ministers’ dialogue between Pakistan, China and Afghanistan since the Taliban returned to power in Afghanistan in 2021.

About CPEC :

• Established : 20 April 2015
• CPEC is officially regarded as the flagship project of China’s Belt and Road Initiative (BRI).

Aim :

• To enhance Beijing’s influence around the world through China-funded infrastructure projects.
• The 3,000 km long China-Pakistan Economic Corridor (CPEC) comprises highways, railways and

About Pakistan :

• President : Arif Alvi
• Prime Minister : Shehbaz Sharif
• Capital : Islamabad
• Currency : Pakistani rupee

About China :

• President : Xi Jinping
• Capital : Beijing
• Currency : Renminbi

About Afghanistan :

• Prime Minister : Hasan Akhund
• Capital : Kabul
• Currency : Afghani

CURRENT AFFAIRS : STATE NEWS

Assam Chief Minister Himanta Biswa Sarma dedicates ‘Digitizing Asom’ to public

• Assam Chief Minister Shri Himanta Biswa Sarma ceremonially dedicated ‘Digitizing Asom,” a community project aimed at digitization of rare Assamese journals and books published between 1813 and 1970, for public use at an event organised at the Janata Bhawan in Guwahati, Assam.

About ‘Digitizing Asom’ :

• Digitizing Asom is an initiative of the Nanda Talukdar Foundation and is supported by the Assam Jatiya Bidyalay Educational and Socio-Economic Trust.
• It seeks to digitise every possible rare Assamese language book and journal, regardless of their location, and make them available to the public through the website assamarchive.org.
• It can be accessed free of cost.
• In the 1st phase of the project, journals published between 1840 and 1970 have been included, encompassing 3071 editions of as many as 161 journals with a total of 2,45,680 pages.
• The 2nd phase of the project, under process, shall cover books published between 1813 and 1962.

About Assam :

• Governor : Gulab Chand Kataria
• Chief Minister : Himanta Biswa Sarma
• Capital : Dispur
• National Park : Kaziranga National Park, Nameri National Park, Manas National Park
• Wildlife Sanctuary : Chakrashila Wildlife Sanctuary, Bornadi Wildlife Sanctuary

Mitsubishi Electric invests ₹1,891-cr in new AC & compressor factory in Tamil Nadu

• Mitsubishi Electric India (MEI), a part of the $37 billion Japanese major Mitsubishi Electric, will invest ₹1,891 crore in a new air-conditioner and compressor factory project near Chennai, Tamil Nadu (TN).
• The foundation stone was laid by Chief Minister Shri M K Stalin.
• This is the company’s first such plant in India to be set up to meet the rising demand for air conditioners in the country.
• Top officials of Mitsubishi Electric India entered into a memorandum of understanding (MoU) with Guidance Tamil Nadu (TN), an investment promotion agency of the state of TN, to set up the factory.

Key Highlights :

• The investment is by way of 100% foreign direct investment which would generate employment of more than 2,000 people.
• The facility will be set up on a 52 acre land at Origins by Mahindra in Peruvoyal Village, Gummidipoondi Taluk, Thiruvallur District.
• The production is targeted to start in October 2025.
• The initial annual capacity will total up to 3,00,000 room air conditioners and by the beginning of December 2025, the capacity will more than double to 6,50,000 compressors
• Mitsubishi Electric Corporation Group President : Yasumichi Tazunoki.

About Tamil Nadu :

• Governor: R. N. Ravi
• Chief minister: M. K. Stalin
• Capital: Chennai
• Dance : Bharatnatyam, Karakattam
• National Park : Mudumalai National Park, Mukurthi National Park, Guindy National Park, Gulf of Mannar Marine National Park
• Wildlife Sanctuaries : Kalakad Wildlife sanctuary, Karikili Bird Sanctuary, Vedanthangal Bird Sanctuary
• Tiger Reserve : Anamalai Tiger Reserve
• Biosphere Reserve : Agasthyamalai Biosphere Reserve

CURRENT AFFAIRS: BUSINESS NEWS

Rukart ties up with SBI for easy loans to customers buying cold storage system ‘Subjee Cooler’

• Agritech firm Rukart, which sells ‘Subjee Cooler’ to enhance shelf life of fruits and vegetables, has tied up with SBI to help potential customers in getting easy loan options to buy the product.
• Founded in May 2019, Rukart manufactures Subjee Cooler, a cold chain storage system that requires only 20 liters of water a day to function.
• It increases the shelf life of fruits, flowers and vegetables by 4-6 days.
• The cost of the product is Rs 50,000 each and one Subjee Cooler has a storage capacity of 100 kg.
• Rukart is mentored by the Powering Livelihoods program, jointly run by Council On Energy, Environment and Water (CEEW) and Villgro Innovations Foundation.
• Farmers and retailers can now buy Rukart’s Subjee Cooler with ease through SBI’s affordable EMIs.

Govt to make Rs 300 crore equity infusion in Alliance Air

• The government is all set to make an equity infusion of Rs 300 crore in Alliance Air.
• Alliance Air, which earlier was a part of Air India, is currently owned by AI Assets Holding Ltd (AIAHL), a special-purpose vehicle formed by the central government.
• The government’s move might help the company to fade the impact of the financial headwinds that it has been facing.
• The finance ministry has approved an equity infusion of Rs 300 crore into Alliance Air.
• Flights under ‘Alliance Air’ brand are operated by Airline Allied Services, which changed its name to Alliance Air Aviation Ltd.
• The company’s authorised capital is Rs 2,000 crore and the paid-up capital is Rs 402.25 crore, as per the latest data available with the corporate affairs ministry.
• Alliance Air, which saw its net loss widen to Rs 447.76 crore in fiscal 2021-22, has been grappling with financial woes.
• The carrier’s cash loss widened to Rs 224.18 crore in the financial year ended March 2022.
• Four companies that were earlier part of Air India are now under AIAHL.
• These are Air India Air Transport Services Ltd, Air India Engineering Services Ltd, Airline Allied Services Ltd and Hotel Corporation of India Ltd.
• All the four companies are proposed to be divested by the government in due course.
• The Expression of Interest (EoI) for Air India Air Transport Services and Air India Engineering Services are likely to be floated soon.
• Loss-making Air India along with Air India Express was taken over by Tata Group in January 2022.

India extends $1 billion credit line for Sri Lanka by a year

• India has extended a $1 billion credit line for Sri Lanka by one year,giving the crisis-hit country a backup funds to pay for essential imports.
• The credit line, part of about $4 billion in emergency assistance extended by India during the peak of Sri Lanka’s financial crisis early last year, was scheduled to end in March.
• Post-negotiations, the credit line was extended until March 2024.
• There is about $350 million left of the credit line that can be utilised as needed.
• The situation has now improved with Sri Lanka finalising a nearly $3 billion bailout package from the International Monetary Fund in March and kicking off debt restructuring talks with key bilateral creditors India, Japan and China.
• Sri Lanka’s foreign exchange reserves hit $2.7 billion at the end of last month.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

US Senate Confirms Indian-American Geeta Rao Gupta as Envoy For Global Women’s Issues Office

• The US Senate confirmed Dr Geeta Rao Gupta, an Indian-American, for the position of Ambassador-at-Large for the Office of Global Women’s Issues in the State Department.
• President Joe Biden nominated Gupta for this role, and she received confirmation with a vote of 51 to 47 earlier this week.
• She will promote women’s and girl child’s rights keeping in mind the US foreign policy.

About Dr Geeta Rao Gupta :

• Gupta worked closely with various United Nations (UN) agencies and programs.
• She worked as the Executive Director of the UN Foundation’s 3D Programme for Girls and Women.
• She also advises the UNAIDS Global Coalition on Women and AIDS and is on the boards of InterAction and the Moriah Fund.
• She also held the position of co-chair of the UN Millennium Project Task Force on Education and Gender Equality.

CURRENT AFFAIRS : DEFENCE NEWS

Ministry of Defence approves 4th ‘positive indigenisation list’ of sub-systems to promote domestic defence industry

• Defence Minister Shri Rajnath Singh approved the 4th Positive Indigenisation List (PIL) of 928 strategically-important Line Replacement Units (LRUs)/Sub-systems/Spares & Components, including high-end materials & spares which will help the government avoid imports worth ₹715 crore.

Aim :

• To promote ‘Atma Nirbharta’ in defence & minimise imports by Defence Public Sector Undertakings (DPSUs).

Key Highlights :

• The previous 3 Positive Indigenisation Lists, published in December 2021, March 2022, and August 2022 respectively, contained 2,500 items for which the country is no longer dependent on foreign manufacturers or suppliers.
• Of another 1,238 items, 310 too have been indigenised and the remaining will happen within the given timelines.
• The DPSUs will undertake indigenisation of these items through different routes under ‘Make’ category and in-house development through the capabilities of MSMEs and private Indian industry, thereby providing impetus to the growth in economy, enhanced investment in defence and reduction in import dependence of DPSUs.
• The Government under the leadership of Prime Minister Shri @narendramodi is committed towards indigenisation and self-reliance in the Defence sector.
• The items that figure in the PIL will only be procured from the indigenous industry after the timelines indicated in the list available on the Srijan portal.
• In the list, Mumbai-based Mazagon Dock Shipbuilders Limited (MDL), a leading PSU shipyard, has decided to buy a maximum of over 870 items.
• Similarly, HAL has 25 items, mostly for its HTT-40 trainer aircraft, which will replace the Indian Air Force’s retired HPT-32 Deepak and the remaining are for Sukhois-30MKIs and Jaguars.

About Ministry of Defence : 

• Defence Minister :  Rajnath Singh
• Minister of State : Ajay Bhatt
• Defence Secretary : Giridhar Aramane

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

CML Biotech installs world’s 1st integrated blood collection tube manufacturing machine

• Angamaly-based CML Biotech Ltd., one of the largest manufacturers of blood collection tubes in India, has installed the world’s first integrated machine ‘Husky –Ichor’, for manufacturing of blood collection tubes.
• The integrated machine comprises machine mould, hot runner, dowser, dehumidifier, chiller, temperature controller and dryer.
• Normally, these functions are carried out in different machines.
• The machine is manufactured by Canada-based Husky Technologies, a global leader in injection moulds and moulding machines.
• The machine, set up at a cost of ₹12 crore, is capable of manufacturing 8 lakh blood collection tubes per day.
• The company currently has a manufacturing capacity of around 120 million vacuum blood collection tubes and 100 million non-vacuum blood collection tubes per annum.
• Apart from pan-India operations, the company’s blood collection tubes, microbiology products and lab disposables are exported to more than 60 countries.
• CML Biotech Managing Director : Paul Jacob.

CURRENT AFFAIRS: SPORTS NEWS

World Boxing Championships: Indian boxers won historic three medals.

• Indian boxers Deepak Kumar, Mohammed Hussamuddin and Nishant Dev made the country proud by winning bronze medals at the IBA Men’s World Boxing Championship 2023 held in Tashkent, Uzbekistan.
• With this, India concluded the tournament with three medals and ranked joint fourth in the medals tally.
• On 10 May, Indian boxers ensured three medals at the World Boxing Championships for the first time by reaching the semi-finals in Tashkent, Uzbekistan.
• India scripted history when Deepak Bhoria in 51kg, Mohammad Hussamuddin in 57kg, and Nishant Dev in 71kg won their respective quarterfinal bouts.
• This is the first time that Indian men’s boxers will bring home three medals from a World Championship.
• In the first quarter-final, Deepak defeated Dyushebaev Nurzhigit of Kyrgyzstan.
• Two-time Commonwealth Games bronze medalist Hasamundin won a close contest against Bulgaria’s J Diaz Ibanez.
• Nishant Dev defeated Jorge Cuellar of Cuba 5-0.
• On 12 May, all the three boxers will play their semi-final match.

About International Boxing Association

• President: Umar Kremlev
• Founded: 1946
• Headquarters: Lausanne, Switzerland

Daily CA One- Liner: May 16

• The Reserve Bank of India (RBI) has issued an advisory to banks and other RBI-regulated entities, emphasising the need to take steps to ensure a complete transition from the London Interbank Offered Rate (LIBOR) from July 1, 2023.
• The Reserve Bank of India (RBI) announced a ‘100 Days 100 Pays’ campaign for banks to trace and settle the top 100 unclaimed deposits of every bank in every district of the country within 100 days.
• EXIM (Export-Import) Bank is expected to operationalise its proposed GIFT City subsidiary for trade finance by the third quarter (Q3) of the current financial year (FY24).
• Non-banking financial company (NBFC) Profectus Capital Private Limited has received the Certificate of Registration (CoR) under the Factoring Regulations Act, 2011 from the Reserve Bank of India (RBI) to provide factoring services to Ministry of Micro, Small and Medium Enterprises (MSMEs).
• The Board of Executive Directors of World Bank (WB) approved an $82 million loan for Animal Health System Support for One Health Programme (AHSSOH) will support India’s Livestock Health and Disease Control Programme, towards to control animal diseases by adopting global best practices for animal health management & to prevent, detect, & respond to endemic zoonotic, transboundary, and emerging infectious diseases.
• Kotak Mahindra Bank Limited (KMBL) announced the launch of its all-new Privy League programme, an exclusive premium banking programme with unique lifestyle benefits and bespoke financial solutions tailored to high-net-worth people (HNI).
• The Reserve Bank of India’s (RBI’s) report on Currency and Finance (RCF) for the year 2022-23 states that India’s green financing requirement is estimated to be at least 2.5% of Gross domestic product (GDP) annually till 2030.
• Home Ministry said the comprehensive ‘Model Prisons Act, 2023’ has been finalized under the leadership of Prime Minister Narendra Modi and guidance of Home Minister Amit Shah
• Under the One Station One Product’ (OSOP) scheme of Indian Railways, 728 stations are covered with 785 OSOP outlets in 21 States and 3 Union Territories across the country so far
• The President of India recently conferred 37 Gallantry awards, including eight Kirti Chakras and 29 Shaurya Chakras, during Defence Investiture Ceremony (Phase-1) held in New Delhi
• The government will spend around $1.2 billion to modernise the Semi-conductor Laboratory (SCL) in Mohali, a 30-year-old facility currently capable of producing 8-inch CMOS microchip wafers mostly used for the country’s strategic needs such as the space programme
• Agritech firm Rukart, which sells ‘Subjee Cooler’ to enhance shelf life of fruits and vegetables, has tied up with SBI to help potential customers in getting easy loan options to buy the product
• The government is all set to make an equity infusion of Rs 300 crore in Alliance Air
• India has extended a $1 billion credit line for Sri Lanka by one year,giving the crisis-hit country a backup funds to pay for essential imports
• Indian boxers Deepak Kumar, Mohammed Hussamuddin and Nishant Dev made the country proud by winning bronze medals at the IBA Men’s World Boxing Championship 2023 held in Tashkent, Uzbekistan.
• Pakistan, China and Afghanistan have agreed to forge closer economic ties by extending the Beijing-backed China-Pakistan Economic Corridor (CPEC) to Afghanistan.
• Assam Chief Minister Shri Himanta Biswa Sarma ceremonially dedicated ‘Digitizing Asom,” a community project aimed at digitization of rare Assamese journals and books published between 1813 and 1970, for public use at an event organised at the Janata Bhawan in Guwahati, Assam.
• Mitsubishi Electric India (MEI), a part of the $37 billion Japanese major Mitsubishi Electric, will invest ₹1,891 crore in a new air-conditioner and compressor factory project near Chennai, Tamil Nadu (TN).
• The US Senate confirmed Dr Geeta Rao Gupta, an Indian-American, for the position of Ambassador-at-Large for the Office of Global Women’s Issues in the State Department.
• Defence Minister Shri Rajnath Singh approved the 4th Positive Indigenisation List (PIL) of 928 strategically-important Line Replacement Units (LRUs)/Sub-systems/Spares & Components, including high-end materials & spares which will help the government avoid imports worth ₹715 crore.
• Angamaly-based CML Biotech Ltd., one of the largest manufacturers of blood collection tubes in India, has installed the world’s first integrated machine ‘Husky –Ichor’, for manufacturing of blood collection tubes.