Daily Current Affairs September 05 2023 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

NPCI Introduces ‘Falcon’: India’s Own Blockchain-Backed Open-Source Initiative

• The National Payments Corporation of India (NPCI) has introduced ‘Falcon,’ an open-source project designed to simplify the management and utilization of blockchains based on ‘Hyperledger Fabric’ and supported on Kubernetes clusters.

Aim :

• To assist blockchain developers in leveraging distributed ledger technology for efficient, reliable, and automated deployment of network and Web3 solutions.
• It is particularly focused on fostering innovation in blockchain-based payment solutions.
• This offering from the NPCI is expected to help blockchain developers to use the distributed ledger technology to facilitate efficient, reliable, and automated deployment of network as well as Web3 solutions.

What is Hyperledger?

• Hyperledger Fabric was initiated by Digital Asset and IBM, as per Investopedia.
• Hyperledger fabric is an enterprise-level permission blockchain network.
• The framework serves as a foundation for creating blockchain-based products and solutions.

What are Kubernetes Clusters?

• Developed by Google engineers Joe Beda, Brendan Burns, and Craig McLuckie in 2014, Kubernetes is an open-source platform that assists the management of packaged software codes, also called containerised applications.
• A Kubernetes cluster is a set of nodes that run containerised applications.
• Kubernetes automates various operational tasks related to container management, including deployment, scaling, monitoring, and more.
• In 2020, NPCI introduced ‘Vajra,’ a blockchain-driven system that automates payment clearing and settlement processes for NPCI products.
• These technological advancements reflect NPCI’s dedication to innovation in the financial sector.

About NPCI :

• Founded : 2008
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Dilip Asbe
• The NPCI is an umbrella organisation for operating retail payments and settlement systems in India, is an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India.

Mastercard Introduces ALT ID Solution to Enhance Online Payment Security  

• Mastercard, a global technology company in the payments industry, has introduced an ALT ID (Alternate Identifier) solution for guest checkout transactions.

About ALT ID :

• ALT ID is a custom-made capability developed by Mastercard to create an alternate identifier for the real card numbers provided by cardholders during guest checkout transactions on e-commerce platforms.
• The primary purpose of this solution is to enhance online payment security for both merchants and consumers.
• Mastercard’s ALT ID solution is designed for cardholders who prefer to conduct transactions without saving their card information, commonly referred to as guest checkout.
• It establishes and securely stores an alternative identifier for each card, bolstering the security of online payments made through this method.
• Previously, mastercard rolled out a card-on-file tokenization solution for cardholders to safely complete transactions without revealing sensitive card details.

About Mastercard :

• Founded : 1966
• Headquarters : New York, United States of America
• CEO : Michael Miebach

Bank credit registers robust 16.3% y-o-y growth in June 2023

• As per Reserve Bank of India’s (RBI’s) data on sectoral deployment of credit, Bank credit registered a robust growth of 16.3% year-on-year (y-o-y) in June 2023 as compared with 15% in 2022 on the back of strong demand for credit from sectors such as services, retail and agriculture, and allied activities.

Key Highlights :

Credit Growth Highlights by Sector :

• Services sector: Credit growth surged to 26.7% (y-o-y) in June 2023 from 12.8% in 2022.
• This increase was primarily due to improved credit offtake by ‘non-banking financial companies (NBFCs)’ and ‘trade.’
• Personal loans: Registered a growth rate of 20.9% (y-o-y) in June 2023, compared to 18.1% in June 2022.
• This growth was mainly supported by loans related to ‘housing’ and ‘vehicles.’
• Agriculture and allied activities: Credit growth improved to 19.7% (y-o-y) in June 2023 from 12.9% in 2022.
• Industry sector: Credit growth in this sector decelerated to 8.1% (y-o-y) in June 2023, down from 9.5% in June 2022.
• Credit Growth by Industry Size :Size-wise, credit to large industries rose by 6.4% (3.2% in 2022).
• Growth in credit to medium industries as well as micro and small industries declined to 13.2% (47.8%) and 13% (29.2%), respectively.
• The data on sectoral deployment of bank credit for June 2023 was collected from 40 select scheduled commercial banks (SCBs), which represent about 93% of the total non-food credit deployed by all SCBs.

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

G20 Technical Workshop on Climate Resilient Agriculture begins at Hyderabad in Telangana

• The three-day G20 technical workshop on Climate Resilient Agriculture was inaugurated by the union Minister of State for Agriculture and Farmers Welfare Ms Shoba Karandlaje at Shamshad in Hyderabad.
• The event is being attended by over 100 delegates including from India and abroad from G20 countries and invited countries.

Key Highlights:

• Union minister expressed concern on global, climate change posing many challenges to growth and development.
• She said Agriculture sector appears to be the most sensitive and is greatly influenced by climate change and added that Climate change impact on agriculture is already being felt.
• The Minister said several initiatives were launched by the country in climate change like the Network Project on Climate Change (NPCC), National Action Plan on Climate Change (NAPCC) with long-term and integrated strategies for achieving key goals in the context of climate change.
• The meeting will deliberate on various issues of agriculture research predominantly on Climate Change and other techniques and methods for sustainable development of agriculture in the global context.
• The dignitaries would also share the achievements of the country and its continued efforts in addressing the challenges of agriculture and farmers through various flagship programmes and schemes.
• The opening remarks was made by Dy Director General NRM Dr. S K Choudary while Director General Dr Himanshu Pathak explained the efforts country on agriculture and millets promotion.

About Telangana :

• Governor: Tamilisai Soundararajan
• Chief Minister: Chandrashekar Rao
• Capital: Hyderabad
• National Park: Mrugavani National Park, Mahavir Harina Vanasthali National Park

Recent News

• In June 2023, The Gujarat Cooperative Milk Marketing Federation Ltd (GCMMF), the marketer of Amul has identified land at Vargal near Hyderabad to set up a milk processing plant with a capacity of 5 lakh litres per day (LLPD).
• In July 2023, The Telangana Government has launched a Grand Challenge for Innovation to promote innovation in the food processing sector.
• In May 2023, In a first-of-its-kind policy in India, the Telangana Government has introduced the Telangana State Robotics Framework, which provides a roadmap to promote a robotic ecosystem in Telangana.

MoS for Culture Meenakshi Lekhi launches Adopt a Heritage 2.0 programme in New Delhi

• Minister of State for Culture Meenakshi Lekhi launched Adopt a Heritage 2.0 programme in New Delhi to enhance the visitor experience at the Heritage Site.
• The programme is envisioned by the Archaeological Survey of India to collaborate with the private sector companies, trusts and NGOs.
• It aims to engage corporate stakeholders in enhancing the amenities at three thousand 697 protected monuments spread across the country, showcasing India’s rich culture legacy.

Key Highlights:

• Addressing the gathering through video conferencing, Union Culture Minister G Kishan Reddy said, Prime Minister Narendra Modi has taken several steps after 2014 to enrich the ancient heritage of India.
• He said, the conservation of heritage is also necessary along with the development of the country.
• Speaking on the occasion, Minister of State for Culture Meenakshi Lekhi said, that through the Adopt a Heritage 2.0 programme, the legacy of India’s history will be safeguarded for future generations. She stressed the need to protect the heritage and culture of the country.
• Mrs Lekhi said, that till now only 0.7 per cent work was being done on heritage through the corporate social responsibility funds.

Recent News

• In July 2023, Union Minister of State for External Affairs and Culture Meenakshi Lekhi inaugurated the exhibition at the National Gallery of Modern Arts, New Delhi.

Health Minister Mansukh Mandaviya inaugurates Amrita Patel Centre of Public Health in Gujarat

• Union Health Minister Mansukh Mandaviya inaugurated the Amrita Patel Centre of Public Health in Anand in Guja rat.
• Addressing the occasion, Mr Mandaviya said, India is leading the world in the health sector.
• The Government is stressing holistic health to strengthen the health infrastructure in the country.
• He said during the past nine years, there has been a significant increase in MBBS seats and the number of medical colleges in the country.
• He noted, the Government is making wide efforts to provide affordable and accessible healthcare for all.

Recent News

• In April 2023, India’s Clean Hydrogen Mission Gets a Boost with Hydrogen Valley Project in
• In June 2023, The Gujarat cabinet gave its approval to a proposal of setting up 21 new industrial estates across 13 districts in Gujarat, to boost employment generation locally.
• In June 2023, As part of India’s G20 presidency, the third Trade and Investment Working Group Meeting began in Kevadia,

About Gujarat :

• Governor: Acharya Devvrat
• Chief minister: Bhupendrabhai Patel
• Capital: Gandhinagar
• National Park: Vansda National Park, Gir National Park, Marine National Park, Velavadar National Park
• Wildlife Sanctuaries: Jambughoda Wildlife Sanctuary, Barda Wildlife Sanctuary, Shoolpaneshwar Wildlife Sanctuary

Shri Dharmendra Pradhan launches 3-year partnership with Meta, Education to Entrepreneurship: Empowering a generation of students, educators and entrepreneurs

• Union Minister for Education and Skill Development & Entrepreneurship Shri Dharmendra Pradhan launched a 3-year partnership “Education to Entrepreneurship: Empowering a Generation of Students, Educators and Entrepreneurs” between the Ministry of Education, Ministry Skill Development & Entrepreneurship and Meta in New Delhi.
• 3 Letters of Intent (LoI) were exchanged between Meta and NIESBUD, AICTE and CBSE.
• Minister of State for Education Smt. Annapurna Devi and Minister of State for Electronics & Information Technology and Skill Development and Entrepreneurship Shri Rajeev Chandrasekhar also graced the occasion.

Key Highlights

• Shri Dharmendra Pradhan said that the initiative launched is in furtherance to Prime Minister Shri Narendra Modi’s vision of making India a skill capital of the world and empowering our Amrit Peedhi.
• He further said that the ‘Education to Entrepreneurship’ partnership is a game-changer, which will take Digital Skilling to the grassroots.
• This will build capacities of our talent pool, seamlessly connect students, youth, workforce & micro-entrepreneurs, with futuristic technologies and transform our Amrit Peedhi into new-age problem solvers and entrepreneurs.
• Secretary, Higher Education, Shri K. Sanjay Murthy; Secretary, Department of School Education & Literacy, Shri Sanjay Kumar; Secretary, MSDE Shri Atul Kumar Tiwari; Chairman, AICTE, Prof. T.G. Sitharam; Chairman, National Educational Technology Forum NBA NAAC, Prof. Anil Sahasrabudhe; President, Federation of Indian Chambers of Commerce and Industry (FICCI), Shri Subhrakant Panda and senior officials of the Ministries, AICTE, CBSE, National Institute for Entrepreneurship and Small Business Development (NIESBUD); Shri Shivnath Thukral, Director, Public Policy, India and South Asia, Meta and Sandhya Devanathan as the Vice President of Meta India were also present.

Recent News

• In May 2023, Union Minister of Education and Skill Development and Entrepreneurship Shri Dharmendra Pradhan flagged off Gabon’s first Agri-SEZ project from New Delhi.

CURRENT AFFAIRS: BUSINESS NEWS

IOC lines up ₹2.4 lakh crore to achieve net-zero emissions target

• Indian Oil Corporation (IOC) plans to spend about ₹2.4 lakh crore to achieve its net-zero operational emissions target by 2046.
• Indian Oil will invest Rs 1 lakh crore in expanding capacity to refine and turn crude oil into fuel and a staggering Rs 2.4 lakh crore in projects that will help it achieve net-zero carbon emissions from its operations.
• Another Rs 60,000 crore is planned to be invested in setting up a giant petrochemical complex at Paradip in
• The expansion includes a new 9-million tonnes-per-annum oil refinery at Nagapattinam in Tamil Nadu.
• Alongside, it is pursuing petrochemical integration, which will help convert crude into chemicals that are building blocks for a variety of products ranging from plastics to paints and cosmetics.
• The company is collaborating with Italy’s Snam to explore the possibility of converting the existing natural gas pipelines for hydrogen transportation.
• In LPG, it has launched a unique QR code-based ‘Track N Trace’ pilot initiative.
• IndianOil is developing a 10-kilo tonnes per annum green hydrogen plant at Panipat Refinery, he said, adding the company is also setting up a Sustainable Aviation Fuel (or SAF) plant of 86.8 thousand tonnes per annum capacity at Panipat.

About IOCL:

• Headquarters: New Delhi
• Founded: 30 June 1959
• Chairman: Shrikant Madhav Vaidya

Recent News

• In June 2023, Tesla Power USA has inked an agreement with Indian Oil Corporation Limited (IOCL) to sell and service batteries at the state-owned firm’s petrol pumps.
• In July 2023, Russian energy giant Rosneft appointed Govind Kottieth Satish, former Indian Oil Corporation (IOC) director, to its board.

TCS extends contract with life insurance firm Athora Netherlands

• Tata Consultancy Services (TCS) has expanded its long-standing partnership with Athora Netherlands (formerly VIVAT) to help the Dutch life insurance and pension provider with a better IT operating model to enhance customer experience, operational resilience and business agility.
• This will be a multi-year deal for the Indian IT services major, giving it an edge over its peers amid an uncertain demand environment.
• The company didn’t disclose the size or the tenure of the deal.
• TCS first started working with Athora Netherlands, which was then VIVAT, in 2015.
• With the latest extension, the IT player will contribute to Athora Netherlands’ “Ambition 2025” program to become a leading focused pensions and life insurance company.
• As part of the contract, TCS will set up a hybrid cloud architecture for the company and automate and manage the firm’s end-to-end business and IT operations across policy servicing, claims handling, and customer service for Athora’s closed book of life insurance policies under the Reaal brand.

About Netherland:

• Capital: Amsterdam
• Currency – Euro.

About TCS :

• Founded: 1968
• Headquarters: Mumbai, Maharashtra, India
• Chairman : Natarajan Chandrasekaran
• MD & CEO : Rajesh Gopinathan
• Tata Consultancy Services, a division of Tata Sons Limited, is a global IT services organisation that provides a comprehensive range of IT services to its clients in diverse industries.

Recent News

• In July 2023, Tata Consultancy Services (TCS) announced that Ikano Bank AB in Sweden has selected the TCS BaNCS Global Banking SaaS Platform for its pan-Europe core banking transformation.
• In June 2023, K. Krithivasan, took charge as the new Managing Director (MD) and Chief Executive Officer (CEO) of the Indian Information Technology (IT) services company, Tata Consultancy Services (TCS).

CCI Imposes Penalty Of Rs 1 crore On Bharti Airtel

• The Competition Commission of India (CCI) has imposed a penalty of Rs 1 crore on Bharti Airtel for failure to comply with the provisions of Section 6(2) of the Competition Act, 2002.
• The penalty concerns the acquisition of a stake by the company in Bharti Telemedia from Warburg Pincus affiliate entity Lion Meadow Investment Limited.
• In March 2021, Bharti Airtel bought back a 20% stake in its DTH arm Bharti Telemedia from Lion Meadow Investment Ltd for a total consideration of Rs 3,126 crore.
• Lion Meadow acquired a 20% stake in Bharti Telemedia in December 2017.
• Bharti Airtel Limited, commonly known as Airtel, is an Indian multinational telecommunications services company based in New Delhi.

Recent news

• In July 2023, The government extended the tenure of Atul Verma as the Director General of the Competition Commission of India (CCI) for 3 months.
• In April 2023, The Competition Commission of India (CCI) gave its approval for General Atlantic Singapore ACK Pte. Ltd. (GASACK) to acquire an additional stake in Acko Technology and Services Private Limited (Acko Tech).
• In June 2023, The Competition Commission of India (CCI) cleared the proposed deal involving Manipal Health Enterprises Private Ltd (MHEPL) and Manipal Education and Medical Group India Private Ltd (MEMG India).
• In June 2023, The Competition Commission of India (CCI) approved the acquisition of certain shareholding in Ambit Private Limited (Target) by Daiwa International Holdings Inc (Acquirer).

About CCI :

• Established: 14 October 2003
• Headquarters: New Delhi
• Chairman: Ravneet Kaur
• The CCI is the chief national competition regulator in India.
• It is a statutory body within the Ministry of Corporate Affairs.
• CCI is probing various anti-competitive cases, including those relating to technology companies.

CURRENT AFFAIRS: APPOINTMENTS & RESIGNATIONS

Indian-Origin Economist Shanmugaratnam Triumphs in Singapore Presidential Election

• Indian-origin Singapore economist and Former Senior Minister Tharman Shanmugaratnam (66 years) has been elected as the 9th President of Singapore.
• He will succeed Halimah Yacob, Singapore’s 1st female president whose term will conclude on September 13, 2023.
• This victory is especially noteworthy as it comes after a gap of ten years, marking the country’s first contested presidential polls since 2011.
• Tharman Shanmugaratnam won 70.4% of the vote, defeating two Chinese-origin contenders, Ng Kok Song (15.7%) and Tan Kin Lian (13.88%).
• Tharman will be Singapore’s third Indian-origin President after Sellapan Ramanathan and Chengara Veetil Devan Nair.

About Tharman Shanmugaratnam :

• Tharman Shanmugaratnam joined politics in 2001.
• He chaired the International Monetary and Financial Committee (IMFC), the policy advisory committee of the International Monetary Fund (IMF), from 2011 to 2014, becoming the first-ever Asian chair.
• He had served as Singapore’s Deputy prime minister from 2011 to 2019.
• In 2017, he was appointed to chair the G20 Eminent Persons Group on Global Financial Governance.
• He served as Senior Minister of Singapore between 2019 and 2023, Coordinating Minister for Social Policies between 2015 and 2023, and Chairman of the Monetary Authority of Singapore between 2011 and 2023.
• He chaired the International Advisory Council (IAC) of the Economic Development Board (EDB) between 2014 and 2023.

About Singapore :

• Prime Minister : Lee Hsien Loong
• Capital: Singapore
• Currency: Singapore Dollar

Uday Kotak Steps Down as MD & CEO of Kotak Mahindra Bank; Dipak Gupta Assumes Interim Leadership

• Uday Kotak, the founder and long-standing Managing Director (MD) and Chief Executive Officer (CEO) of Kotak Mahindra Bank Limited (KMBL), stepped down from his role on September 1, 2023, ahead of his term coming to an end by December 31, 2023.
• He played a pivotal role in the bank’s growth over 38 years and will continue as a Non-Executive Director for 5 years.
• Dipak Gupta, the Joint Managing Director, is serving as the interim MD and CEO until December 31, 2023.
• His appointment is subject to approval by the Reserve Bank of India (RBI) and the bank’s members.

About Uday Kotak :

• Uday Kotak is the founder and promoter of Kotak Mahindra Bank.
• He has been the Managing Director & CEO of Kotak Mahindra Bank Limited (earlier known as Kotak Mahindra Finance Limited) since August 1, 2002.
• He is currently co-chairman of the Indo-UK Financial Partnership (IUKFP) and chairman of the Advisory Committee on Corporate Insolvency and Liquidation (Insolvency & Bankruptcy Board of India).
• He is also on the International Advisory Panel of the Monetary Authority of Singapore, the International Advisory Board of the Government of Singapore Investment Corporation, and the Investment Advisory Committee of India’s Army Group Insurance Fund.
• He also served as Non-Executive Chairman of the IL&FS Board, playing a crucial role in resolving the NBFC’s deep crisis.
• From October 1, 2018, to April 2, 2022, he served as Non-Executive Chairman of the IL&FS Board as constituted by the Government of India to steer the NBFC out of a deep crisis.

About Dipak Gupta :

• Dipak Gupta, who has been a full-time director of the KMBL since January 1999.
• He was designated as the Joint Managing Director on January 1, 2012.
• He has overseen various critical functions, including IT, cybersecurity, Digital Initiatives, Internal Audit, Human Resources, Marketing, Compliance, Administration, Infrastructure, Operations, and more.
• He was the 1st CEO of Kotak Mahindra Primus Limited, the KMFL–Ford Credit joint venture.
• Before joining Kotak Group in 1992, he worked with the consultancy division of AF Ferguson.

About KMBL :

• Established: 1985
• Headquarters: Mumbai, Maharashtra
• Tagline: Let’s Make Money Simple

Manish Desai Takes Office as Principal Director General of Press Information Bureau  

• Manish Desai, a senior Indian Information Service (IIS) officer, has been appointed as the Principal Director General of the Press Information Bureau (PIB).
• He will take over from the outgoing Rajesh Malhotra, who is retiring.
• Manish Desai will also serve as the principal spokesperson for the Government.

Other Notable Appointments :

• Dhirendra Ojha, the current Press Registrar in the Registrar of Newspapers in India, has been appointed as the Director General of the Central Bureau of Communication.
• Jane Namchu, a senior IIS officer and Additional Director General of PIB Guwahati has been given an additional charge as head of PIB Kolkata.
• Bhupendra Kainthola, another senior IIS officer, has been appointed as the Press Registrar of the Registrar of Newspapers in India (RNI).

About Manish Desai :

• Shri Manish Desai, a 1989 batch Indian Information Service Officer.
• He served as the Additional Director General (ADG) at PIB for six years from 2012 to 2018 and also as the Director General of the West Zone PIB in Mumbai.
• From November 2019 to January 2020, he was the director general of the RNI.
• Throughout his three-decade career, he has held various significant roles, including Director General (DG) in the Films Division, Additional Director General with responsibilities in administration and training at the Indian Institute of Mass Communication (IIMC), and Chief Executive Officer (CEO) of the Central Board of Film Certification (CBFC).
• Before his current role, he held the position of Principal Director General in the Central Bureau of Communications, where he oversaw government advertising and outreach activities.

About PIB :

• Founded: June 1919
• Headquarters: New Delhi
• First Indian To lead the bureau as Principal Information Officer : J Natarajan (1941)
• The PIB is a nodal agency of the Government of India under the Ministry of Information and Broadcasting.
• PIB disseminates information to print, electronic and web media on government plans, policies, programme initiatives and achievements – marking its centennial anniversary in June, 2023.

About Ministry of Information & Broadcasting :

• Cabinet Minister : Anurag Thakur
• Minister of State : L. Murugan

Actor R Madhavan Appointed as New President of Film and Television Institute of India

• The Ministry of Information and Broadcasting (MIB) appointed actor R Madhavan as the president of the Film and Television Institute of India (FTII) Society and chairperson of the governing council.
• Madhavan replaces actor and filmmaker Shekhar Kapur, whose tenure as FTII president ended in March, 2023.
• Madhavan’s appointment comes in the wake of the success of his film, ‘Rocketry: The Nambi Effect.’ Analyze the impact of this film’s national recognition, including the Best Feature Film award at the 69th National Film Awards, on Madhavan’s career and reputation.
• Notably, the national award for ‘Rocketry’ came on 24 August,2023 a day after ISRO created history as Chandrayaan-3 landed on the South Pole of the lunar surface.
• The film is about the life of a former ISRO scientist S Nambi Narayanan and his contributions to India’s space agency.

About FTII :

• Established : 1960
• Headquarters : Pune, Maharashtra, India
• The FTII is a film institute under the Ministry of Information and Broadcasting of the Government of India (GoI) and aided by the Central Government of India.

CURRENT AFFAIRS : DEFENCE NEWS

IAF to conduct mega drills amid LAC row with China

• The Indian Air Force (IAF) is conducting a training exercise named “Trishul” to test its combat readiness.
• The exercise will involve fighter planes, transport aircraft, helicopters, and other assets in the country’s northern and western sectors.
• The exercise will be conducted by the air force’s Western Air Command (WAC) from September 4 to 14, 2023.

About WAC :

• Headquarters : Subroto Park in Delhi
• WAC is the largest operational command of the IAF.
• It operates from bases in Ladakh, Jammu and Kashmir, Punjab, and Haryana.

Key Highlights :

• The exercise coincides with India hosting the G20 Summit in Delhi on September 9-10,2023 indicating the IAF’s commitment to maintaining combat readiness even during significant diplomatic events.
• The fighter aircraft that are expected to take part in the 10-day exercise include the Rafales, Sukhoi-30s and MiG-29s.

Other Exercise :

• The IAF is preparing for a significant international exercise, “Tarang Shakti,” scheduled for early 2024.
• It will involve 12 global air forces with a focus on enhancing interoperability, sharing best practices, and strengthening military cooperation.
• The exercise will include fighter jets, military transport aircraft, mid-air refuelers, and airborne warning and control system (AWACS) aircraft.

Recent News :

• In Jan 2023, The Indian Air Force (IAF) is set to conduct Exercise Pralay in the nation’s northeastern sector amid an unresolved border contention with China pertaining to differing perceptions regarding the Line of Actual Control (LAC) between the two nations.

About IAF : 

• Established : 1932
• Headquarters : New Delhi, Delhi
• Chief of the Air Staff :  Air Chief Marshal Vivek Ram Chaudhari

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

CCI approves merger of Tata SIA Airlines into Air India

• The Competition Commission of India (CCI) has approved the merger of Tata SIA Airlines Limited (TSAL) into Air India Limited (AIL), and the acquisition of certain shareholding by Singapore Airlines in Air India subject to compliance of voluntary commitments offered by the parties.
• With this approval, Air India can potentially become the country’s largest international carrier and second-largest domestic airline after IndiGo.
• The proposed combination envisages (a) the merger of Tata SIA Airlines Limited (TSAL/Vistara) into Air India Limited (AIL/Air India), with AIL being the surviving entity (Merged Entity) and (b) in consideration of the merger, the acquisition of shares in the Merged Entity by Singapore Airlines Limited (SIA) and Tata Sons Private Limited (TSPL) and (c) acquisition of additional shares in the Merged Entity by SIA pursuant to a preferential allotment.

Key Highlights :

• As a part of the deal, SIA would pump into Rs 2,059 crore in the expanded share capital of Air India for a 25.1% stake.
• Tata Sons would own the remaining 74.9% stake in the combined entity.

About CCI :

• Established : 14 October 2003
• Headquarters : New Delhi, Delhi, India
• Chairperson : Ravneet Kaur
• The CCI is the chief national competition regulator in India.
• It is a statutory body within the Ministry of Corporate Affairs.

About TSAL :

• TSAL is a joint venture (JV) between TSPL and SIA, with TSPL and SIA holding 51% and 49% of the total shareholding, respectively.
• TSAL operates under the brand name “Vistara”. TSAL is engaged in the business of providing the following services: (a) domestic scheduled air passenger transport service, (b) international scheduled air passenger transport service, (c) air cargo transport services; and (d) charter flight services (domestic and international).

LIC Mutual Fund Successfully Completes Merger with IDBI Mutual Fund to Enhance Product Portfolio     

• LIC Mutual Fund (LIC MF) has completed the takeover of schemes of IDBI Mutual Fund.
• This strategic move aligns with LIC MF’s objectives of strengthening and diversifying its product offerings, expanding its market presence, and increasing its Assets Under Management (AUM) to establish itself as a prominent fund house in India.
• As of June 2023, LIC MF managed assets worth Rs 18,400 crore, while IDBI MF had assets valued at Rs 3,650 crore.

Key Highlights :

• Following the merger, out of the 20 schemes previously managed by IDBI MF, 10 will be merged with equivalent schemes operated by LIC MF.
• The remaining 10 schemes will be taken over by LIC MF as standalone offerings.
• This integration increases LIC MF’s total scheme count to 38.
• With this merger, investors who have invested in IDBI MF schemes, will get access to LIC MF’s diversified basket of product offerings covering equity, debt, hybrid, solution oriented themes, Exchange Traded Funds (ETF) and Index funds.

Recent News :

• In March 2023, the Competition Commission of India (CCI) approved the proposal of LIC Mutual Fund Asset Management to acquire management rights over the schemes of IDBI MF from IDBI Asset Management.

About LIC Mutual Fund :

• Established : 1989
• Headquarters : Mumbai, Maharashtra
• MD & CEO : TS Ramakrishnan
• LIC MF is an asset management company (AMC) with Life Insurance Corporation of India (LIC) as its sponsor and other stakeholders being LIC Housing Finance Ltd, GIC Housing Finance Ltd and Union Bank of India.

About IDBI MF :

• Established : 2010
• Headquarters : Mumbai, Maharashtra
• MD & CEO : Raj Kishore Singh

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

ISRO successfully launched 7 Singaporean satellites on board PSLV-C56 Rocket from Sriharikota 

• The Indian Space Research Organisation (ISRO)’s PSLV-C56 rocket successfully launched Singapore’s DS-SAR satellite and 6 co-passenger payloads from the first launch-pad (FLP) of Satish Dhawan Space Centre in Sriharikota, Andhra Pradesh (AP).
• This mission, PSLV-C56 / DS-SAR, is a dedicated commercial mission conducted by NewSpace India Limited (NSIL) for ST Engineering, Singapore.
• This is the 58th flight of PSLV and 17th flight of PSLV in Core Alone configuration.

List of 6 co-passengers:

1. VELOX-AM, a technology demonstration microsatellite (23 kg)
2. ARCADE Atmospheric Coupling and Dynamics Explorer (ARCADE), an experimental satellite
3. SCOOB-II , a 3U nanosatellite flying a technology demonstrator payload
4. NuLIoN by NuSpace, an advanced 3U nanosatellite enabling seamless IoT connectivity in both urban & remote locations.
5. Galassia-2, a 3U nanosatellite that will be orbiting at low earth orbit.
6. ORB-12 STRIDER , satellite is developed under an International collaboration

• All satellites were injected into a 535 km circular orbit with a 5-degree orbital inclination.

About DS-SAR :

• DS-SAR, a radar imaging earth observation satellite, is a primary satellite for the mission.
• It was developed under a partnership between the Defence Science and Technology Agency (representing the government of Singapore) and ST Engineering.
• DS- SAR carries a Synthetic Aperture Radar (SAR) payload Hoped by Israel Aerospace Industries (IAI) based in Lod, Israel.
• The SAR payload enables DS-SAR to provide high-quality imagery regardless of weather conditions, offering all-weather day and night coverage.

Key Highlights :

• The co-passenger payload VELOX-AM is a microsatellite developed by Nanyang Technological University (NTU), Singapore, for a technology demonstration of Additive Manufacturing (AM) payloads.
• ARCADE is a 27U microsatellite designed and built by Nanyang Technological University (NTU), Singapore, in collaboration with the INSPIRE (International Satellite Program in Research and Technology) consortium ARCADE carries an iodine-based solid propellant propulsion module, based on Hall effect thruster for orbit maintenance during the low altitude mission.

About ISRO :

• Established: 15 August 1969
• Headquarters: Bangalore, Karnataka, India
• Chairman: S. Somanath

CURRENT AFFAIRS: SPORTS NEWS

In Football, Mohun Bagan beat East Bengal 1-0 to lift the Durand Cup 2023 in Kolkata

• Mohun Bagan clinched the Durand Cup 2023 trophy beating East Bengal 1-0 at the Salt Lake Stadium in Kolkata.
• Mohun Bagan won the 132nd Durand Cup for the first time in 23 years. Registering this victory, Mohun Bagan SG has become the first te am in the history of the Durand Cup to win 17 titles.
• East Bengal are the second-most successful team in the Durand Cup, and has 16 titles under its name.
• Earlier, Mohun Bagan had made it to the Durand cup finals in 2004, 2009 and 2019, but, could not register a victory back then.

Recent News

• Odisha FC won their first title after beating Bengaluru FC in the final of the Super Cup at the EMS Corporation Stadium in Kozhikode.
• The All-India Football Federation has decided to observe 23 June as the ‘AIFF Grassroots Day’ in honour of Indian football icon Pradip Kumar Banerjee.

CURRENT AFFAIRS : OBITUARIES

Renowned ‘Margaritaville’ Singer, Jimmy Buffett, Passed Away

• Jimmy Buffett, the American singer-songwriter who transformed from a laid-back Key West resident into a billionaire responsible for the perpetual “Margaritaville” lifestyle brand, has passed away at the age of 76.

About Jimmy Buffett :

• Jimmy Buffett Buffett was born on December 25, 1946, in Pascagoula, Mississippi,United States (US).
• He was an American singer-songwriter, musician, author, and businessman.
• He was renowned for his unique music style known as “tropical rock,” which celebrated the concept of “island escapism.

Notable Works :

• Buffett recorded hit songs known as “The Big 8” including “Margaritaville” (1977), which is ranked 234th on the Recording Industry Association of America’s list of “Songs of the Century”; “Come Monday” (1974); “Fins” (1979); “Volcano” (1979); “A Pirate Looks at Forty” (1974); “Cheeseburger in Paradise” (1978); “Why Don’t We Get Drunk” (1973); and “Changes in Latitudes, Changes in Attitudes” (1977).
• His pivotal success came with “Margaritaville,” a melodious song infused with tropical rhythms that quickly became a staple for resort musicians and a beloved vacation anthem for the somewhat carefree baby boomer generation.
• His devoted fanbase, composed mostly of baby boomers, are known as “Parrotheads”.

CURRENT AFFAIRS: IMPORTANT DAYS

International Day of Charity 2023: September 5

• International Day of Charity was observed on the 5th of September.
• This day was constructed by a Hungarian civil society with the support of the Hungarian government.
• On 17 December 2012, the UN General Assembly declared the 5th of September as the International Day of Charity.
• To celebrate this day every year, the work of different charities all over the world is published and encourages people to donate money and time to carry out charitable works.
• To honour the tireless work of Mother Thersa for charity, her death anniversary is celebrated as the International Day of Charity.

About UNGA :

• Established: 1945
• Headquarters: New York, United States
• President: Csaba Kőrösi
• The UNGA is one of the six principal organs of the United Nations (UN), serving as the main deliberative, policymaking, and representative organ of the UN.

National Teachers Day 2023: September 5

• In India, every year 5th of September is celebrated as National Teachers Day to contribute to our teachers.
• In India, the President, Dr. Sarevepalli Radhakrishnan’s birthday is celebrated as Teacher’s Day.
• He was one of the greatest teachers and very popular among the students.
• On his birthday his students and friends asked to celebrate it grandly.
• For that, he replied instead of celebrating in a grand manner he wanted to observe his birthday as a Teachers day.
• Since 1962 every year 5th of September is celebrated as National Teachers Day in India.
• As the common adage goes, the future of a country lies in the hands of its children, and teachers, as mentors, can mould students into future leaders who shape the destiny of India.

Daily CA One- Liner: September 5

• The National Payments Corporation of India (NPCI) has introduced ‘Falcon,’ an open-source project designed to simplify the management and utilization of blockchains based on ‘Hyperledger Fabric’ and supported on Kubernetes clusters.
• Mastercard, a global technology company in the payments industry, has introduced an ALT ID (Alternate Identifier) solution for guest checkout transactions.
• As per the Reserve Bank of India’s (RBI’s) data on sectoral deployment of credit, Bank credit registered a robust growth of 16.3% year-on-year (y-o-y) in June 2023 as compared with 15% in 2022 on the back of strong demand for credit from sectors such as services, retail and agriculture, and allied activities.
• The three-day G20 technical workshop on Climate Resilient Agriculture was inaugurated by the Union Minister of State for Agriculture and Farmers Welfare Ms Shoba Karandlaje at Shamshad in Hyderabad.
• Minister of State for Culture Meenakshi Lekhi launched Adopt a Heritage 2.0 programme in New Delhi to enhance the visitor experience at the Heritage Site.
• Union Health Minister Mansukh Mandaviya inaugurated the Amrita Patel Centre of Public Health in Anand in Gujarat.
• Union Minister for Education and Skill Development & Entrepreneurship Shri Dharmendra Pradhan launched a 3-year partnership “Education to Entrepreneurship: Empowering a Generation of Students, Educators and Entrepreneurs” between the Ministry of Education, Ministry Skill Development & Entrepreneurship and Meta in New Delhi
• Indian Oil Corporation (IOC) plans to spend about ₹2.4 lakh crore to achieve its net-zero operational emissions target by 2046.
• Tata Consultancy Services (TCS) has expanded its long-standing partnership with Athora Netherlands (formerly VIVAT) to help the Dutch life insurance and pension provider with a better IT operating model to enhance customer experience, operational resilience and business agility.
• The Competition Commission of India (CCI) has imposed a penalty of Rs 1 crore on Bharti Airtel for failure to comply with the provisions of Section 6(2) of the Competition Act, 2002.
• Indian-origin Singapore economist and Former Senior Minister Tharman Shanmugaratnam (66 years) has been elected as the 9th President of Singapore.
• Uday Kotak, the founder and long-standing Managing Director (MD) and Chief Executive Officer (CEO) of Kotak Mahindra Bank Limited (KMBL), stepped down from his role on September 1, 2023, ahead of his term coming to an end by December 31, 2023.
• Manish Desai, a senior Indian Information Service (IIS) officer, has been appointed as the Principal Director General of the Press Information Bureau.
• The Ministry of Information and Broadcasting (MIB) appointed actor R Madhavan as the president of the Film and Television Institute of India (FTII) Society and chairperson of the governing council.
• The Indian Air Force (IAF) is conducting a training exercise named “Trishul” to test its combat readiness.
• The Competition Commission of India (CCI) has approved the merger of Tata SIA Airlines Limited (TSAL) into Air India Limited (AIL), and the acquisition of certain shareholding by Singapore Airlines in Air India subject to compliance of voluntary commitments offered by the parties.
• LIC Mutual Fund (LIC MF) has completed the takeover of schemes of IDBI Mutual Fund.
• The Indian Space Research Organisation (ISRO) ‘s PSLV-C56 rocket successfully launched Singapore’s DS-SAR satellite and 6 co-passenger payloads from the first launch-pad (FLP) of Satish Dhawan Space Centre in Sriharikota, Andhra Pradesh.
• Mohun Bagan clinched the Durand Cup 2023 trophy beating East Bengal 1-0 at the Salt Lake Stadium in Kolkata.
• Jimmy Buffett, the American singer-songwriter who transformed from a laid-back Key West resident into a billionaire responsible for the perpetual “Margaritaville” lifestyle brand, has passed away at the age of 76.
• International Day of Charity was observed on the 5th of September.
• In India, every year 5th of September is celebrated as National Teachers Day to contribute to our teachers.